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The Growth of Industry The Growth of Industry in the U.S. (1865-1914in the U.S. (1865-1914))
The 2nd Industrial Revolution
What is a Revolution?What is a Revolution?
• A dramatic change in the way things are done, belief systems, government, social orders, etc.
Forms of RevolutionForms of Revolution
• Political• Economic• Agricultural• Social • Technology• Industrial
IndustryIndustry
• 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”
IndustrializationIndustrialization
• The process by which a country develops from a pre-industrial economy to an industrial economy
Factors Necessary For Factors Necessary For IndustrializationIndustrialization
• Land• Labor• Capital • Connections• Technology
LandLand
• The physical land and the resources that are found on that land– Gold– Silver– Copper– Oil – Lumber – etc.
ConnectionsConnections• Transportation and communication Transportation and communication
networks that connect businesses networks that connect businesses with their consumerswith their consumers
• Examples:Examples:– RailroadsRailroads– Highways, Roads, BridgesHighways, Roads, Bridges– Communication NetworksCommunication Networks
• TelegraphTelegraph• TelephoneTelephone• InternetInternet
TechnologyTechnology
• The application of knowledge towards the development of new ideas
• Development of new inventions