THE SECOND INDUSTRIAL REVOLUTION

Mr. ErmerU.S. History

Miami Beach Senior High

The Rise of Industry

1861: Most Americans live on farms After the Civil War, more move to cities for work Second Industrial Revolution (Technology)

1900: USA=world’s richest country in GNP Gross National Product (GNP) = total goods

and services produced in a year by a country United States’ advantages:

Natural Resources (timber, copper, coal, iron, oil) Large Workforce (large families, immigrants) New Inventions (light bulb, phone, telegraph, auto

loom, refrigeration, air breaks for trains)

Free Market Capitalism

Laissez-faire: Government should interfere as little as possible in business affairs Relies on supply and demand to regulate

wages and prices “The scariest words in politics are ‘we are the

government, and we’re here to help’” Entrepreneurs: one who organizes,

manages, and assumes the risks of a business or enterprise Start businesses, grow rich, help

economic growth

The Railroads

May 10, 1869: The first transcontinental railroad connects the Atlantic to Pacific, with two lines meeting at Promontory Summit, UT

Railroads crisscross country South benefits from improved transportation

Florida tourist trade begins Railroads develop idea of time zones in

1883 Gov’t gives land grants to railroad

investors, investors sell the land for huge profits

Captains of Industry or Robber Barons?

Huge railroad profits= corruption Bribing congressmen, cheating taxpayers,

swindling Credit Mobilier Scandal

Businessmen sign overpriced contracts with themselves with government money

Many railroad investors like Cornelius Vanderbilt and Leyland Stanford give large sums to charities, start universities

Work on it:

On page 99, write and answer questions 1-5