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Transcript of Industrialization
Causes of Industrialization
Abundance of Natural Resources
Increase in Population
Improved Methods of Transportation and Communication
Increased Investment Capital
The Business Cycle
The Age of Invention
Steel is stronger and more durable than Iron.
Uses less coal than the traditional method for making steel.
Cuts the cost of steel, production increased 500 times.
Design of efficient power generators, increased the development of technology that used electricity.
Increased the productivity and effeciency of office workers, allowing for more free time and buying power.
Led factories to produce ready-made clothes in standard sizes andpopular styles. Prices Decrease, Demand Increases
Created a new Industry and new jobs from Operators to line men who installed new lines.
Communication became faster and more efficient. Allowed information to exhange hands from person to person over long distance instantly for the first time.
A Corporation that holds stock in many other Corporations. Trusts do not actually produce any goods. Trusts allow a small group of people to control many corporations.
A Company that wipes out its competition and controls and entire industry.
: Control the entire distribution chain
: Control the entire supply chain.
A business owned by investors who buy part of the company through shares of the stock. Investors then recieve a portion of the profits made by the corporation.
1. Corporations can raise large sums of money for expansion.
2. Corporations are not owned by individual people, they continue on after the share holders die.
3. Risk is limited to the amount of stock that you have bought.
Technology makes life and business more efficient and productive
Time of fabulous wealth and poverty.
The wealthy lived a life of extravagance and luxury
The poor lived a life of hardwork and poverty
How the other Half Lives
Tenements and Slums
Triangle Shirtwaste Factory Fire
141 Men and Girls Die, (125 Girls 18-23yrs old)
Most were sufocated or Burned to death
Some lept to their death rather than be burned
No fire drills ever conducted
Overcrowded work space
Doors were kept locked
Workers face Hardships
Lack of Safety precautions
Could be fired at any time for any reason
Avg Wage in 1880 was less than $10/wk
The Workers Organize
Knights of Labor
National Organization of workers from many different trades
Series of Strikes
Railroad Strike 1877
All ended with the use of Federal Troops
American Federation of Labor
1886 Led by Samuel Gompers
A Union of Unions
Used Boycotts, Strikes, and Collective Bargining
8 Hour work day
Salad Bowl vs. Melting Pot
Chinese Exclusion Act
The Chinese Exclusion Act was a United States federal law signed by Chester A. Arthur on May 8, 1882.
Allowed the U.S. to suspend Chinese immigration, a ban that was intended to last 10 years.
This law was repealed by the Magnuson Act on December 17, 1943.
an extension of Darwinism to social phenomena; specifically
the socially elite classes (as those possessing wealth and power) possess biological superiority in the struggle for existence
"Genius is one per cent inspiration and ninety-nine per cent perspiration. Accordingly, a 'genius' is often merely a talented person who has done all of his or her homework."
Opportunity is missed by most people because it is dressed in overalls and looks like work