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The Rise of Industry

Edwin Drake 1859 Drilled first oil well in Titusville, PA. Oil production fueled economic expansion. this spread from PA to TX.
Entrepreneur People who start business in hopes of making profits. They risk their own capital (money, land, resources) in running their business.
Laissez-faire Idea that people should be left alone to do as they choose in economic relationships. Foundation of capitalism - government should be small and "hands off" when it comes to economic issues. FREE ENTERPRISE.
New Inventions Late 1800s Telephone -- Bell Edison -- Electricity Lowe -- Ice Machine Northrup -- Automatic Loom
Created by: Igroc