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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