the rise of american industry

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the rise of american industry. the rise of american industry. gross national product (gnp) the total value of all goods and services that a country produces. consumer a person who buys what is produced in an economy. entrepreneur people who risk their money/capital to organize and run businesses. tariff a tax on imported goods. laissez-faire philosophy for government that believes in little government regulation in business. “hands off” government. industrial revolution began in england in the late 1700’s. reached the united states in the early 1800’s. even so, most americans still live on farms at the start of the civil war. we are still a rural based nation. out of more than 30 million people in the u.s., only 1.3 million work in industry. post civil war american industry quickly expands. factories grow larger and more complex. machines replace hand tools. by 1914, america’s gross national product (gnp) is eight …

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of immigrants poor economic conditions in eastern europe and china convince many people to move to america in hopes of having a better life. religious persecution and oppressive governments also bring immigrants here looking for freedom. between 1870 and 1910, more than 17 million people moved to the united states. new inventions/technology three-fold effect of technology on industrial growth. improved productivity thomas edison- light bulb automatic looms improved transportation george westinghouse- airbrakes for trains improved communication alexander graham bell – telephone cyrus field – stretched a telegraph cable across the atlantic ocean. free enterprise/laissez-faire laissez-faire french phrase which means “let people do as they choose”. also known as “hands off” government. supporters of laissez-faire philosophy believe the government should not interfere in the economy other than to protect private property rights and maintain peace. main argument for “laissez-faire” government regulation leads to increased costs which eventually hurts society more. relies …

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to regulating industry allowed for industries to expand quickly without regulation. also, the government’s promotion of the railroads opened up the resources in the west for eastern industry. in addition, tariffs limited foreign competition. big business corporation an organization owned by many people but treated by law as though it were a separate person. trust a legal arrangement that allows one person to manage another person’s property (stocks). economies of scale achieved when the cost of manufacturing is decreased by producing goods quickly and in large quantities. monopoly when a single company achieves control of an entire market. vertical integration occurs when a company owns all of the different businesses on which it depends for its operation. horizontal integration occurs when a company grows by buying up its competitors. changing the face of business following the civil war, large corporations developed which consolidated various business functions (steps) to produce goods …

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workforces new machines which greatly increased their efficiency. making businesses work fixed costs costs a company has to pay, whether or not it is operating. loans, mortgages, taxes, rent. operating costs costs that occur when a company is operating. wages, supply costs. (chart, page 195) intense competition companies lower prices to beat competitors. this hurts profits and so businesses organized pools which agreed to keep prices at a certain level. pools only last until one member cuts their prices to steal business away from everyone else. by the 1870’s, competition had reduced many industries to just a few large and highly efficient corporations. vertical integration occurs when a company owns all of the different businesses on which it depends for its own product/operation. saves money. made many companies bigger. horizontal integration occurs when one company grows by buying up its competitors. leads to monopolies, where a single company achieves control …

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goods. unions union a group of workers who organize for the purpose of advancing its members’ interests. deflation a decline in the amount of available money or credit that results in lower prices, and therefore an increase in the buying power of money. why did unions form? industrial workers faced difficult/unsafe working conditions low wages long hours this led them to form unions in the hope of forcing change. what were their problems? dull, repetitive tasks. workers breathed in dust, lint, and toxic fumes. many injuries caused by new heavy machines without safety devices. long hours led to worker exhaustion and poor family life. child labor crowded and repetitive jobs poor air quality poor safety - triangle shirtwaist factory fire deflation a decline in the amount of available money or credit that results in lower prices, and therefore an increase in the buying power of money. why is this bad? …

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the rise of american industry. the rise of american industry. gross national product (gnp) the total value of all goods and services that a country produces. consumer a person who buys what is produced in an economy. entrepreneur people who risk their money/capital to organize and run businesses. tariff a tax on imported goods. laissez-faire philosophy for government that believes in little government regulation in business. “hands off” government. industrial revolution began in england in the late 1700’s. reached the united states in the early 1800’s. even so, most americans still live on farms at the start of the civil war. we are still a rural based nation. out of more than 30 million people in the u.s., only 1.3 …

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