Industrialization and Innovation. What made this possible?

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Presentation transcript:

Industrialization and Innovation

What made this possible?

Bessemer’s Steel Bessemer process- a process by which lots of steel could be manufactured cheaply Henry Bessemer of England in 1859 Boosted production from 2,000 tons in 1867 to over 7 million in 1907 Because of the Bessemer process projects like the building of the iconic Brooklyn Bridge were possible

Why was steel so great? ► It was strong ► It was durable ► It was great for train tracks ► It was great for skyscrapers ► It was great for bridges

Brooklyn Bridge Opened in 1883  16 inch cables supported a it’s length of 1,595 feet  Impact? Symbolized America’s transition from a rural country to an industrialized country  Not possible without the STEEL INDUSTRY THUS….

The steel industry fueled the construction industry! Flat Iron Building in NYC– one of the first skyscrapers

Oil Industry ► First successful oil well was drilled in Titusville, PA in 1859 ► Soon the hills of northwestern Pennsylvania were littered with oil drills and industrialists and entrepreneurs raced to make money off of oil reserves (i.e. “black gold”) ► Oil refining became a BIG biz  Automobiles  Locomotives  Turbines

John D. Rockefeller ► Made a boat load o’ cash off of the oil industry! ► His company: “Standard Oil” ► By 1879, Standard Oil controlled over 90% of oil refining

Industry’s effect on society ► Industrial growth has an uneven social impact on America (social class disparity) ► A few industrial leaders (businessmen) got mega rich (Gilded Age), while… ► …thousands upon thousands of workers worked long hours in factories and steel mills in dangerous conditions for little pay ► In a sense: “the rich got richer and the poor got poorer”

Economic Impact of Industrialization Why did the U.S. transform economically around this time? ► Laissez-faire capitalism (“laissez-faire” means “let it be” or “hands off”)  Emphasis on individual ownership  NOT government ownership ► Increasing labor supply (i.e. immigrants) ► Natural resources harnessed in an unprecedented way  America has lots of ‘em!

Other innovation ► Wright brothers– airplane  1903 Kill Devil Hills, NC (Kitty Hawk) ► Add it to your timelines!

Other innovation ► The modern-day corporation  Limited liability  Inc.  S Corp.  LLC

Industrialization Timeline and Impact Henry ___________ invents a process for making cheap _______ in large quantities Also in 1859, the 1 st successful oil well is drilled in Pennsylvania The ____________ ________ in NYC is opened The Brooklyn Bridge became a symbol of__________________________________________ 1902 The ______ _____ ________– one of the world’s 1 st sky scrapper is opened in NYC

1. Why was steel so great? 2. How did improvements in the steel industry impact other things? 3. Why was oil refining so potentially lucrative (money-making)? 4. What was the social impact of Industrialization?  What was the “Gilded Age” 5. What was the economic impact of Industrialization?  How did America fulfill the need for more labor (human capital)?  What does “laissez faire” mean? Other innovations not covered in our research: The Airplane:The corporation or “LLC”: