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America Enters the Industrial Age

America Enters the Industrial Age . Chapter 20.1. Vocabulary. Industrial Revolution – Transition to new manufacturing processes. For example: Hand production to machine production. . Patent – Government document giving an inventor the exclusive right to make and sell an invention.

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America Enters the Industrial Age

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  1. America Enters the Industrial Age Chapter 20.1

  2. Vocabulary • Industrial Revolution – Transition to new manufacturing processes. For example: Hand production to machine production.

  3. Patent – Government document giving an inventor the exclusive right to make and sell an invention

  4. Corporation – A business owned by investors who buy part of it through shares of stock

  5. Shareholder – An investor who buys part of a company through shares of stock

  6. Monopoly – Business that gains control of an industry by eliminating other competitors

  7. Business Cycle – The pattern of good and bad economic times

  8. Depression – A period of low economic activity

  9. Gilded Age – Late 1800’s era of great wealth

  10. Industrialization changes cities How did industry and new inventions change society? • During the Industrial Revolution many moved from rural areas to cities to find work. • Urbanization – growth of cities. • Skyscrapers- use of steel, accommodate LARGE # of people • Electric Elevator by Otis Elevator company 1889

  11. Causes of the Industrial revolution • Growing Population • 1860-1900 population more than doubled • Natural Resources • Forests, water, coal, iron, copper, silver • Government Support • Land grants, subsidies and tariffs to help businesses grow • Improved transportation • Steamboats, canals, railroads-ship more farther+quicker • New Inventions • More goods more efficiently • Investment Capital • Banks + wealthy people lent businesses money

  12. How did the government get people to move west? • Homestead Act • 1862 law that offered 160 acres free to anyone who agreed to live on and improve the land for 5 years • Promontory, Utah: Transcontinental railroad officially completed here

  13. Problems with urbanization What inequalities emerged in the late 19th century? 1890 – 11 out of 12 million people living in poverty. • Tenements- run down overcrowded apartment houses. Leads to diseaseand poverty • Slums- no running water, no garbage pick up etc. Became know as: • The Gilded Age – “rags to riches” stories. Mark Twain named “Gilded Age” because of wealth masking poverty and corrupt politics. Pg 636

  14. Captains of industry • Rockefeller and Oil Industry: thought best way to make $was to put competition out of business . Rockefeller became known as a • robber baron –a business leader who uses dishonest methods to grow rich • Carnegie tried to beat his competition by making the cheapest and best steel : Sold his steel company to • J.P. Morgan (Nations Top Banker) in 1901 for 480 million dollars. • Carnegie and Rockefeller became philanthropists, or people who give large sums of money to charities. • Joseph Pulitzer and William Hearst- Newspaper publishers

  15. Cornelius Vanderbilt - Railroad J.P. Morgan - Banker

  16. John D. Rockefeller - Oil Andrew Carnegie - Steel

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