Ch.17. Industrial Supremacy. Why by the 1900’s was the United States the leading industrial power in the world?. Bell Ringer 1/22. 1865-1900 Railroads went from 35,000 to 193,000 miles of track. Significance: Increase mass production Increase consumption Economic specialization
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Why by the 1900’s was the United States the leading industrial power in the world?Bell Ringer 1/22
Unfair rates were being charged
1893 –Financial panic occurred and 25% of all railroads went bankrupt
JP Morgan and other bankers bought them and consolidated the railroads.
-More efficient railroads
Customers and farmers at the mercy of the railroads.Competition and Consolidation
Post Civil War Industries
Steel, Petroleum, Electric power, Industrial machinery.Industrial Empires
Henry Bessemer in England and William Kelley in US started blasting air through molten iron and produced high-quality steel.
-Used a business practice known as vertical integration (do everything business)
U.S Steel Corporataion- Carnegie retired and went into philanthropy.
Sold his company for $400 million to JP Morgan.
Became a company controlling over 3/5’s of the nation’s steel business.Steel Industry
John D. Rockefeller founded Standard Oil Trust
Worked out deal with railroad companies
Forced companies to sell out- Predatory pricing
Horizontal Integration- Take over the competition.
By 1881- Owned 90% of oil refinery business.Oil Industry
Created worlds first research laboratory (big deal)
(phonograph, incandescent lamp, generating electric power, motion picture camera, etc…
George Westinghouse- Air brakes for railroads
High-Voltage alternating current
*Enabled cities to be powered!!!Edison and Westinghouse
(Accountants, Clerical workers, and salespersons)Expanding Middle Class
1900- Two-Thirds of all working Americans worked for wages, worked 10 hour days, and six days a week.
Tons of workforce = low wages.
David Ricardo- “iron law of wages”Wage Earners
End of century: Italians, Poles, Russians, Greeks, Slavs, etc…)
Labor Contract Law- Shady businessImmigration and Work Force
“Molly Maguries”- Militant labor group that sometimes used terrorist tactics. Bad image for unions.
Knights of Labor- Second national labor union.
1) Worker cooperatives
Abolition of child labor
Abolition of trusts
Lost followers because of the Haymarket riotUnions
1892- Cut wages by 20% which started a strike.
Frick shut the plant down and brought in 300 Pinkertown Detective Guards.
National Guard was sent to put down the strike.
Public turned against the strikers.Homestead Strike