Industry

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Industry
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The Growth of Industry

• Factors that encouraged growth
• Plentiful natural resources
• Growing population
• Improving transportation
• High immigration
• New inventions
• Investment capital
• Government assistance

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New Inventions

• Steel
• Electricity
• Thomas Edison
• Telephone
• Alexander Graham Bell
• Typewriter
• Christopher Latham Sholes
• Sewing Machine
• Elias Howe

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Railroads Transform the Nation

• Transcontinental railroad
• span the entire continent
• Encourage settlement in the West and develop its
  economy
• 1862
• Bill was passed that called for two companies to
  build it
• Central Pacific
• Union Pacific

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Railroads Transform the Nation

• Time before railroads?
• Solar Time
• Caused problems for people who crossed a large
  amount of land by train
• Standard Time
• System that divided the US into four time zones
• Solved problem of altered time

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The Rise of Big Business

• Corporations
• Business owned by investors who buy part of the
  company through shares of stock

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• Advantages
• 1. Large amounts of money raised
• 2. special legal status so that it continues even
  if the founders die
• 3. Banks are more likely to lend money
• 4. limited risks for investors

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John D. Rockefeller

• Oil Industry
• Best way to make money put competitors out of
  business
• Monopoly
• Company that wipes out its competitors and
  controls an industry
• Developed a trust
• A legal body created to hold stock in many
  companies, often in the same industry

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Andrew Carnegie

• Steel Industry
• Tried to make the best and cheapest products.

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Gilded Age

• Era during the late 1800s of fabulous wealth.
• To Gild to coat an object with gold leaf

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Gilded Age

• Hid a truth most people who made millions of
  dollars had not been raised in poverty
• Just as gold leaf can disguise an object of
  lesser value, so did the wealth of a few people
  mask societys problems, including corrupt
  politics and widespread poverty.
• South had great poverty
• Why?

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• Any Questions?