Rise of industry

RISE OF INDUSTRY

1. 
   Natural Resources
   

• 
  Bessemer Process – 1870’s & 1880’s – strong & efficient
  
• 
  U.S. Steel Corporation
  

• 
  Andrew Carnegie, Pittsburgh
  
• 
  1870s, vertical consolidation; by 1900 nations top producer
  
• 
  Sold company 1900 for $400 million to J.P. Morgan
  
• 
  First billion dollar company; controlled over 3/5 nation’s steel business
  
• 
  “Gospel of Wealth”- essay, argued the wealthy had a God-given responsibility to carry out civic philanthropy; put $350 (90%) million in libraries, universities & other public institutions
  

• 
  Skyscrapers
  
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  Bridges
  

• 
  1883, Brooklyn Bridge
  

• 
  Railroads
  

• 
  Biggest steel customers; Nations first “big business”
  

• 
  The Transcontinental RR- May, 1869
  
• 
  Cornelius Vanderbilt
  

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  Put millions from steamboat business into NY Central RR 1867
  
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  Consolidated local RR in line connecting NY to Chicago; connects Baltimore RR, Ohio RR, & Pennsylvania RR
  
• 
  Promotes settlement on the Great Plains
  
• 
  Creates one large market connecting east & west
  

• Panic of 1893

• RR cornerstone of economy – failed

• 
  Overbuilding, corruption, mismanagement
  
• 
  Many bankrupt
  
• 
  J.P. Morgan took control of the bankrupt RR companies & consolidated; eliminates competition
  

• 
  Cans
  
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  Barbed wire
  

• 
  Edwin Drake – 1859, opened first oil well (in PA)
  
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  1863- John D. Rockefeller started Standard Oil Company
  

• 
  Eliminates competition; utilizes horizontal consolidation
  
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  Managed by a board of trustees Rockefeller controlled
  
• 
  Controlled supply & oil product prices
  
• 
  Worth $900 million when he retired
  
• 
  Inspired other trusts: sugar, meat, tobacco, leather
  

2. 
   Inventions /Technology
   

• 
  Thomas Edison
  

• 
  Light bulb, phonograph, motion picture camera
  
• 
  Power plant
  
• 
  Research Park-first modern research laboratory; produced over 1000 patent inventions
  

• 
  George Westinghouse
  

• 
  Alternating Current, 1885
  
• 
  Air-brakes for RR, 1869
  

Impact of Edison & Westinghouse

• 
  Relocate
  
• 
  Work at night
  

Other Influential inventions

• 
  1844- telegraph (Samuel Morse)
  
• 
  1866- transatlantic cable (Cyrus W. Field)
  

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  1867 – typewriter (Christopher Sholes)
  
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  1876 – telephone (Alexander G. Bell)
  
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  1879- cash register
  
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  1888- Kodak Camera (George Eastman)
  

Impact on society

• 
  Changing workforce (especially for women)
  
• 
  Managerial class
  
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  Advertising
  
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  Department stores (Macy’s)
  
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  Woolworth’s Five & Ten Cent store: nationwide chain
  
• 
  Mail-order companies: Sears & Roebuck, Montgomery Ward, wish books/catalogs
  

3. 
   Population
   

• 
  Cities & manufacturing areas
  

IMPACT of Industrialization on American society?

• 
  Raised standard of living for most
  
• 
  Created sharp divisions between rich, the middle class and poor
  
• 
  By 1890s 10% of the U.S. population controlled 90% of the nation’s wealth
  
• 
  By 1900 2/3 of Americans worked for hourly wages at jobs that required 10 hr days, 6 days a week
  
• 
  Immigration kept wages low
  
• 
  Labor discontent rises
  
• 
  Labor unions organize
  

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