the rise of industry
TRANSCRIPT
Chapter 9Industrialization
Section 1The Rise of Industry
U.S. Industrializes
1860 population=30 million (1.3 worked in industry)◦Early 1900s-U.S.= leading industrial nation◦1914-U.S. GNP-8x greater than 1865
WHY?◦1. Cheap raw materials (water, timber, coal, iron,
copper) Petroleum (kerosene) Edwin Drake-Oil well
◦2. Large workforce-population tripled (1860-1910) Large families immigrants(20 million 1870-1910)
Free Enterprise
Laissez-faire◦Helped U.S. industrialize◦“let people do as they choose”◦Relies on supply & demand to regulate prices &
wages◦Free market/Free trade=competing companies◦No subsidies, no tariffs (protect inefficient
companies)Entrepreneurs
◦Attracted to business by profit◦Foreign investors saw opportunity in U.S. & helped
fund industry growth
New Inventions & Impact
Helped increase productive capacity, improved transportation & communication◦Telephone-Alexander Graham Bell-1876
Bell Telephone Company=American Telephone & Telegraph Company (AT&T)
◦Phonograph, light bulb, electric generator, battery-Thomas Edison Edison General Electric Company=GE
◦Ice machine (refrigerator)-Thaddeus Lowe◦Refrigerated Rail Car-Gustavus Swift◦clothing- power driven sewing, cloth cutters,
shoemakers
