The Growth of Industry

1. The Growth of Industry An Industrial Society 1860-1914 Chapter 20, Section 1

2. Essential Questions: • What factors are necessary for an agrarian (farming) society to change into an industrial one? • How can we use business cycle factors to predict our economic future? • What role has technology (growth of steel and electric power industries) played in changing American daily life?

4. Edwin Drake • 1st Person to Drill for Petroleum into the Earth • In 1859, Drilled into the Earth & Struck Oil! • Started the Oil Industry! • Oil = New Form of Energy as Discovered

5. The Birth of the Industrial Revolution • The Birth of the Industrial Revolution in the U.S. Took Place in the New England Colonies • Textile Mills Started in the Late 1700’s • Industrial Revolution Started in England Years Before: • Technology Came Overseas to the Colonies

6. Old Technology

7. Why in New England?

8. Plentiful Natural Resources • America Has Plenty of Natural Resources • Forests, Lakes, Rivers, Water, Minerals, Coal, Iron, Copper, Silver, Gold • Factories & Businesses Used These Natural Resources to Manufacture a Variety of Goods

9. Improved Transportation • Steamboats, Canals, & Railroads in the Early 1800’s Made It Possible to Ship Items Long Distances • More Raw Materials & Finished Products Could Be Sold • Industries Grew!

12. Growing Population • U.S. Population Grew (1860-1900) from 31.5 Million to 76 Million • More People Need More Goods! • Industries/ Businesses Made More Goods & $$$

14. High Immigration • About 14 Million Immigrants Came to the U.S. Between 1860-1900 • Skilled & Unskilled Workers Came • Skilled Workers Brought with Them Knowledge • Unskilled Workers Provided the Labor (Work) in the Factories

15. New Inventions • New Machines & New Inventions Led to Industries Producing Goods More Efficiently & Faster • A Patent is a Government Document Protecting an Inventor’s Idea for a Certain Number of Years

16. Investment Capital • $$$ Given to Companies to Build Factories, New Equipment, Research & Development • $$$ Given to Start a Business • Company Gives Person Back Shares of Stock (Ownership of the Company/A Piece)

18. The Story of Rob!

21. Business Cycle (Booms) • People Buy More Products & Invest in Companies More • Companies Get MORE Investment Capital, Hire More Workers, Make More Goods, Sell More • More Workers = More Paychecks = More Spending! • Business Grows!

22. Business Cycle (Busts) • People Spend Less, People Don’t Invest (Don’t Buy Stock) • Industries Get LESSInvestment Capital: • Have to FIRE Workers! • Businesses Shrink or Even Close • Economic Activity Decreases (Recession + Depressions)

23. Stock Market Last 10 years

25. The Economy 1860-1900 • From 1860-1900, Industries within the U.S. Grew at an Outstanding Rate! • Manufactured Goods Increased Over 6x! • The Economy Was BOOMING!

26. Bessemer Steel Process • Before 1850, Making Steel Was Very Expensive! • Used Large Amounts of Coal to Create Enough Heat! • Henry Bessemer Created New Process to Make Steel • Used 1/7th the Amount of Coal

27. Bessemer Steel Process • New Process Cut the Cost of Making Steel • Steel Production Increased Over 500x • Many Industries Used Steel To Make: • Plows • Barbed Wire • Nails • Beams for Buildings • Building Railroads

29. We Have No Idea How This Works!

30. Electric Power Industry • Generators Were Invented in the 1870’s • Generators Produce Electric Currents (Electricity) • Inventors Looked for Ways to Use Electricity

32. Thomas Edison • Had Over 1,000 Inventions/Patents • Most Famous Invention was Practical Electrical Lighting (More Efficient Light Bulb) • Invented a System to Bring Electricity to Buildings • Street Lights/Lighting in Buildings = Safer!

33. Alexander Graham Bell • Scottish Immigrant Who Taught Deaf Children • Thomas Watson was Bell’s Assistant • Invented the Telephone • Transmitted Speech Using Electricity • A Communications Revolution!

34. American Telephone & Telegraph Company

35. The Centennial Exhibition (1876) • America’s 100 Year Birthday Celebration! • Huge Science Fair Held in Philadelphia! • Alexander Graham Bell Demonstrated the Telephone!

36. America’s 100 Year Birthday Party!

37. Statue of Liberty Centennial Exhibition 1876

38. Christopher Latham Sholes • Invented the 1st Practical Typewriter • Opened Jobs for Women: • Jobs • Paycheck • More Freedom • Purchasing Power • Equality

39. Elias Howe & Isaac Singer • Invented & Improved the Sewing Machine • Sewing Machine Increased the Production of Clothes • XS, S, M, L, XL, XXL, XXL Sizes • Singer Sewing Machines are the Best in the World Today!

41. Granville T. WoodsMargaret Knight • Granville T. Woods was an African American Inventor • Patented Improvements to the Telephone & Telegraph • Margaret Knight Improved Motors, Engines, Machines for Packaging & Making Shoes

42. Essential Questions: • What factors are necessary for an agrarian (farming) society to change into an industrial one? • How can we use business cycle factors to predict our economic future? • What role has technology (growth of steel and electric power industries) played in changing American daily life?