Industrial Revolution Notes

What is the Industrial Revolution?

• Takes place from 1865-1910

• Industry

  • Economic activity is concerned with the processing of raw materials and the manufacture of goods in factories

• What is Revolution

  • Change

• US Industrial Revolution

  • 1865-1910

  • US changes from Farming to Industry

  • Agriculture to Industry

  • Rural to Urban

  • These changes are called “Agrarian Shift”

Number of People with Jobs Related to Farming

Economic System (Not Political System-Democracy)

• Capitalism

• Anyone can create a Business for Free

• Economic System referred to as “A Free Market Economy”

  • Leads to Competition

Bala Cynwyd Paper Airplane Manufacturing Company

1. Inventions → New Ideas

   1. Innovation → Improvement on Existing Product

2. Capital → Money Invested in a Business

3. Labor

   1. Immigrants

      1. 31 Million immigrated to the US during the Industrial Revolution

   2. Farmers

      1. They were out of a job because of the Agrarian Shift

4. Natural Resources

   1. US has an abundance of resources

5. Railroads

   1. Transporting things overland was a breakthrough for the US

   2. From 1860 → 1890, 30k → 180k railroads

6. Big Business

   1. Corporations - Inc

   2. Publicly owned Stocks = Capital

7. Government Favors Big Business

   1. No Regulations = No Rules

8. American Attitudes

   1. The American Dream came into Fruition