1. Chapter 5: Industrialization Section 1: The Rise of Industry
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2. Industrialization
Industrial Revolution reached the U.S. in the early 1800s
Civil War Population: 30 million in the U.S.; 1.3 million worked
Gross National Product (GNP): total value of all goods and services that a country produces
2011 GDP $15 trillion, 2011 debt $15 trillion

3. Natural Resources
The U.S. has an abundance of raw materials including timber, coal, iron, and copper
American oil industry was built on demand for kerosene
In 1859, Edwin Drake, drilled the first oil well near Titusville, Pennsylvania

4. Bell and the Telephone
In 1874, a Scottish immigrant named Alexander Graham Bell suggested the idea of a telephone to his assistant Thomas Watson
Idea evolved from the telegraph
In 1877, Bell organized the Bell Telephone Company, known today as the American Telephone and Telegraph Company (AT&T)

5. Free Enterprise
Late 1800s Americans embraced the concept of laissez-faire, a French phrase meaning “Let the people do as they choose”
Government should not interfere in the economy other than to protect private property rights and maintain peace

6. Free Enterprise (continued)
Many capable and ambitious people ventured into business, entrepreneurs, people who risked everything to organize and run a business. (Henry Ford, Alexander Graham Bell, Steve Jobs)