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 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

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

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

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

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”

Mass Marketing Clever Brand names developed &

advertising aimed at women

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