1. Daily Writing 9/21 What were some of the problems of industrialization?

2. Robber Barons or Captains of Industry? Industrialization in America

3. Industrial Boom in America Factors driving growth: – Lots of raw materials – Large and growing labor supply – Surge in technological advancement – Growth of entrepreneur population – Protection of federal government – Expanding domestic market

5. Technology Iron and steel production Bessemer process makes steel production possible – Stronger, easier to use – Used to build trains, rails, and construct buildings Rise of the oil industry – Needed to help lubricate machines – Eventually used for gas

6. New Forms of Transportation Automobile – Rapid innovations in engines – 1895: 4 automobiles, 1917: 5 million Airplane – Wilbur and Orville Wright, 1903 - Kitty Hawk NC – Would be used in WWI, commercially in 1920s

8. Science of Production Scientific Management – “Taylorism” – Manage human labor, make it work with machines – Subdivides tasks – Need less skilled workers Moving Assembly line – Cuts time to make cars, reduces prices, raises wages

9. Railroad Expansion Main method of transportation Nation’s largest business, were a model for other industries. Railroad tracks increase dramatically Subsidies from the federal government

11. Growth of the Corporation Increased interest in buying stocks Changes to management structure Horizontal and Vertical Integration – Horizontal: combining firms doing the same thing – Vertical: combining firms involved in various stages of an industry – Standard Oil: started as oil business, but Rockefeller bought all parts of production

13. New Social Theories Old theory: Self-made man, pulling up by bootstraps Social Darwinism: Survival of the fittest – rich are wealthy because they are stronger – Appeals to businessmen – Invisible hand guides market Gospel of Wealth: with great power comes great responsibility – Use money for good

15. Problems with Monopolies High prices/unstable economy – No competition Abuse of workers Flashy wealth – Growing gap between rich and poor