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Ch. 24 History

The Industrial Revolution- Part 2?

QuestionAnswer
8 Reasons for Industrial Growth Abundance of natural resources, Business leadership, Investment capital, Technology, Markets, Labor, Government Support, and Advanced Transportation Network.
Financial Backing Equation Financial Backing + Inventions + Resources = New Industries + expansion of old industries.
U.S. was leading what in 1900. The leading industrial power.
The industrial growth rate in America 4%
After the Civil War... Economy became more diverse and "Go-Getters" appeared.
Go- Getter Aggresive Americans who looked for new and improved ways to make a living
Pre-Civil War Production Textiles, clothing, and leather products.
Post Civil War Production "Heavy Industries" like Steel, petroleum, electric power, and Industrial Machinery.
Samuel Morse Telegraph
Alexander Graham Bell Telephone
Waterman The Fountain Pen
Cyrus W. Field Transatlantic Communication
Kodak Camera
Gillette The razor and blade
Pre-Civil War lamps... powered by camphene.
Camphene Turpentine and alcohol.
Kerosene came from coal, but expensive and flammable.
Gearge H. Bissell Founded Pennsylvania Rock Oil Co. in West Pennsylvania.
Oil was first used as... Medicine
Bejamin Silliman Jr. Hired to discover uses of oil, he found petroleum.
Edwin L. Drake Adopted the water drill for use in excavating oil.
Uncle Billy Smith Hired by Drake to teach him drilling.
First Oil?! August 29, 1859.
D.C.?? direct current
1st patent by Edison 1869- a machine to record votes.
Invention Factory Location. Menlo Park, New Jersey.
Edison's other inventions? Phonograph, lamp, and motion picture camera.
A.C.?? alternating current
Geoge Westinghouse's inventions Air brake for railroads and the high voltage transformer.
Impact of Electricity on Business and Daily Life Increased productivity, it was cheaper, it was more efficient, used for home appliances.
Samuel Morse's Company Western Union Telegraph Co.
Alexander Graham Bell's Company American Telephone and Telegraph Co. (ATT)
1st telephone exchange Jan. 28, 1878. served 21 people.
1st President with phone. Rutherford B. Hayes.
Railroads...? The first BIG business.
Impact of Railroads New Markets, Mass production, Mass consumption, Economic Specialization/new industries, Created the need for a standard time, Led to modern stockholders, and brought up Laws to regulate competitions.
Trunk Lines Major route between large citise
Major Trunk Lines NY Central Railroad, Baltimore and Ohio, and Pennsylvania Railroad.
Eastern Rail Lines Each had a standard gauge.
Role of Railroads Promoted settlement and linked the East to the West.
Subsidies A form of loans and land grants.
Land Grant Given in alternate mile square sections in a chekerboard pattern
Government needed railroads for... Cheap transportation for mail and Troops
Negative RR Consequences Hastily/poorly constructed, corrupted, public protests
Union Pacific RR built from Omaha Nebraska and went west
Central Pacific RR build from Sacramento, CA and build east
Greeville Dodge Owned Union Pacific
Leland Stanford Owned Central Pacific
Promontory Point, Utah Meeting point of Union Pacific and Central Pacific
Railroads Union, Central, Southern, and Northern Pacific, Atchison, Topeka, and Santa fe, and the Great Northern RR
Great Northern RR Only one to be built without govt. funds. Built by James Hull
Railroad car =- Passenger gets their own bed. Pullman Car
Railroad car =- Passenger gets their own seat. Day-Coach Car
Railroad car =- Passengers sat on a bench Zulu Car
Rebates To improve profits, best customers got rebates.
1893 Financial Panic This forced 1/4 of all railroads to close.
J.P. Morgan bought He bought bankrupt railroads and Carnegie's railroads.
Overproducing RRs: Consolidation 7 giant RRs controlled 2/3 of railroads in America.
Granger Laws Goal of this law was to regulate railroad prices.
Federal Interstate Commerce Act 1887- Prohibited rebates and pools.
Frederick W. Taylor "Science of Management" - There was a efficient systematic way of doing things. Used at Bethelham Iron Co.
Mesabi Range The leading steel production area.
John A. Roebling Ohio suspension bridge is model for Brooklynn's. Designs it.
Washington Roebling Gains bridge credit, but dies from the "beads"
Robber Baron Business leaders that built their fortunes by stealing from the public.
Captain of Industry Served the Nation in a positive wat
Characteristics of a Big Business Large investments, good use of transportation, had a broad range of operations, revised role of ownership, and new methods of management.
Oligopoly Market dominated by a few large firms.
Monopoly Complete Contro of a product.
Cartels Monopoly where competition is limited by agreement.
Vertical Integration Business processed product "from the ground to the finished product"
Horizontal Integration The bringing of companies under a single organization.
Social Darwinism The idea that Darwin's theories applied to economics.
Gospel of Wealth Religion created the rich class. Proclaimed by Carnegie, Rockefeller, and Russell Conwell.
Iron Law of Wages The idea that wages will always revert to a certain level.
Horatio Alger Writer that introduced a new genre that paralled the industrial revolution.
Gibson Girl The ideal representation of a girl.
C.F. Dowd Devised the standard time zones (Eastern, Western, Central, and Mountain)
Gearge Stephenson Made RR's standard track size (4 ft. 8.5 in.) between wheels.
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Created by: 10cbiedenharn
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