Industrial Revolution

Rise of Big Business and Industry

Industrial RevolutionO Rapid growth in manufacturing in

late 1800’sO By mid 1890’s U.S. led the world in

industrial production

Inventions that led to industrial growth

O Electric Lighting – allowed work to continue after sun down

O Mechanical use of electricity – began the process of machine use

O Telephone Service – communication became quick and easy

Thomas Edison Can you believe I

failed one thousand times to invent the

light bulb?!?

Can you believe I failed one thousand times to invent the

light bulb?!?

Inventions…-Light bulb-Motion Picture-Electric Vote Recorder-Iron Ore Seperator-Automatic Telegraph-Electric Pen-Phonograph-Electric Generator-Speaker Phone-Universal Stock Printer-Akaline Battery

Reasons for riseO Coal and steam power provided

transportation over landO Transportation – increase in rail

O Intercontinental RailroadO Rail services include sleeping and

dining carsO Allowed goods to reach

far into Americaninterior

Captains of IndustryO John D. Rockefeller

O oilO Andrew Carnegie

O steelO Cornelius Vanderbilt

O shipping and railroads

John D RockefellerO Began “Standard Works” in Cleveland, Ohio

O Oil refinery businessO By 1868 largest oil refinery in the worldO Aim was to limit waste as much as possibleO Changed to “Standard Oil” in 1870O Wanted to integrate all oil refinery

O oligopolistic market – market is controlled by a small group of firms

O Rockefeller's fortune peaked in 1912 at almost $900,000,000

Andrew CarnegieO Bessemer process – manufacture steel

quickly and cheaply by blasting hot air through melted iron to remove impurities

O Rags to riches storyO Carnegie Steel Company in Pittsburgh, PaO Maximize profits, minimize inefficiencyO Sold company in 1901 for $480 millionO Eventually gave away $350 million in

philanthropy projects

Cornelius VanderbiltO Began in steamships, built railroadsO Streamlined the railroads by cutting

inefficienciesO Consolidated many of the smaller

independent rail linesO Donated $1 million to help fund

Vanderbilt University in NashvilleO At his death he was worth more than

$100 million

Results

- Steel led to…some stuff???

- Oil led to…seriously? Railroads…duh

Few More Results…O Cities grew exponentially

O ImmigrationO Mechanization of farm equipmentO AdvertisingO Labor

O UnionsO Child Labor Laws

O $$$$!!!!$$$$!!!!!$$$$$