The Growth of Industry in the U.S. ( ) The 2 nd Industrial Revolution

What is a Revolution? A dramatic change in the way things are done, belief systems, government, social orders, etc.

Forms of Revolution Political Economic Agricultural Social Technology Industrial

Industry refers to an area of economic production focused on manufactoring which involves large amounts of Capital investment before any profit can be realized. Also: may refer to a group of businesses which produce the same product –i.e. “The automobile industry”

Industrialization The process by which a country develops from a pre-industrial economy to an industrial economy

Factors Necessary For Industrialization Factors Necessary For Industrialization Land Labor Capital Connections Technology

Land The physical land and the resources that are found on that land –Gold –Silver –Copper –Oil –Lumber –etc.

Labor The workers to produce goods and services

Capital Money to invest in the start of new businesses

Connections Transportation and communication networks that connect businesses with their consumersTransportation and communication networks that connect businesses with their consumers Examples:Examples: –Railroads –Highways, Roads, Bridges –Communication Networks TelegraphTelegraph TelephoneTelephone InternetInternet

Technology The application of knowledge towards the development of new ideas Development of new inventions

Before 1865 –No indoor electricity –No refrigeration –Communications were slow…it took 10 days for a letter from NY to reach Chicago After 1865 –Money used by companies during the Civil War was used to invest in the development of new technology and the growth of industry Technology