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Expansion of Industry
Transcript of Expansion of Industry
Identify reasons for growth of industry.
Examine reasons for growth of "big business."
Examine reasons for the rise of unions and the strategies of labr. Expansion of Industry Natural Resources Fuel Industry Black Gold Steam Engine Drill made removing oil from beneath the surface practical. Bessemer Steel Process The United States had plenty of coal and iron deposits. Coal was an important source of energy.
The Bessemer Process injected air into molten iron to remove carbon and other impurities in order to create steel. Uses of Steel barbed wire
Bridges New Inventions Change Lives Use of Electricity Edison Invents the incandescent light bulb
and system to produce and distribute electrical power. What would life be like after an electromagnetic pulse? streetcars
make it easier to set up factories Other New Inventions typewriter
phone Rise of "Big Business" Carnegie Sought increased efficiency Sought top people and gave them stock Bought out suppliers and distributors--vertical ingegration Back to a recurring question--
What is the role of government in the economy? Read pages 448-450 and answer the following:
1. How did "social Darwinism" have an impact on how people viewed the marketplace?
2. What strategies did John D. Rockefeller use to gain control of much of the oil industry?
3. Do you think the government has a role to play in businesses like standard oil?
4. On a present day note, what do you think the government should or should do about regulating banks? Explain.
5. What was the Sherman Anti-Trust Law supposed to do? John Rockerfeller Consolidated by undercutting competitors and waiting them out. Once the competition was put out of business, Rockerfeller would raise prices back to previous levels. Rockerfeller also used trusts as a way of gaining control over other companies.