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2/4 Aim: How did industrialization pave the way for big business? Do Now: You are baking a cake called “industrialization”. What ingredients are needed for this cake?
Let’s review: • What was the Industrial Revolution? • What country did it begin in? • What was needed in a country for industrialization to take place?
What is it? The process of developing machine production of goods • Where did it begin? • Originally began in England • Spread across Europe and into the United States • When did it begin? • In America, it began in the late 1800s • Why is it important? • Change from an agricultural into an industrialized nation. • Will lead to America becoming a world power • How did it happen? • Labor: America had a large work force (Southern and Eastern European immigrants, former farm workers) • Abundance of natural resources • spread of technology from England
What else paved the way for the Industrial Revolution? Natural Resources A. Oil Deposits • Kerosene used for lamps • Gasoline later used for automobiles B. Iron Deposits • Bessemer process (mass production of steel from iron) • Brooklyn Bridge (1883), Skyscrapers • Railroads
Railroads • Created markets on a national scale mass production and consumption
Inventions Promote Change Electricity – in wide use by 1890 • Factory Equipment • sewing machines • household appliances • electric streetcars
Phonograph "Mary had a little lamb" were the first words that Edison recorded on the phonograph and he was amazed when he heard the machine play them back to him. In 1878, Edison established the Edison Speaking Phonograph Company to sell the new machine.
Major changes for American society: 1. 1800s ---Consumer Driven Economy- focus on what consumers want 2. Women take jobs as clerical workers 3. Unskilled factory workers replace skilled craftsmen in many industries
4. Conspicuous consumption • spending of money for acquiring of luxury goods and services to publicly display economic power—either the buyer’s income or the buyer’s accumulated wealth.
Negatives of Industry • Child Labor • Urbanization • Injury rate increases • Need for worker protection/labor unions
Which invention is the most important of the 20th century? Ice Box • Oil Typewriter • Sewing machine • Steel • Light bulb • Telephone • Flush Toilet • Camera
John D. Rockefeller • Oil • In 1879, John D. Rockefeller and a handful of associates founded Standard Oil of New Jersey, the perfect example of business consolidation and efficiency. Rockefeller was so successful that at his death, his personal fortune was estimated at $815,647,796, not to mention the $40 million in profits that the Standard Oil trust averaged every year.
Andrew Carnegie • Steel • Andrew Carnegie retired in 1901 at the age of 66 as the world's richest man. During his lifetime he gave away 90 percent of his fortune so that by the time he died he'd given away more than $350 million, equal to more than $3 billion today.
Cornelius Vanderbilt • Railroads • Vanderbilt completed the first New York-to-Chicago rail system. In every case, he made large capital investments in improved roads, rolling stock, and facilities. By ordering construction of Grand Central Terminal in New York City, he provided jobs to thousands of unemployed workers during the Panic of 1873. Historians estimate that Vanderbilt was worth $100 million by the time of his death on January 4, 1877.
J.P. Morgan • Banking • Morgan began reorganizing railroads in 1885, becoming a board member and gaining control of large amounts of stock of many of the rail companies. In 1896, Morgan embarked on consolidations in the electric, steel (creating U.S. Steel, the world's first billion-dollar corporation, in 1901), and agricultural equipment manufacturing industries. By the early 1900s, Morgan was the main force behind the Trusts, controlling virtually all the basic American industries.