The Growth of Industry in the U.S. (1865-1914)

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The Growth of Industry in the U.S. (1865-1914)

• The 2nd Industrial Revolution

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What is a Revolution?

• A dramatic change in the way things are done,
  belief systems, government, social orders, etc.

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Forms of Revolution

• Political
• Economic
• Agricultural
• Social
• Technology
• Industrial

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Industry

• refers to an area of economic production focused
  on manufactoring which involves large amounts of
  Capital investment before any profit can be
  realized.
• Also may refer to a group of businesses which
  produce the same product
• i.e. The automobile industry

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Industrialization

• The process by which a country develops from a
  pre-industrial economy to an industrial economy

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Factors Necessary For Industrialization

• Land
• Labor
• Capital
• Connections
• Technology

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Land

• The physical land and the resources that are
  found on that land
• Gold
• Silver
• Copper
• Oil
• Lumber
• etc.

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Labor

• The workers to produce goods and services

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Capital

• Money to invest in the start of new businesses

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Connections

• Transportation and communication networks that
  connect businesses with their consumers
• Examples
• Railroads
• Highways, Roads, Bridges
• Communication Networks
• Telegraph
• Telephone
• Internet

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Technology

• The application of knowledge towards the
  development of new ideas
• Development of new inventions

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Technology

• Before 1865
• No indoor electricity
• No refrigeration
• Communications were slowit took 10 days for a
  letter from NY to reach Chicago

• After 1865
• Money used by companies during the Civil War was
  used to invest in the development of new
  technology and the growth of industry