The Second Industrial Revolution 1850-1914 New Technologies Steel (Bessemer) electricity light bulb...
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Transcript of The Second Industrial Revolution 1850-1914 New Technologies Steel (Bessemer) electricity light bulb...
The Second Industrial Revolution
1850-1914
New Technologies
• Steel (Bessemer)• electricity• light bulb• chemicals (various
applications)• internal combustion
engine (auto)• airplane• canals (Suez, Panama)
• High speed printing press
• discovery of oil• radio• telegraph• telephone• standardized time and
time zones (1886)
Differences w/1st Indust. Rev.
• Larger scale and scope (more nations)
• closer collaboration of theoretical science and its application in technology
• movement toward mass production (factories and assembly line)—Ford and Taylorism (scientific management)
Economic Cycles, 1873-96
• Boom/bust production/demand
• glut of agricultural products (Australia, North America)
• response—cartels, vertical integration, modern corporations, tariffs
Relation of State to Economy
• Decline of Liberalism
• high tariffs and protectionism
• social welfare begins
• government regulation of industry
• public health movements
Impact--The Global Economy
• shifts BOP worldwide—imperialism • urbanization—problems and reforms• mass society—new classes & tensions• social sciences emerge• rise of socialist & workers’ movements• consumerism—Dept. Stores, catalogs• global economic integration