Transcript Industrialization and Innovation

Industrialization and
Innovation
What made this possible?
Bessemer’s Steel
Bessemer process- a process by which
lots of steel could be manufactured
cheaply
• Henry Bessemer of England in 1859
• Boosted production from 2,000 tons
in 1867 to over 7 million in 1907
Because of the Bessemer
process projects like the
building of the iconic Brooklyn
Bridge were possible
Why was steel so great?
► It
► It
► It
► It
► It
was
was
was
was
was
strong
durable
great for train tracks
great for skyscrapers
great for bridges
Brooklyn Bridge
Opened in 1883
 16 inch cables supported a
it’s length of 1,595 feet
 Impact? Symbolized
America’s transition from a
rural country to an
industrialized country
 Not possible without the
STEEL INDUSTRY
THUS….
The steel industry fueled the construction
industry!
Flat Iron Building in
NYC– one of the first
skyscrapers. 1902.
Oil Industry
► First
successful oil well was drilled in Titusville, PA
in 1859
► Soon the hills of northwestern Pennsylvania were
littered with oil drills and industrialists and
entrepreneurs raced to make money off of oil
reserves (i.e. “black gold”)
► Oil refining became a BIG biz
 Automobiles
 Locomotives
 Turbines
John D. Rockefeller
► Made
a boat load o’
cash off of the oil
industry!
► His company:
“Standard Oil”
► By 1879, Standard
Oil controlled over
90% of oil refining
Industry’s effect on society
► Industrial
growth has an uneven social
impact on America (social class disparity)
► A few industrial leaders (businessmen) got
mega rich (Gilded Age), while…
► …thousands upon thousands of workers
worked long hours in factories and steel
mills in dangerous conditions for little pay
► In a sense: “the rich got richer and the poor
got poorer”
Economic Impact of Industrialization
Why did the U.S. transform economically around this
time?
► Laissez-faire capitalism (“laissez-faire” means “let
it be” or “hands off”)
 Emphasis on individual ownership
 NOT government ownership
► Increasing
labor supply (i.e. immigrants)
► Natural resources harnessed in an unprecedented
way
 America has lots of ‘em!
Other innovation
► Wright
brothers– airplane
 1903 Kill Devil Hills, NC (Kitty Hawk)
►Add
it to your timelines!
Other innovation
► The




modern-day corporation
Limited liability
Inc.
S Corp.
LLC
Industrialization Timeline and Impact
Henry
___________
invents a
process for
making cheap
_______ in
large quantities
1859
Also in 1859,
the 1st
successful oil
well is drilled in
Pennsylvania
The
____________
________ in
NYC is opened
1883
The Brooklyn Bridge became a
symbol of_________________
_________________________
_________________________
The ______ _____
________– one of the
world’s 1st sky scrapper
is opened in NYC
1902
1.
Why was steel so great?
2.
How did improvements in the steel industry impact other things?
3.
Why was oil refining so potentially lucrative (money-making)?
4.
What was the social impact of Industrialization?

What was the “Gilded Age”
What was the economic impact of Industrialization?
5.

How did America fulfill the need for more labor (human capital)?

What does “laissez faire” mean?
Other innovations not covered in our research:
The Airplane:
The corporation or “LLC”: