1. Industrialization: The Consequences
How industrialization affects America socially and economically

2. Economic consequences of industrialization
Industrialization followed technological advancements such as:
Steamship
Railroads (1830)
Telegraph
The extension (expansion) of the railroad infrastructure (system) changed the way producers accessed (came into contact with) consumers
New business models were established to facilitate (make easier) management of cross country businesses
Industrialization led to big business which led to robber barons
People like John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt
19th century capitalists who were believed to have acquired their wealth through exploitation and ruthlessness

3. Economic consequences of industrialization
Companies like Standard Oil (Rockefeller), New York Central Railroad (Vanderbilt), and the steel industry were corporations that eventually became monopolies and trusts
Monopoly = the only supplier for a particular industry; usually squeezed out competition
Horizontal and vertical integration
It became expensive to start a major company in the industrial age
The federal government decided that the best policy for promoting/ increasing America’s wealth was a policy known as lassiez-faire (“hands-off”)
Lack of government regulation or rules
Business leaders propose Social Darwinism, survival of the fittest

4. Social consequences of industrialization
Farming suffered and industry boomed
Formation of farming alliances and granges (farming co-operatives)
Railroads also led to the spread and increase of the population
Settlers Homestead Act (1862)  conflict with Native Americans
Urbanization; more people moving to the cities
Invention of the “department store” to accommodate many people and needs
Language barriers
1st skyscraper, Sears Tower in Chicago to accommodate populous cities (no land)
suburbs
Socioeconomic hierarchy in America
4000 millionaires living lavish lifestyles (“Gilded Age”)
Many farmers, settlers, and factory workers

5. Social consequences of industrialization
Interest in technology led to higher standard of education
Public schooling became prominent
North modernizes as the South remains stagnant
North
Big business
Wealthy elite
Education
Populous
diverse
South
Racism
Jim Crow