The Rise of Industry

Industrial Revolution

Business and industry grew very quickly when the Civil War ended. (1865) Industrialization changed the way people lived in the late 1800’s.

2 reasons for Industrialization

• Natural Resources– Timber, coal, iron, copper/Allowed companies

to obtain cheaply and not have to import.– Many resources out west which sent people

to settle and industrialize the west.

• Large Workforce– Large families and flood of immigrants– More people meant more need for products

Inventions

• How did inventions promote economic growth?– New technology increased

productivity/improved transportation/faster communication networks

– New inventions meant new industries which meant more jobs.

Pioneer Inventors

Thomas

Edison

-Held more than 1,000 patents

-Invented the phonograph, light-bulb, and improved many other technologies.

Alexander

Graham

Bell

-Invented the telephone.

-First words= “Come here, Watson, I want you.

-Organized the company that is now AT&T.

http://www.archives.gov/education/lessons/telephone-light-patents/#documents

Growth and Laissez-Faire

• The free enterprise system supported rapid growth in the U.S.

• Laissez-faire supporters believe a free market with competition leads to greater efficiency and more wealth.

• The policy was effective as the government kept taxes and spending low.

Tariff-tax on imports

• Laissez-faire also impacted tariffs. (Morrill Tariff)• Owners wanted tariffs for protection from foreign

companies.• Helped build and establish the American

economy.• Also contradicted laissez-faire because other

countries put tariffs on American goods and made it hard to export goods overseas.