mr. ermer u.s. history miami beach senior high. 1861: most americans live on farms after the civil...
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THE SECOND INDUSTRIAL REVOLUTION
Mr. ErmerU.S. History
Miami Beach Senior High
The Rise of Industry
1861: Most Americans live on farms After the Civil War, more move to cities for work Second Industrial Revolution (Technology)
1900: USA=world’s richest country in GNP Gross National Product (GNP) = total goods
and services produced in a year by a country United States’ advantages:
Natural Resources (timber, copper, coal, iron, oil) Large Workforce (large families, immigrants) New Inventions (light bulb, phone, telegraph, auto
loom, refrigeration, air breaks for trains)
Free Market Capitalism
Laissez-faire: Government should interfere as little as possible in business affairs Relies on supply and demand to regulate
wages and prices “The scariest words in politics are ‘we are the
government, and we’re here to help’” Entrepreneurs: one who organizes,
manages, and assumes the risks of a business or enterprise Start businesses, grow rich, help
economic growth
The Railroads
May 10, 1869: The first transcontinental railroad connects the Atlantic to Pacific, with two lines meeting at Promontory Summit, UT
Railroads crisscross country South benefits from improved transportation
Florida tourist trade begins Railroads develop idea of time zones in
1883 Gov’t gives land grants to railroad
investors, investors sell the land for huge profits
Captains of Industry or Robber Barons?
Huge railroad profits= corruption Bribing congressmen, cheating taxpayers,
swindling Credit Mobilier Scandal
Businessmen sign overpriced contracts with themselves with government money
Many railroad investors like Cornelius Vanderbilt and Leyland Stanford give large sums to charities, start universities
Work on it:
On page 99, write and answer questions 1-5
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