America Enters the Industrial America Enters the Industrial AgeAge

The Industrial Revolution ContinuesThe Industrial Revolution Continues

Section 1Section 1

Chapter 20Chapter 20

Pg.631-637Pg.631-637

The Industrial Revolution The Industrial Revolution ContinuesContinues

Key ? - What new inventions changed life in the 1800s?Key ? - What new inventions changed life in the 1800s? Patent – a government document that gives an inventor Patent – a government document that gives an inventor

the exclusive right to make and sell an invention for a the exclusive right to make and sell an invention for a number of years.number of years.

Factory machines replaced hand tools.Factory machines replaced hand tools. Manufacturing began to replace farming. Manufacturing began to replace farming. Causes for growth: Steel industry – Kelly (US) Causes for growth: Steel industry – Kelly (US)

Bessemer in England developed the Bessemer steel Bessemer in England developed the Bessemer steel process.process.

Cut the cost of steel – increased output – 350xs between Cut the cost of steel – increased output – 350xs between 1867 & 1900.1867 & 1900.

Edison & BellEdison & Bell

Electric power industry – Edison and Electric power industry – Edison and Latimer – laboratory in Menlo Park, NJ.Latimer – laboratory in Menlo Park, NJ.

Invented a safe steady lightbulb; system to Invented a safe steady lightbulb; system to deliver electricity to buildings.deliver electricity to buildings.

Bell invented the telephone in 1876. Bell invented the telephone in 1876. Thomas Watson assistant.Thomas Watson assistant.

Breakthrough on telephone was an accident. Breakthrough on telephone was an accident.

New IndustriesNew Industries

New inventions became the basis of new New inventions became the basis of new industries.industries.

Telephone – switchboard operators.Telephone – switchboard operators. Typewriter – Christopher Latham Sholes Typewriter – Christopher Latham Sholes

invented.invented. Elias Howe & Isaac Singer patented Elias Howe & Isaac Singer patented

sewing machines – ready made clothes.sewing machines – ready made clothes.

Corporations Gain PowerCorporations Gain Power

How did corporations affect business How did corporations affect business competition?competition?

Corporations – a business owned by Corporations – a business owned by shareholders – investors who buy part of the shareholders – investors who buy part of the company through shares of stock. company through shares of stock.

Late 1800s few laws regulating Late 1800s few laws regulating corporations.corporations.

Growth of a few powerful corporations.Growth of a few powerful corporations.

Rockefeller & CarnegieRockefeller & Carnegie

Rockefeller dominated the oil industry by creating a Rockefeller dominated the oil industry by creating a monopoly – a company that wipes out its competitors. monopoly – a company that wipes out its competitors. Bought refineries and built pipelines.Bought refineries and built pipelines.

Created a Created a trust – trust – a legal body created to hold stock in a legal body created to hold stock in many companies, often in the same industry.many companies, often in the same industry.

Robber baron – a business leader who uses dishonest Robber baron – a business leader who uses dishonest methods to grow rich.methods to grow rich.

Carnegie – steel industry – wanted to make the best and Carnegie – steel industry – wanted to make the best and cheapest product by controlling all the processes of cheapest product by controlling all the processes of making steel.making steel.

Philanthropists – people who give large sums of money Philanthropists – people who give large sums of money to charities.to charities.

Business CycleBusiness Cycle

Business cycle – the pattern of good and Business cycle – the pattern of good and bad times. Booms – good times; busts – bad times. Booms – good times; busts – bad times; lay off workers and make fewer bad times; lay off workers and make fewer goods.goods.

Depression – period of extremely low Depression – period of extremely low economic activity.economic activity.

Economic Growth Brings Wealth Economic Growth Brings Wealth and Poverty.and Poverty.

Key ? - What inequalities emerged in the Key ? - What inequalities emerged in the late 19late 19thth century? century?

Industrialization raised living standards in Industrialization raised living standards in US and wealth to business owners.US and wealth to business owners.

Did little to help minorities, factory Did little to help minorities, factory workers, and the South.workers, and the South.

The Gilded AgeThe Gilded Age

““Rags to Riches” stories – Horatio Alger wrote Rags to Riches” stories – Horatio Alger wrote popular stories.popular stories.

Mark Twain & Charles Warner – named it the Mark Twain & Charles Warner – named it the Gilded Age. ( to coat an object with gold) masked Gilded Age. ( to coat an object with gold) masked society’s problems of corrupt politics and society’s problems of corrupt politics and widespread poverty.widespread poverty.

1890 – 11 out of 12 million people – income 1890 – 11 out of 12 million people – income $380; below the poverty line.$380; below the poverty line.

South remained mostly agricultural and continued South remained mostly agricultural and continued to struggle economically through this period.to struggle economically through this period.