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.

LaborLabor

• The workers to produce goods and services

CapitalCapital

• Money to invest in the start of new businesses

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

• Before 1865– No indoor electricity– No refrigeration– Communications

were slow…it took 10 days for a letter from NY to reach Chicago

• After 1865– Money used by

companies during the Civil War was used to invest in the development of new technology and the growth of industry

TechnologyTechnology