23 - Rise of Industry and Gilded Age (1)

America's Industrial Revolution (1865-1914)

Factories: Improved to meet war needs, leading to increased production.
Mechanization: Farms became more mechanized, reducing the need for farmers who migrated to cities.
Infrastructure: No physical destruction from the Civil War; transcontinental railroad opened new markets in the West.

Connected diverse areas for trade.
Transported crops (wheat, fruits, corn) and cattle as well as machinery, tools, and finished goods.

Farming became more commercialized and mechanized; by 1900, there were 37% fewer farmers.
Increased production led to lower crop prices; many farmers were displaced and became city workers.

Cyrus McCormick: Inventor of the grain reaper in 1834, revolutionized farming.

Natural Resources: Abundant coal, iron ore, and petroleum resources.
Labor Supply: Large-scale immigration and population growth provided labor.
Civil War Impact: Stimulated the economy; increased agricultural and industrial growth to meet supply needs.

Growth prompted by new inventions, increased industrialization, and mass production leading to cheaper products.

Wright Brothers: First powered flight in 1903; Orville piloted for 12 seconds over 120 feet.
Automobile: Karl Benz's invention in 1885 revolutionized transportation.
Thomas Edison: Developed electric light bulb, phonograph, electric motor, and motion picture projector.

Characterized by rapid economic growth and social issues; discussion on whether figures were 'Captains of Industry' or 'Robber Barons'.

Corporation structure: Funded by investors; allow raising large sums of money through stock.
Advantages: Limited liability, facilitated rapid industrial growth, increasing dividends for investors.

Monopolies arise to eliminate competition, negatively impacting consumers by allowing price-fixing and limiting choices.

The government had minimal involvement in business regulation during this era, prompting questions about modern parallels to laissez-faire.

John Rockefeller: Built Standard Oil Company, known for horizontal monopoly tactics and philanthropy.
Andrew Carnegie: Founded Carnegie Steel Corporation, known for vertical monopoly and philanthropic contributions.
Cornelius Vanderbilt: Focused on railroads; instrumental in building Grand Central Terminal and contributed to education.
JP Morgan: Significant figure in banking and finance, consolidated struggling railroads.
Henry Ford: Innovated the automobile industry with assembly line production, ensuring fair wages and worker conditions but also criticized for controversial views.