American industrialization

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• This included:
o Steel: it transformed the U.C. into a modern industrial economy.
 Steel replaced iron as a metal of choice due to strength and price.
 By 1910, the U.S. was producing 24 million tons a year – making the U.S. the world’s #1 producer.
• The start of the oil industry
o Oil emerged as a new important commodity in the late 19th century.
o It wouldeventually replace coal as the fundamental energy source of the economy and society.
o Oil discovered in Texas in 1901. Start of first big oil boom.
o Many of the worlds great oil companies such as Exxon Mobil, Gulf Oil, and Texaco began at this time.
• Expansion of the railroads
o As we already discussed, U.S. was committed to building a transcontinental railway before disrupted by the CivilWar.
o It was finally completed in 1869 using a lot of immigrant labor including large amounts of Chinese workers in the West.
o Other transcontinental railways followed, as well as regional railroads. P•462
o They were critical in the industrialization of the United States. P•482
• The effects of expansion: critical in the industrialization of the United States
o Promoted trade
o Boost tosteel and train industry
o Sped up the settlement of the West
o Lead to standard time: adopted by rail roads in 1883
 Congress adopted system for the entire nation in 1918 The Rise of Big Business
• The Industrial Revolution of the late 19th century provided an ideal climate for business and entrepreneurship.
o A transformed the economic organization of the U.S. (going on in Europe at the sametime) and marked the rise of big business.
o Provided the foundation for the modern industrial economy dominated by corporations

Capitalism: economic system in which most businesses are privately owned working for profit (dynamic).
Laissez-faire: in French, meaning, “allow to do;” a business system where companies are allowed to conduct business without interference by the government.Social Darwinism: a view of society based on Charles Darwin's scientific theory of natural selection
Proprietorship: businesses run by a single owner who is responsible for all debts and obligations of the business.
Partnership: businesses run by two owners who are responsible for all debts and obligations of the business.
Corporations: business with the legal status of an individual owned bystockholders—people who buy shares of the company, or stock. The major business decisions of a corporation are made by a board of directors, which hires corporate officers to run the day-to-day operations.
Trusts: merging of competing businesses and turn over their separate stocks to a board of trustees
Monopoly: having complete control in the marketplace, without any outside competitionJohn D. Rockefeller: (1839–1937) American industrialist and philanthropist; he made a fortune in the oil business and used vertical and horizontal integration to establish a monopoly on the steel business.
Andrew Carnegie. (1835–1919) American industrialist and humanitarian; he focused his attention on steelmaking and made a fortune through his vertical integration method.
Cornelius Vanderbilt:(1794–1877) American business leader who controlled the New York Central Railroad and up to 4,500 miles of railroad track; he later donated $1 million to a Tennessee university.

Transition: capitalism to industrial capitalism.
Was it good or bad for most people?

Industrial tycoons: heroes of industry or Robber Barons

This era is also known as the Gilded Age.
Abusesworkers-organize Labor Law
• Child labor: 16+
• No health insurance
• No worker’s competition
• Minimum wage
• No unions – strikes
• Hours/days
• Pension
• Safety Workers Organize
• Eventually the government became alarmed by the growing power of corporations and monopolies
o 1890 Sherman Antitrust Act made it illegal to form a trust that interfered with free trade.
 1890, 10% of the population...
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