Nc goal #5 the new american society and the economy
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Transcript of Nc goal #5 the new american society and the economy
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The Gilded Age: A New American Society and Economy
What made industrialization possible?
What advances were made during this period?
Were the entrepreneurs captains or barons?
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Six Sources of Industrial Growth•Abundant raw materials•Large and growing labor supply•Surge in technological innovations•Emergence of a talented and often
ruthless group of entrepreneurs•Federal government eager to assist the
growth of business•Expanding domestic market for the
products of manufacturing
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Natural Resources
•Coal•Iron•Timber•Petroleum•Water
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Abundant Labor Force• Old farming families• Immigrants arrive
▫ Italians▫ Chinese▫ Irish▫ Central European
• Total population was 76 million in 1914▫ 7 million immigrants
between 1870-1890▫ 15 million between 1890
and 1914
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Improvements in Transportation• Steamships
▫Can cross Atlantic Ocean in half the time
▫Can transport on Hudson River, Ohio River, and Erie Canal
• Railroads▫By horse- 50 miles a
day▫By rail- 50 miles an
hour
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Why railroads?• Direct routes• Speed• Safety• Comfort
▫ Pullman sleep car• Brought in outside
products• Dependable schedule
▫ Time zones are established
• Encouraged specialization
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The Railroads
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Improvements in Communication•Bell’s Telephone
•Edison’s Phonograph
•Typewriter
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Improvements in Manufacturing•Refining petroleum•Bessemer process•Cash register•Singer’s Electric
sewing machine•Automatic looms•Eastman’s Kodak
camera
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Improvements in Food industry•Refrigerator car
▫Cattle from Texas▫Fruit from
California and Florida
•Beer•Packaged cereal•Canned meat•Swift’s “Disassembly
factories”
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A new light
•Edison’s lightbulb▫Light within 2 mile radius
•Westinghouse converts electrical power to mechanical power▫Light to all
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Cornelius Vanderbilt• Shipping and railroad magnate• 1810 - Purchased first ship • 1846 – Self-made millionaire• 1849 – Vanderbilt Accessory
Transit Company• 1869 – Consolidated the Hudson
River Railroad and New York Central Railroad
• 1873 – Was able to offer rail service between New York and Chicago
• Constructed Grand Central Terminal
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Collis P. Huntington• Railroad magnate• Became wealthy as a
merchant• 1861 – Joined with the “Big
Four” to incorporate the Central Pacific Railroad
• 1865 – Constructed lines from southern California to New Orleans
• 1890 – President of the Southern Pacific-Central Pacific rail system
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Andrew Carnegie• Steel• Pittsburg• J Edgar Thomson Steel
Company▫ Named after President of
Pennsylvania Railroad• Won contract for Brooklyn
Bridge, Golden Gate Bridge, and Empire State building
• Sold more steel than Great Britain
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J. Pierpont Morgan• A banker• Refinanced railroads• Bought Carnegie Steel
▫ Merged with his company Federal Steel
▫ Named United States Steel Corporation
• Financed Edison Illuminating Company
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John D. Rockefeller• Oil• Standard Oil Company• Kerosene• Refineries began in
Cleveland and Pittsburg• Concept of trust
▫ Vertical alignment Wells Chemical plants Refineries Warehouses pipelines
• Concept of the holding company
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Alexander Graham Bell• The telephone• American Telephone and
Telegraph Company• Holding company
▫ 100 separate Telephone companies in local areas
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Cyrus W. Field• Financier• 1854 – Founded the
New York, Newfoundland and London Telegraph Company
• 1856 – Helped to organize the Atlantic Telegraph Company
• 1866 – Successfully laid the first transatlantic telegraph cable
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Captains of Industry or Robber Barrons: The Emergence of Entrepreneurs• Captain of Industry
▫ Self made▫ Entrepreneur▫ Witty
• Robber Barron▫ Didn’t care about labor▫ Felt it was best to control
industry
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Bringing Products to ConsumersDepartment Stores Mail Order Catalogs
• City• Macy’s- New York• Marshall Field’s- Chicago• Higbee’s- Cleveland• A&P Grocery stores
• Rural• Buy from catalog• Based on consumer trust• Importance of
advertisements• Sears and Roebucks• Montgomery Ward