Am. industry 2017.ppt – Supports the Rise of Industrial America Notes sheet (10/04/17)
The Rise of Industrial America
By 1900, the United States had emerged as the leading industrial power in the world. Its manufacturing output exceeded that of its three largest rival, Great Britain, France, and Germany. The rapid growth of the U.S. economy, averaging 4 percent a year, was the result of a combination of factors.
- Treasure-house of natural ____________, including raw materials essential to industrialization – coal, iron, ore, copper, lead, timber, and oils.
- An abundant _________ supply was, between 1865 and 1900, supplemented yearly by the arrival of hundreds of thousands of ____________.
- A growing population, combined with an advanced ______________ network, made the U.S. the largest ___________ in the world for industrial goods.
- ___________ was plentiful, as ___________ with surplus wealth recognized a good investment and joined well-to-do Americans in funding the economic expansion.
- The development of labor-saving ___________ increased productivity. Over 440,000 new __________ were granted by the federal government from 1860 to 1890.
- Businesses benefited from friendly ___________ policies that protected private property, _____________ railroads with land grants and loans, supported U.S. manufacturers with protective tariffs, and refrained from either ____________ business operations or heavily taxing corporations.
- Talented ________________ emerged during this era who were able to build and manage vast commercial enterprises.
° How did the railroad companies end up controlling half the land in some western states?
° Vertical v. Horizontal Integration? Prime example of each? Modern example?
° Adam Smith’s The Wealth of Nations (1776) – the origin of laissez faire concept…
“ Businesses should be regulated, not government, but by the ‘invisible hand’ (impersonal economic forces) of the law of supply and demand.”
° How do the concepts of Social Darwinism (Herbert Spencer and William Graham Sumner), the Horatio Alger Myth (self-made man) and the Gospel of Wealth (Reverend Russell Conwell) change the perception of the “Robber Barons”?
Questions for the Industrialization Class Slides
- Draw and the COMPLEMENTARY System of Railroads.
- Explain a modern example of government support of a business or an industry.
- Draw and explain the differences and difference between vertical and vertical integration using ONE industry as an example.
- How should we feel about those who amass huge amounts of wealth? Explain your answer by using one historical figure from the late 1800s (Carnegie, Rockefeller, Vanderbilt, Morgan, etc) and ONE figure from modern America.