The American Industrial Revolution Review

	What Industry does this refer to?	What person or persons are connected to this item?	Give details that support your answers. Be specific and include vocabulary where appropriate.
R	Railroads	JP Morgan: owned half the nations RR	Faster transport of goods; Transcontinental Railroad connected the country, promoted trade, provided jobs decreases travel times from months to days. Lowers cost of goods (can ship them faster and cheaper!) Creates National Markets
O	Oil	John Rockafeller: Standard Oil	Fuels new, efficient machinery, paves the way for the automobile; will eventually deplete natural resources and increase pollution in cities.
S	Steel	Andrew Carnegie: Carnegie Steel (believed in Gospel of Wealth)	Bessemer process: makes steel from iron cheaper and stronger Skyscraphers, millions of miles of RR; better machinery
E	Electricity	Alexander Graham Bell: telephone; Thomas Edison: incandescent light bulb, phonograph, Electric washing machine Passenger elevators Wright Bros: Airplane Henry Ford: Automobile; assembly line	Used as means of communication! Improves quality of living for Americans= appliances, light! Allows factories to run longer and produce more goods! (Good and bad for workers!) Powers new machinery replacing human labor!

BIG PICTURE CONSEQUENCES:

Changes in POPULATION: a shift from rural living to urban living, with more people living in crowded and unsanitary conditions! Cities (and their problems) grew faster than the government could keep up with.

Changes in LABOR FORCE: shift from a predominance of agricultural workers to a predominance of factory workers; transition from skilled to unskilled labor.

Changes in TECHNOLOGY: new technologies made production more efficient as machines replaced human labor; leads to the mechanized assembly line and MASS PRODUCTION!

Changes in the ECONOMY: Transforms the American economy from an agricultural (agrarian) economy to industrial economy! Shift from cottage industry to factory system.

GUILDED AGE: (late 1870’s-1890’s) Rapid economic expansion, immense wealth accumulation, and widespread political corruption.

ENTREPENEUR	Individuals who invest their time, money, and skills on the chance of making a profit.
ROBBER BARRON	A negative view of industrialists; built fortunes by stealing from the public, drained the country of its natural resources, bribed public officials to pass & interpret laws in their favor; drove competitors out and paid workers meager wages in dangerous conditions.
CAPTAIN OF INDUSTRY	A positive view of industrialists; increased supply of goods for the country and expanded markets; created jobs that allowed Americans to raise their standard of living; created museums, libraries, and universities to serve the public.
LAISSEZ FAIRE	The theory that the government should not interfere in the operations of the free market. Public opinion also favored this idea.
MONOPOLIES	Large companies that controlled a single industry.
TRUSTS	Several companies in the same industry combined their resources and assets to form a large, powerful entity and monopolize their industry.
INTERSTATE COMMERCE ACT	Created a commission to enforce fairness and equality in the RR.
SHERMAN ANTI-TRUST	Federal law prevents monopolies and trusts from engaging in unfair competitive advantages; GOV sides with people over business.