The Rise of Industry
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Transcript of The Rise of Industry
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.