7 Factors of Industrilization
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Transcript of 7 Factors of Industrilization
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Outcome: 7 Factors of America’s Industrial Growth
The Industrial Age
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Industrialization
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1. Setting the Stage: a. The U.S. has enjoyed many distinct advantages many other
countries lackb. Democracy and Capitalism allow for a prosperous nationc. Unity following the Civil War along with Industrialization fever
led America to evolve into a super producer
7 Factors of America’s Industrial Growth
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Natural Resources
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2. Natural Resources: Become goodsa. Raw Materials – coal, iron ore, timberb. Fertile soil -> surplus agriculture ----> Industrial
Revolutionc. Swift moving water = power & transportation
7 Factors of America’s Industrial Growth
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3. Capital ($) Needed to pay for the production of goods
a. Stable currency = safe buying and selling (commerce)
b. Corporations formed to raise money through the sale of stock
c. Bank loans = start-up for factories and businesses
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4. Labor Supply: Used to make goods
a. High birth rateb. Immigration from Europe and Asiac. Women & Children
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5. Technology: Better ways to make more & better goods
a. Telephone = better & faster communication
b. Electricity = more production powerc. Factory system = faster production
i. Interchangeable parts -----> Assembly line
ii. Examples Today: Cars, computers, houses
d. New inventions = more & better goods
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6. Consumers: Bought & used goods & services
a. Mail order catalogues expanded sales of goods (Wards & Sears)
b. Department stores became common in large cities.c. Overseas Markets = Exports to other countries =
mores sales
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7. Transportation: Linked raw materials to factories & factory goods to consumer markets
a. River & canalsb. Roadsc. Railroads (By 1900 5 Transcontinental Systems
in U.S.)
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8. Government Cooperationa. High tariffs (tax on imports) -> Buying
American goodsb. Patent System protected & encouraged
inventionsc. No Interstate Tax = Free Trade (Rural Free
Delivery)d. Land Grants to railroads encouraged westward
growthe. Laissez-Faire philosophy = Hands-Off (limited)
Government
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Result: Due to these 7 factors coupled with our strong democratic & capitalistic beliefs, America was primed to become an economic superpower in the next 50 years. However, economic power does not come without its share of problems and those who are able to exploit the laissez-faire system.
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7 Factors of America’s Industrial Growth