Rise of industry



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RISE OF INDUSTRY


FACTORS:

  1. Natural Resources

Coal & Iron (for steel)

  • 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

  • Bridges

  • 1883, Brooklyn Bridge

  • Railroads

  • Biggest steel customers; Nations first “big business”

  • The Transcontinental RR- May, 1869

  • Cornelius Vanderbilt

  • Put millions from steamboat business into NY Central RR 1867

  • 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

  • Barbed wire

Oil

  • Edwin Drake – 1859, opened first oil well (in PA)

  • 1863- John D. Rockefeller started Standard Oil Company

  • Eliminates competition; utilizes horizontal consolidation

  • 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




  1. Inventions /Technology

Electricity

  • 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)

  • 1867 – typewriter (Christopher Sholes)

  • 1876 – telephone (Alexander G. Bell)

  • 1879- cash register

  • 1888- Kodak Camera (George Eastman)

Impact on society



  • Changing workforce (especially for women)

  • Managerial class

  • Advertising

  • Department stores (Macy’s)

  • Woolworth’s Five & Ten Cent store: nationwide chain

  • Mail-order companies: Sears & Roebuck, Montgomery Ward, wish books/catalogs




  1. Population

Immigration

  • 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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