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The Second Industrial Revolution

The Second Industrial Revolution. Chapter 5 Sec. 2. The Rise of Industry. By the turn of the 20th century, the US ranked first in the world for industrial goods Key Factors in Industrial Growth: Abundant supply of natural resources Improved transportation methods

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The Second Industrial Revolution

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  1. The Second Industrial Revolution Chapter 5 Sec. 2

  2. The Rise of Industry • By the turn of the 20th century, the US ranked first in the world for industrial goods • Key Factors in Industrial Growth: • Abundant supply of natural resources • Improved transportation methods • Population shift from rural to urban areas • Government Support • Helped industries with loans and minimal regulation • Laissez-faire approach • High tariffs and no taxes on personal incomes • No environmental controls on industries

  3. Invention & Innovation • Between 1860 and 1900, the US Patent Office granted over 676,000 patents to inventors of machines, techniques, and tools • Henry Bessemer – steel production • Railroads • Led to the adoption of standard time/time zones (1918) • Skyscrapers • Samuel F. Morse – telegraph • Alexander G. Bell – telephone • Thomas Edison – electrical lighting • Elias Howe – sewing machine • Henry Ford – assembly line - automobile

  4. Rockefeller & Standard Oil • John D. Rockefeller gained almost complete control of the oil industry • 1870 Standard Oil of Ohio owned one of the largest refineries in Cleveland • Consolidated smaller companies into one trust • Vertical integration (oil pipelines, railroad cars) • Horizontal integration (refineries) • 1879 Rockefeller controlled 90% of nation’s refining • Argued that monopolies and trusts ensured economic stability and consistent high quality goods

  5. Andrew Carnegie • 1873, Carnegie formed investors to build world’s largest steel mill • New & cheaper way to make steel in Pittsburgh • By 1900, produced 3/4 of the nation’s steel • “rags to riches” • Sold company to J.P. Morgan for $480 million • Approx. $6.95 billion today

  6. Cornelius Vanderbilt – railroad • Swift & Armour – meat-packing industry • Guggenheim – copper • McCormicks – reaper – International Harvest Co. • J.P. Morgan – banking • Writer Mark Twain called this the “Gilded Age”

  7. Mass Marketing • Clever Brand names developed & advertising aimed at women

  8. http://books.google.ca/books?id=pavHOWOWKEEC&lpg=PP1&pg=PA57#v=onepage&q&f=falsehttp://books.google.ca/books?id=pavHOWOWKEEC&lpg=PP1&pg=PA57#v=onepage&q&f=false

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