1. Industrialization Conditions for rapid industrialization –abundance of cheap natural resources –large pool of labor –government support without interference –government stability –large domestic market

2. Railroads contribution to industrialization Railroads 1865 to 1916 U.S. lays 200k miles of track required large amounts of lumber employed thousands new forms of business local, state, and federal government support

3. Railroads –Problems of growth Severe competition special rates volume discounts and rebates consolidation

4. Bessemer Process 1850s Bessemer Process by Henry Bessemer made mass production possible Bessemer process was process for refining steel Steel replaced iron in manufacturing, agricultural tools, rails, and in architecture

5. J.P. Morgan Banker dislikes “wasteful”competition Helps refinance railroads & takes control –fixes costs, decreases debt –Result was decrease in competition –by 1900, 7 companies own 2/3 of mileage

6. Robber Barons Term to describe businessmen during this time period Refers to them as “robber barons” because of the way they ran the businesses

7. Andrew Carnegie 1872 enters steel business Steel industry required a large amount of capital 1901 Carnegie sells to J.P Morgan and becomes U.S. Steel Corporation U.S. Steel is the 1st billion dollar business

8. J.D. Rockefeller Kerosene used for inexpensive lighting 1859 first oil well, Penn. 1863 John D. Rockefeller created Standard Oil Establishes “Standard Oil Trust” to manage businesses

9. Inventions Many inventions during this time –Alexander Graham Bell & Telephone (1876) –Thomas Edison & light bulb –Elisha Otis & Elevator –George Eastman & the Camera –Electricity for light and power (1882) A.G. Bell T. Edison E. Otis

10. “Chain” Department Stores Marshall Fields Sears Woolworth’s

11. Labor All different types of people working Increase in wages and educational services Accidents common Work increasingly impersonal

12. Unions Knights of Labor American Federation of Labor (1886) Strikes –1880-1900 23,000 strikes & 6.6 million workers –Haymarket Riot