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The New Industrial Society

The New Industrial Society. I. Introduction. Industrialization – complex process whose chief feature is production of goods by machine rather than by hand. Four Causes of Industrial Growth Abundant resources Labor Government policies Technology.

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The New Industrial Society

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  1. The New Industrial Society

  2. I. Introduction • Industrialization – complex process whose chief feature is production of goods by machine rather than by hand. • Four Causes of Industrial Growth • Abundant resources • Labor • Government policies • Technology

  3. II. Industrialization and Corporate Consolidation • Railroads – fueled industrial development • 1877-1893 more than 100,000 tracks put down • Massive grants of American land • Adoption of steel rails allowed heavier loads • Time zone adoption • Cornelius Vanderbilt – built NY central system; shrewd and ruthless competitor • Iron and Steel – central development of American industry • Bessemer Process – allowed steel to mass produced • Andrew Carnegie – immigrant who built steel industry; horizontal integration • Oil • First oil derrick Titusville, Pennsylvania, 1859 • John D. Rockefeller – founded Standard Oil in 1870 • Vertical Integration • Bought out smaller refiners • Organized trusts to combine companies, reduce competition and increase profits • Electricity • Thomas Edison – 1878 Edison Electric Light Company • Incandescent light bulb

  4. Should Government regulate or limit business? What was the proper role of government regarding industries that were springing up across the nation?

  5. III. Benefits of Big Business Companies could raise prices as needed with a monopoly in an industry. American benefited from jobs and lower prices; however, the cost was the influence of big business. Laissez-faire Conservatism – “let people do as they choose” business runs best without government intervention

  6. IV. Rockefeller and Standard Oil Trust Gained over 90% of the nation’s refining business Made deals for lower rates to those railroads shipping his oil 1882, combined 40 companies under one trust 1903, Ida Tardabell exposed Rockefellers tactics

  7. V. Andrew Carnegie, the Master of Steel Built the largest and most modern steel mill near Pittsburgh, Pennsylvania Drove wages down and hours up

  8. VI. Social Darwinism and the Industrialist • Business leaders uses Social Darwinism to justify their tactics • Sherman Anti-trust Act (1890) • Outlawed monopolies • Little effect because it wasn’t enforced • Gospel of Wealth: Andrew Carnegie • Industrialists were guardians of society’s wealth • Gospel of Success • Economic rewards available to anyone seeking • Horatio Alger Jr., popularized the “self-made” man myth.

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