Chapter 14 The Rise of Industry

Section One – The Rise of Industry

I. The United States Industrializesa. In 1860 only 1.3 million (of 30 million people) worked in industry. b. By 1900 the U.S. was the world’s leading industrial nation, by 1914 the GDP was eight

times higher than it was in 1860c. Natural Resources

I. Timber, Coal, Iron, CopperII. Railroads and people spread westIII. Petroleum began to be developed

I. Edwin Drake – Titusville, PA

II. A Large Workforcea. The U.S. population nearly tripled from 1860-1900b. Large families and immigration (20 million)

III. Free Enterprisea. Government didn’t interfere with the economy (laissez-faire)b. Small government debt, market forces, entreprenuership

IV. Government Role in Industrializationa. Taxes, spending and regulation was kept lowb. Morill Tariff (Tripled tariffs by 1865)c. $65 million in loans to build railroads in the Westd. Sold public lands for less than market value

I. New Inventionsa. Alexander Graham Bell – Formed Bell Telephone 1877b. Thomas Edison – Formed General Electric 1889c. Technologies Impact

I. Refrigeration began in the 1870’s II. Standard sizes and faster manufacturing of textilesIII. 1866 telegraph cables laid across the AtlanticIV. Radio’s common in American homes by the 1920’s