Transcript Chapter 18
The Industrial Society, 1850-1901 Industrial Development Entrepreneur: US offered ideal conditions for rapid industrial growth. Abundance of cheap natural resources, l Large pools of labor Largest domestic market in the WORLD Capital & government support w/o government regulation Factors that helped build an Industrial Economy Labor supply from Europe & American FARMS Inventions National market Plentiful $$$ Favorable government policies Entrepreneurs Railroad Empire Positives of the RR 1865-1916 laid down over 200,000 miles of track Saved the federal government 1 billion $$$ X 1850-1945 Greater speed & safety Urban life to the country RR companies were huge consumers AND employers Building of Trunk lines Transcontinental RR 1862 -Central & Union Pacific Negatives of the RR Monopolies Fraud & waste connected Intense competition Panic of 1893 Empire Builders & Inventions Cornelius Vanderbilt - railroads Andrew Carnegie – Steel J.P. Morgan – Banking then United States Steel John D. Rockefeller – Oil – Standard Oil Company & Standard Oil Trust Thomas Edison – telegraph, camera, processed foods, telephone, phonograph, electricity. Bessemer Process….. Cornelius Vanderbilt, J.P. Morgan, Andrew Carnegie, John D. Rockefeller Selling a Product to Wage Earners Marketing became a tool to sell a product. Advertising was common Department stores Brand names Mail order catalogs Wage Earners built the new factory society which included men, women, & children Skilled & unskilled but skilled white males received a greater share of the prosperity. Culture of work The hope of upward mobility was the goal for all factory workers. Work difficult, long hours, little pay, worked w/ machines and by hand. Punch the clock Labor unrest & birth of Labor Unions American Federation of Labor (AFL) still exists. Pushed for better wages & safer working conditions and did resort to violence to achieve it. Knights of Labor founded by Samuel Gompers Opposed use of work strikes Only skilled workers were members. Women & Blacks not allowed. Employers applied strict laws to increase supply of product. Lead to more strikes. REMEMBER the HAYMARKET RIOT!