Mr. Ermer U.S. History Miami Beach Senior High

 1861: Most Americans live on farms  After the Civil War, more move to cities for work  Second Industrial Revolution (Technology)  1900: USA=world’s richest country in GNP  Gross National Product (GNP) = total goods and services produced in a year by a country  United States’ advantages:  Natural Resources (timber, copper, coal, iron, oil)  Large Workforce (large families, immigrants)  New Inventions (light bulb, phone, telegraph, auto loom, refrigeration, air breaks for trains)

 Laissez-faire : Government should interfere as little as possible in business affairs  Relies on supply and demand to regulate wages and prices  “The scariest words in politics are ‘we are the government, and we’re here to help’”  Entrepreneurs: one who organizes, manages, and assumes the risks of a business or enterprise  Start businesses, grow rich, help economic growth

 May 10, 1869: The first transcontinental railroad connects the Atlantic to Pacific, with two lines meeting at Promontory Summit, UT  Railroads crisscross country  South benefits from improved transportation  Florida tourist trade begins  Railroads develop idea of time zones in 1883  Gov’t gives land grants to railroad investors, investors sell the land for huge profits

 Huge railroad profits= corruption  Bribing congressmen, cheating taxpayers, swindling  Credit Mobilier Scandal  Businessmen sign overpriced contracts with themselves with government money  Many railroad investors like Cornelius Vanderbilt and Leyland Stanford give large sums to charities, start universities

 On page 99, write and answer questions 1-5