The Second Industrial Revolution

1850-1914

New Technologies

• Steel (Bessemer)• electricity• light bulb• chemicals (various

applications)• internal combustion

engine (auto)• airplane• canals (Suez, Panama)

• High speed printing press

• discovery of oil• radio• telegraph• telephone• standardized time and

time zones (1886)

Differences w/1st Indust. Rev.

• Larger scale and scope (more nations)

• closer collaboration of theoretical science and its application in technology

• movement toward mass production (factories and assembly line)—Ford and Taylorism (scientific management)

Economic Cycles, 1873-96

• Boom/bust production/demand

• glut of agricultural products (Australia, North America)

• response—cartels, vertical integration, modern corporations, tariffs

Relation of State to Economy

• Decline of Liberalism

• high tariffs and protectionism

• social welfare begins

• government regulation of industry

• public health movements

Impact--The Global Economy

• shifts BOP worldwide—imperialism • urbanization—problems and reforms• mass society—new classes & tensions• social sciences emerge• rise of socialist & workers’ movements• consumerism—Dept. Stores, catalogs• global economic integration