Presentation on theme: "The American Industrial Revolution NOTE PAGE 28. Important Terms What is a corporation? –Business owned by many people What is a monopoly? –1 person or."— Presentation transcript:
Important Terms What is a corporation? –Business owned by many people What is a monopoly? –1 person or company who controls almost all of an industry
Oil Industry: Crude oil: unusable oil that comes out of the ground Refined oil: usable oil that has beenrefined or processed to remove impurities First discovered in America by Edwin Drake in Pennsylvania. –Ohio businessman who realized that refining oil was the key to the oil industry
John D. Rockefeller He built his 1 st refinery to make kerosene with 4 partners He bought them out and created Standard Oil Company. Oil began being used in all types of machines. John D. Rockefeller became the richest man in the world in the oil business.
-horizontal integration type of monopoly formed by controlling all of the same type of business John D. Rockefeller Standard Oil Co.
Homestead Act Passed by Congress in 1862 Gave free land in the West to anyone who would farm it for 5 years. Oklahoma Land Rush – former native lands Why is this important to the railroads?
Transcontinental Railroad Railroad connecting the Atlantic and the Pacific coasts of US US government lent each company $16,000 for every mile of track it laid on level ground & $48,000 for every mile built in the mountains. Two major railroad companies that built it were the Union Pacific (built westward from Omaha) and Central Pacific (built eastward from San Francisco) Railroads beginning in 1863. –Met in Ogden, Utah on May 10, 1869
JP Morgan: Finances Made money through financing-raising money for companies to do business Helped to reorganize the businesses he financed to make them more efficient Bails out the US government financially.
Steel Industry: Made by purifying iron ore using the Bessemer process or open-hearth process Steel was much harder than iron, which would bend if made too tall. Steel was lighter and easier to shape than iron It does not rust easily so it lasts longer.
Andrew Carnegie Figured out how to mass produce steel became a millionaire in the steel business by putting all his competitors out of business. He created U.S. Steel in Pittsburg. Figured out how to mass produce steel became a millionaire in the steel business by putting all his competitors out of business. He created U.S. Steel in Pittsburg.
-vertical integration monopoly formed by controlling businesses related to the primary business Andrew Carnegie Steel Manufacturing
Automobile Industry: Henry Ford invented the first practical car, the Model T, in 1903. The car had been invented earlier, but Ford was the first to make the car affordable. Henry Ford invented the first practical car, the Model T, in 1903. The car had been invented earlier, but Ford was the first to make the car affordable.
Henry Ford - Industrialist Set up automobile factory Used Eli Whitneys idea of interchangeable parts –built machines to turn out car parts that fit as well on one car as on another Created the assembly line –workers placed a single part on the frame of a car as it passed by on a moving belt –able to produce 146 cars per hour by 1927
Airplane Industry: The Wright brothers (Orville & Wilber) were the first men to successfully fly an airplane. The flight lasted only twelve seconds and went 100 ft, but it proved men could fly.
First Flight Dec. 17, 1903: 1 st airplane flight Where: Kill Devil Hill in NC
Telephone Alexander Graham Bell patented the first telephone in 1876. Telecommunications
Thomas Edison Great American Inventor Thomas Edison invented the electric light. Thomas Edison also invented many other things, like the phonograph, motion picture camera, and electric power plant. Over 1000 patients to his companys name….
The American Industrial Revolution NOTE PAGE 28