Lecture 3 A New American Society And Economy
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Transcript of Lecture 3 A New American Society And Economy
The Gilded Age: A New American Society and Economy
Prof. Dani Vaughn-TuckerHistory 104: American History from 1865 to the PresentSpring 2009
Six Sources of Industrial Growth
• Abundant raw materials• Large and growing labor supply• Surge in technological innovations• Emergence of a talented and often ruthless
group of entrepreneurs• Federal government eager to assist the growth of
business• Expanding domestic market for the products of
manufacturing
Transcontinental Railroad
• Homestead Act of 1862• Pacific Railway Act of 1862• Supported by Congress through subsidies and
land grants• Extension of Manifest Destiny
Emergence of EntrepreneursGeneral Characteristics• Talented• Often ruthless• Self-made menKey People• J. Pierpont Morgan• Andrew Carnegie• Gustavus Swift• Isaac Singer• John D. Rockefeller
Cornelius Vanderbilt• Shipping and railroad magnate• 1810 - Purchased first ship • 1846 – Self-made millionaire• 1849 – Vanderbilt Accessory Transit
Company• 1869 – Consolidated the Hudson
River Railroad and New York Central Railroad
• 1873 – Was able to offer rail service between New York and Chicago
• Constructed Grand Central Terminal• Donated money to Central University
in Nashville, TN
Collis P. Huntington• Railroad magnate• Became wealthy as a merchant• 1861 – Joined with the “Big
Four” to incorporate the Central Pacific Railroad
• Became a financial and political lobbyist for the railroads
• 1865 – Constructed lines from southern California to New Orleans
• 1890 – President of the Southern Pacific-Central Pacific rail system
Surge in Technological AdvancesGeneral Characteristics• Yankee Know-How• Often improved upon European designs• Improved communications and safetyKey People• Alexander Graham Bell• Thomas Edison• James Ritty• Guglielmo Marconi• William S. Burroughs
Cyrus W. Field• Financier• 1854 – Founded the New
York, Newfoundland and London Telegraph Company
• 1856 – Helped to organize the Atlantic Telegraph Company
• 1866 – Successfully laid the first transatlantic telegraph cable
Christopher L. Sholes• Inventor• 1864 – Granted a
patent for a page-numbering machine with friend, Samuel Soulé
• June 23, 1868 – Granted a patent with Soulé and Glidden for the typewriter
Revolutions in TransportationCharles and Frank Duryea• Automobile• Built upon the works of
European automobile designers
Wilbur and Orville Wright• Flight• Revolutionized the field of
aeronautics
Technological Advances
William Kelly• Ironmaster• Invented the pneumatic process of steelmakingGeneral Electric• Established industrial research laboratory in
1900
Changes in Business Organization
Henry Ford• Assembly-line MethodManagement Techniques • American System• Middle management• Scientific Management
Sources• America’s Story from America’s Library: The Gilded Age• History of the Transcontinental Railroad• Cornelius Vanderbilt• Collis P. Huntington• Cyrus W. Field• Christopher L. Sholes• Charles and Frank Duryea• Wilbur and Orville Wright• General Electric• Henry Ford