Reconstruction through the 20th Century SOL 8b - PowerPoint PPT Presentation

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Reconstruction through the 20th Century SOL 8b

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Title: Reconstruction through the 20th Century SOL 8b


1
Reconstruction through the 20th CenturySOL 8b
2
  • During the period from the Civil War to WWI, the
    US
  • underwent an economic transformation that
    involved
  • a developing industrial economy, the expansion of
    big
  • business, the growth of large-scale agriculture,
    and
  • the rise of national labor unions industrial
    conflict.

3
  • Essential Question
  • What fueled the industrial economy?
  • Technological change spurred growth of industry
  • primarily in northern cities.

4
  • I. Inventions/Innovations
  • Corporation a company sells shares (stock) in
    the company to raise money, providing limited
    liability for company owners
  • Bessemer steel process made the production of
    steel more efficient

Bessemer converter removes impurities from pig
iron, raises the temp of the iron, and keeps the
iron molten
5
  • Light bulb (Thomas Edison) - electricity as a
    source of power light opened worlds first
    electric power plant

Edison and his phonograph 1877
1st light bulb 1879
1st motion picture camera the kinetoscope 1891
6
  1. Alexander Graham Bell patented the telephone

1st telephone 1876
  1. Wilbur and Orville Wright made the first piloted
    flight of an airplane

1st piloted flight 1902
7
  1. Henry Ford established the assembly line process
    in his automobile factory

overhead crane mounting a Model-T chassis
Ford Motor Company assembly line 1913
8
  • Industrial Leaders
  • Andrew Carnegie dominated the steel industry.
  • immigrant from Scotland, started as a factory
    worker in a thread factory in Pennsylvania for
    2.00 a week. Through careful saving and
    investments, he amassed a fortune, selling his
    Carnegie Steel Company to J.P. Morgan in 1901 for
    500 million (10.5 billion in todays money).
  • He said we should
  • spend the first third of one's life getting all
    the education one can.
  • spend the next third making all the money one
    can.
  • spend the last third giving it all away for
    worthwhile causes.
  • a man who dies rich dies disgraced

9
  1. J.P. Morgan banking

leading financier of the Progressive Era
Rich Uncle Pennybags Monopoly game
  1. John D. Rockefeller oil industry

founded Standard Oil (a monopoly later broken
into 34 companies) which became , among others,
Amoco, BP, Chevron, Exxon
10
  1. Cornelius Vanderbilt- railroad industry

1794-1877 began as a ferry boat operator made
profit supplying military outposts during the war
of 1812 later built the first rail service
between Chicago and New York controlled river
traffic on the Hudson River and the eastern sea
coast known as a cutthroat businessman at his
death he was worth what would be 143 billion in
todays money.
11
  • Reasons for economic transformation
  • Laissez-faire capitalism and special
    considerations (e.g., land grants to railroad
    builders)
  • The increasing labor supply (from immigration
  • and migration from farms)
  • Americans possession of a wealth of natural
    resources and navigable rivers
  • government should intervene as little as
    possible in
  • the direction of economic affairs.
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