Industrial Growth/ Rise of Big Business

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How did industrialization transform America?
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How did industrialization transform America?
-created factories - produce goods, attract ppl to city
-led to growth of railroads, oil refining, steel, meat packing, and general growth of business organizations
Causes of Industrial growth - late 1800's
Land: Natural resources widely available (West/RR)
Labor: increase in population due to immigration
Loot: $- more capital (new inventions, formations of corporations; free enterprise system
Effects of Industrial growth
Rise of giant businesses
-railroads (network grew rapidly)
-Emergence of monopolies and trusts
-new ways to make money (investing in stock)
-exploitation of labor and resources
Who created the Standard Oil Trust?
John D. Rockefeller
-the trust allowed standard oil, which by law was not allowed to own plants in other states or stock on out of state corporations to increase its hold on the oil business
Steel Industry Production
Increases due to new process which makes production easier and cheaper (Bessemer Process)
Who had more power- corporations or workers?
Corporate power allowed companies to fix prices and influence government decision - making
Andrew Carnegie
Scottish immigrant who borrowed money and began his own steel mill- US Steel
-put competitors out of business
Sherman AntiTrust Act
-1890 law banned formation of trusts and monopolies in the US
Corporation
-Business that is owned by investors
Stock
-Sold by corporations, shares in business to investors who are known as stockholders, share of ownership in corporation
Monopoly-company or group having control of all or nearly all of the business in an industryThomas Edison-became known as The Wizard of Menlo Park for his inventions of the light bulb, phonograph, and hundreds of others. -refined light bulb - 242 attempts -193 patentsHenry Ford-made the auto involved in everyday American life -introduced moving assembly line in 1913 -allowed mass production of carsTriangle Fire-Fire in 1911 at Triangle Shirtwaist Factory in NYC. 150 young workers, mostly women, died.Sweatshop-workplace where people labor long hours with poor conditions and very little pay. Most workers were young children and women.Labor Union-association of workers formed to gain higher wages and better working conditionsCollective Bargaining-process by which union representing group of workers negotiates with management for a contractHow did the labor movement suffer?-They suffered a number of major defeats after 1870 because of strikes that ended when unionized workers were replace, or government sided with business -Unions lost public support because they were blamed for violence and labeled as anarchistsBenefits of assembly linelower prices for manufactureers and consumers, increase in production, can be used in almost all industriesWorking conditions in factorieslong hours, low pay, unsafe conditions, poor lighting and lack of ventilationUrbanizationthe growth of cities