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Ch. 16 Part I

Ch. 16 Part I. The Second Industrial Revolution. Prepare for Midterm. Ch. 16 Focus Questions on p. 632 Timeline on p. 630 Key terms p. 675 Native American Events Table, p. 675. The Second Industrial Revolution.

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Ch. 16 Part I

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  1. Ch. 16 Part I The Second Industrial Revolution

  2. Prepare for Midterm • Ch. 16 Focus Questions on p. 632 • Timeline on p. 630 • Key terms p. 675 • Native American Events Table, p. 675

  3. The Second Industrial Revolution • The 1st Industrial Revolution took place in Great Britain and Germany in the late 18th century. The U.S. had their 1st Industrial Revolution between 1820 and 1870. • Between 1870 and 1920 U.S. Industry Expanded rapidly in a “2nd” Industrial Revolution • By 1913, the U.S. produced 1/3 of the world’s industrial output

  4. Responses to Industrialism • Class Stratification-Widening gap between the rich and the poor • Urbanization-More people moved to cities, less farmed • Political Corruption-Corporations and wealthy industrialists heavily influenced politics • Strikes-Workers protested long hours and low pay

  5. Key Terms to Know • Vertical integration (p. 639)-Companies try to control every phase of the business from raw materials to transportation, manufacturing, and distribution • Horizontal integration-Companies try to control entire industries by take overs, mergers and buy outs

  6. Titans of Industry • Andrew Carnegie-Established a “vertically integrated” steel company, dominated industry, worth 100’s of millions • John D. Rockefeller-Dominated oil industry by “horizontal expansion—buying out competitors. Then established a vertically integrated monopoly by controlling the drilling, refining, storage and distribution of oil.

  7. Industrial Leaders • Were they “captains of industry” whose energy and vision pushed the economy forward or “robber barons” who wielded power without accountability in the marketplace?

  8. Responses to Industrialism Activity • 1. On what grounds do critics complain about the emerging industrial order? How valid do you find their criticism? • 2. What do the quotations suggest should be the proper role of government in the economy? • 3. Is bigness in industry the result of manipulation or the natural workings of economic laws? Is bigness in industry bad and if so, why? • 4. Big business's critics accused it of financial trickery, political corruption, the unscrupulous exercise of monopoly power, inhumanity toward labor, and disregard for the consumer. Defenders stressed big business's innovations--economies of scale, vertical and horizontal integration, rationalization of American industry, technical innovation, and promotion of efficient organization, capitalization, and research. Which argument do you find more persuasive?

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