Industrialization Conditions for rapid industrialization –abundance of cheap natural resources...
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Industrialization
• Conditions for rapid industrialization– abundance of cheap natural resources– large pool of labor– government support without interference– government stability– large domestic market
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Railroads contribution to industrialization
• Railroads 1865 to 1916 U.S. lays 200k miles of track
• required large amounts of lumber
• employed thousands
• new forms of business
• local, state, and federal government support
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Railroads
– Problems of growth• Severe competition
• special rates
• volume discounts and rebates
• consolidation
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Bessemer Process
1850s Bessemer Process by Henry Bessemer made mass production possible
• Bessemer process was process for refining steel
• Steel replaced iron in manufacturing, agricultural tools, rails, and in architecture
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J.P. Morgan
• Banker
• dislikes “wasteful”competition
• Helps refinance railroads & takes control– fixes costs, decreases debt– Result was decrease in competition– by 1900, 7 companies own 2/3 of
mileage
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Robber Barons
• Term to describe businessmen during this time period
• Refers to them as “robber barons” because of the way they ran the businesses
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Andrew Carnegie
• 1872 enters steel business
• Steel industry required a large amount of capital
• 1901 Carnegie sells to J.P Morgan and becomes U.S. Steel Corporation
• U.S. Steel is the 1st billion dollar business
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J.D. Rockefeller• Kerosene used for
inexpensive lighting
• 1859 first oil well, Penn.
• 1863 John D. Rockefeller created Standard Oil
• Establishes “Standard Oil Trust” to manage businesses
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Inventions
• Many inventions during this time– Alexander Graham Bell &
Telephone (1876)– Thomas Edison & light bulb– Elisha Otis & Elevator– George Eastman & the Camera– Electricity for light and power
(1882)
A.G. Bell
T. Edison
E. Otis
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“Chain” Department Stores• Marshall Fields
• Sears
Woolworth’s
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Labor• All different types of people working
• Increase in wages and educational services
• Accidents common
• Work increasingly impersonal
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Unions
• Knights of Labor
• American Federation of Labor (1886)
• Strikes
– 1880-1900 23,000 strikes & 6.6 million workers
– Haymarket Riot