The Rise of Industry: Industrialization Benefits vs. Costs

Introduction: Triangle Shirtwaist Factory Fire

The tragedy occurred on March 25, 1911, at the Triangle Shirtwaist Factory in New York City.
Nearly 500 employees, mainly young immigrant women, were present.
Many worked up to seven days a week, 13 hours each day.
A fire started from cloth scraps, quickly spreading due to flammable materials.
The fire blocked exits, resulting in a deadly situation where many were trapped.
The incident highlights the dangerous working conditions prevalent during the Industrial Revolution.

Began in the early 1800s, leading to lower-class individuals working in hazardous factories.
Post-Civil War: new inventions and business practices enabled industry on a larger scale.
Mills and factories produced goods that improved life for those who could afford them.
Industrial progress created economic benefits but also caused serious social costs.
Workers often faced miserable and dangerous conditions.

Corporation: A large company or group of companies authorized to act as a single entity and recognized as such in law.
Entrepreneur: A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Labor Union: An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Laissez-faire: A policy or attitude of letting things take their own course, without interfering. The term is French for "to let alone."
Mass Production: The manufacturing of large quantities of standardized products, often using assembly lines or automation technology.
Monopoly: The exclusive possession or control of the supply of or trade in a commodity or service.
Trust: An arrangement whereby a person (a trustee) holds property as its nominal owner for the good of one or more beneficiaries.
Urbanization: The process by which towns and cities are formed and become larger as more and more people begin living and working in central areas.

Alva Vanderbilt's party on March 26, 1883, showcased the family's wealth and status with a mansion in the style of a European castle.
Her husband, William Kissam Vanderbilt, belonged to a family that made a fortune in railroads and shipping.
The Vanderbilts exemplify the wealthy elite benefiting from industrialization.
The party featured over 1,200 of New York's social elite in elaborate costumes.
The event reflected American life transformation after the Civil War.
Cities like New York were booming with entrepreneurs gaining wealth in banking, commerce, and industry.
Technological advancements like the electric light were changing lifestyles and work.
Workers in the Triangle Shirtwaist Factory experienced that progress came at the expense of poor people, women, and immigrants.

Families like the Vanderbilts profited immensely from big business after the Civil War due to demand for new technology and more money for investment.
Bankers and investors provided credit for large returns.
Some industrialization was funded by large-scale mining of gold and silver in the West.
Government policies also fueled business growth through laissez-faire economics.
Laissez-faire: economies work best with minimal government involvement, meaning no regulation of prices, working conditions, or business practices.
Lack of government interference may improve business profits but could lead to poor working conditions.
Government involvement also came in the form of favorable laws, subsidies, and financial support to industries such as the railroad companies.
Congress raised tariffs, making imported goods more expensive, increasing demand for American-made goods, and increasing the value of the dollar.

The business boom increased the growth of American cities.
In 1890, the Census Bureau declared the frontier line no longer existed.
Settlers had taken much of the inhabitable land.
Opportunities shifted to cities in the Northeast and around the Great Lakes because factories provided numerous jobs.
Farming was becoming big business; commercial farmers in the Midwest used machinery and techniques to increase crop production.

Growth was made possible through government support and cheap labor.
Business owners accumulated huge profits.
Between 1860 and 1892, the number of millionaires in the U.S. grew from 300 to over 4,000, holding 20% of the nation's wealth.
The wealthy lived lavishly, acquiring decorations, art, and antiques.
Mark Twain named this era "The Gilded Age" (overlaid with gold).
The gilded age moniker did not reflect the lives of most Americans because many workers lived in poverty and immigrants faced prejudice.
Corruption and poor working conditions led to protests and calls for reform.

Industrialization led to a wide range of affordable consumer goods.
Catalogs like the Sears Roebuck catalog offered American families items from pots and pans to pianos.

The Vanderbilts were one of the wealthiest families of the Gilded Age, with lavish homes.
Mark Twain criticized Cornelius Vanderbilt.