Nc goal #5 the new american society and the economy
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  • 1. The Gilded Age: A New American Society and Economy What made industrialization possible? What advances were made during this period? Were the entrepreneurs captains or barons?
  • 2. Six Sources of Industrial Growth
    • Abundant raw materials
    • Large and growing labor supply
    • Surge in technological innovations
    • Emergence of a talented and often ruthless group of entrepreneurs
    • Federal government eager to assist the growth of business
    • Expanding domestic market for the products of manufacturing
  • 3. Natural Resources
    • Coal
    • Iron
    • Timber
    • Petroleum
    • Water
  • 4. Abundant Labor Force
    • Old farming families
    • Immigrants arrive
      • Italians
      • Chinese
      • Irish
      • Central European
    • Total population was 76 million in 1914
      • 7 million immigrants between 1870-1890
      • 15 million between 1890 and 1914
  • 5. Improvements in Transportation
    • Steamships
      • Can cross Atlantic Ocean in half the time
      • Can transport on Hudson River, Ohio River, and Erie Canal
    • Railroads
      • By horse- 50 miles a day
      • By rail- 50 miles an hour
  • 6. Why railroads?
    • Direct routes
    • Speed
    • Safety
    • Comfort
      • Pullman sleep car
    • Brought in outside products
    • Dependable schedule
      • Time zones are established
    • Encouraged specialization
  • 7. The Railroads
  • 8. Improvements in Communication
    • Bell’s Telephone
    • Edison’s Phonograph
    • Typewriter
  • 9. Improvements in Manufacturing
    • Refining petroleum
    • Bessemer process
    • Cash register
    • Singer’s Electric sewing machine
    • Automatic looms
    • Eastman’s Kodak camera
  • 10. Improvements in Food industry
    • Refrigerator car
      • Cattle from Texas
      • Fruit from California and Florida
    • Beer
    • Packaged cereal
    • Canned meat
    • Swift’s “Disassembly factories”
  • 11. A new light
    • Edison’s lightbulb
      • Light within 2 mile radius
    • Westinghouse converts electrical power to mechanical power
      • Light to all
  • 12. Cornelius Vanderbilt
    • Shipping and railroad magnate
    • 1810 - Purchased first ship
    • 1846 – Self-made millionaire
    • 1849 – Vanderbilt Accessory Transit Company
    • 1869 – Consolidated the Hudson River Railroad and New York Central Railroad
    • 1873 – Was able to offer rail service between New York and Chicago
    • Constructed Grand Central Terminal
  • 13. Collis P. Huntington
    • Railroad magnate
    • Became wealthy as a merchant
    • 1861 – Joined with the “Big Four” to incorporate the Central Pacific Railroad
    • 1865 – Constructed lines from southern California to New Orleans
    • 1890 – President of the Southern Pacific-Central Pacific rail system
  • 14. Andrew Carnegie
    • Steel
    • Pittsburg
    • J Edgar Thomson Steel Company
      • Named after President of Pennsylvania Railroad
    • Won contract for Brooklyn Bridge, Golden Gate Bridge, and Empire State building
    • Sold more steel than Great Britain
  • 15. J. Pierpont Morgan
    • A banker
    • Refinanced railroads
    • Bought Carnegie Steel
      • Merged with his company Federal Steel
      • Named United States Steel Corporation
    • Financed Edison Illuminating Company
  • 16. John D. Rockefeller
    • Oil
    • Standard Oil Company
    • Kerosene
    • Refineries began in Cleveland and Pittsburg
    • Concept of trust
      • Vertical alignment
        • Wells
        • Chemical plants
        • Refineries
        • Warehouses
        • pipelines
    • Concept of the holding company
  • 17. Alexander Graham Bell
    • The telephone
    • American Telephone and Telegraph Company
    • Holding company
      • 100 separate Telephone companies in local areas
  • 18. Cyrus W. Field
    • Financier
    • 1854 – Founded the New York, Newfoundland and London Telegraph Company
    • 1856 – Helped to organize the Atlantic Telegraph Company
    • 1866 – Successfully laid the first transatlantic telegraph cable
  • 19. Captains of Industry or Robber Barrons: The Emergence of Entrepreneurs
    • Captain of Industry
      • Self made
      • Entrepreneur
      • Witty
    • Robber Barron
      • Didn’t care about labor
      • Felt it was best to control industry
  • 20. Bringing Products to Consumers
    • Department Stores
    • Mail Order Catalogs
    • City
    • Macy’s- New York
    • Marshall Field’s- Chicago
    • Higbee’s- Cleveland
    • A&P Grocery stores
    • Rural
    • Buy from catalog
    • Based on consumer trust
    • Importance of advertisements
    • Sears and Roebucks
    • Montgomery Ward