The Rise of Industry Industrial Revolution Business and industry grew very quickly when the Civil War ended. (1865) Industrialization changed the way people lived in the late 1800’s.

2 reasons for Industrialization Natural Resources –T–Timber, coal, iron, copper/Allowed companies to obtain cheaply and not have to import. –M–Many resources out west which sent people to settle and industrialize the west. Large Workforce –L–Large families and flood of immigrants –M–More people meant more need for products

Inventions How did inventions promote economic growth? –New technology increased productivity/improved transportation/faster communication networks –New inventions meant new industries which meant more jobs.

Pioneer Inventors Thomas Edison -Held more than 1,000 patents -Invented the phonograph, light- bulb, and improved many other technologies. Alexander Graham Bell -Invented the telephone. -First words= “Come here, Watson, I want you. -Organized the company that is now AT&T.

Growth and Laissez-Faire The free enterprise system supported rapid growth in the U.S. Laissez-faire supporters believe a free market with competition leads to greater efficiency and more wealth. The policy was effective as the government kept taxes and spending low.

Tariff-tax on imports Laissez-faire also impacted tariffs. (Morrill Tariff) Owners wanted tariffs for protection from foreign companies. Helped build and establish the American economy. Also contradicted laissez-faire because other countries put tariffs on American goods and made it hard to export goods overseas.