How did industrialization and new technology affect the economy and society?
SEVERAL FACTORS THAT LED TO INCREASED GROWTH DURING THE CIVIL WAR. THIS LAID THE GROUNDWORK FOR POSTWAR PROSPERITY
1. Factories used NEW TOOLS/METHODS TO MASS PRODUCE GOODS
2. Expantion of RAILROADS
3. government ENCOURAGED IMMIGRATION
A GREAT MANY IMMIGRANTS TO THE U.S. WERE PUSHED FROM THEIR HOMELANDS BY...
1. POLITICAL UPHEAL AT HOME
2. RELIGIOUS DISCRIMINATION
3. CROP FAILURES
ENTREPRENEURS FUELED INDUSTRIALIZATION IN THE LATE 1800S
1. The American system of CAPITALISM in which individuals own MOST BUSINESSES
2. These ENTREPRENUERS invest money in products in order to make PROFITS
3. They benefited from LAISSEZ-PAIRE policies, which allowed businesses to operate under MINIMAL GOVERNMENT REGULATION.
Samuel Morse: TELEGRAPH : 1844
Elias Howe: SEWING MACHINE : 1846
Elisha Oatis: SAFTEY ELEVATOR : 1852
Thomas Edison: LIGHT BULB : 1880
Granville Woods: STEAM BOILER : 1884
-Most profile inventor of the time
-Developed hundreds of new products (light bulb, motion picture camera, phonograph)
Alexander Graham Bell : TELEPHONE :1876
Henry Bessemer: process for MAKING STEEL : 1850's: revolutionized CONSTRUCTION industry (ie. Skyscrapers, suspension bridges, ect.)
RAILROAD CHANGE AMERICA
-They encouraged innovation-----AIRBRAKES: invention in 1869 Refrigerated cars invented to TRANSPORT FOODS TIME ZONES were set
-They led to the growth of industry-----Businesses obtained RAW MATERIALS They sold products to people far away.
IMPACT OF INDUSTRIALIZATION
Business leaders COMBINED FUNDS AND RESORCES.
Investors formed corporations that protected them from losing more than original investment.
A corporationcould operate in different regions
CORPORATIONS WORKED TO MAXIMIZE PROFITS BY...
Paying WORKERS LOW WAGES (PAY)
Paying LOWER PRICES FOR RAW MATERIALS
Supporting research labs
CORPORATIONS USED STRATAGIES TO ELIMINATE COMPETITION AND DECREASE COSTS
-Monopolies/Cartel-----COMPETITORS FORCED OUT OF BUSINESS
-Horizontal/Vertical Integration-----BETTER CONTROL OF PRODUCTION AND COST REDUCED
ROBBER BARONS CAPTAINS OF INDUSTRY
-Built fortunes by stealing from the public -Served their NATION IN A POSITIVE WAY
-Drained the country of natural resources -Created JOBS
-BRIBED PUBLIC OFFICIALS -Created museums, libraries, and universities
-DROVE OUT OF COMPETITION
-Paid workers low wages; terrible conditions
ANDREW CARNEGIE JOHN D. ROCKEFELLER
-Homestead Steel and Carnegie Steel -Oil monopoly
" GOSPEL OF WEALTH": -Gained special rates from RRs (rebates)
MAKE AS MUCH MONEY AS YOU CAN- THEN GIVE -Philanthropist
IT AWAY. -Founded gas
OR IS BIG BUSINESS GOOD FOR THE NATION?
-Allows for PRODUCT INNOVATIONS
-Financially supports universities, libraries, and museums (PHILANTHROPY)
-SOCIAL DARWINISTS believed government should STAY OUT OF PRIVATE BUSINESSES and thought it was wrong to use public funds to assist the poor.
-Americans who worried about the methods of INDUSTRIALISTS called for FEDERAL REGULATION OF BUSINESS PRACTICES.
GOVERNMENT IMPOSES REGULATIONS
-The ICC AND THE SHERMAN ANTITRUST ACT began a tren toward GOVERNMENT LIMITS ON CORPORATE POWER.
*******ICC: interstate commerce commission: oversaw RAILROAD OPERATIONS.