industrialization and innovation. what made this possible?

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Industrialization Industrialization and Innovation and Innovation

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Page 1: Industrialization and Innovation. What made this possible?

Industrialization and Industrialization and InnovationInnovation

Page 2: Industrialization and Innovation. What made this possible?

What made this possible?What made this possible?

Page 3: Industrialization and Innovation. What made this possible?
Page 4: Industrialization and Innovation. What made this possible?
Page 5: Industrialization and Innovation. What made this possible?

Bessemer’s SteelBessemer’s SteelBessemer process- a process by which lots of steel could be manufactured cheaply

• Henry Bessemer of England in 1859

• Boosted production from 2,000 tons in 1867 to over 7 million in 1907 Because of the Bessemer

process projects like the building of the iconic Brooklyn Bridge were possible

Page 6: Industrialization and Innovation. What made this possible?

Why was steel so great?Why was steel so great?

► It was strongIt was strong► It was durableIt was durable► It was great for train tracksIt was great for train tracks► It was great for skyscrapersIt was great for skyscrapers► It was great for bridgesIt was great for bridges

Page 7: Industrialization and Innovation. What made this possible?

Brooklyn BridgeBrooklyn Bridge

Opened in 1883Opened in 1883 16 inch cables supported 16 inch cables supported

a it’s length of 1,595 feeta it’s length of 1,595 feet Impact? Symbolized Impact? Symbolized

America’s transition from America’s transition from a rural country to an a rural country to an industrialized countryindustrialized country

Not possible without the Not possible without the STEEL INDUSTRYSTEEL INDUSTRY

THUS….

Page 8: Industrialization and Innovation. What made this possible?

The steel industry fueled the The steel industry fueled the construction industry!construction industry!

Flat Iron Building in NYC– one of the first skyscrapers. 1902.

Page 9: Industrialization and Innovation. What made this possible?

Oil IndustryOil Industry

► First successful oil well was drilled in First successful oil well was drilled in Titusville, PA in 1859Titusville, PA in 1859

► Soon the hills of northwestern Pennsylvania Soon the hills of northwestern Pennsylvania were littered with oil drills and industrialists were littered with oil drills and industrialists and entrepreneurs raced to make money off and entrepreneurs raced to make money off of oil reserves (i.e. “black gold”)of oil reserves (i.e. “black gold”)

►Oil refining became a BIG bizOil refining became a BIG biz AutomobilesAutomobiles LocomotivesLocomotives TurbinesTurbines

Page 10: Industrialization and Innovation. What made this possible?

John D. RockefellerJohn D. Rockefeller

►Made a boat load Made a boat load o’ cash off of the o’ cash off of the oil industry!oil industry!

►His company: His company: “Standard Oil”“Standard Oil”

► By 1879, By 1879, Standard Oil Standard Oil controlled over controlled over 90% of oil 90% of oil refiningrefining

Page 11: Industrialization and Innovation. What made this possible?

Industry’s effect on societyIndustry’s effect on society

► Industrial growth has an uneven social Industrial growth has an uneven social impact on America (social class disparity)impact on America (social class disparity)

►A few industrial leaders (businessmen) A few industrial leaders (businessmen) got mega rich (Gilded Age), while…got mega rich (Gilded Age), while…

►……thousands upon thousands of workers thousands upon thousands of workers worked long hours in factories and steel worked long hours in factories and steel mills in dangerous conditions for little paymills in dangerous conditions for little pay

► In a sense: “the rich got richer and the In a sense: “the rich got richer and the poor got poorer”poor got poorer”

Page 12: Industrialization and Innovation. What made this possible?

Economic Impact of Economic Impact of IndustrializationIndustrialization

Why did the U.S. transform economically Why did the U.S. transform economically around this time?around this time?

► Laissez-faire capitalism (“laissez-faire” Laissez-faire capitalism (“laissez-faire” means “let it be” or “hands off”)means “let it be” or “hands off”) Emphasis on individual ownershipEmphasis on individual ownership NOT government ownershipNOT government ownership

► Increasing labor supply (i.e. immigrants)Increasing labor supply (i.e. immigrants)►Natural resources harnessed in an Natural resources harnessed in an

unprecedented wayunprecedented way America has lots of ‘em!America has lots of ‘em!

Page 13: Industrialization and Innovation. What made this possible?

Other innovationOther innovation

►Wright brothers– airplaneWright brothers– airplane 1903 Kill Devil Hills, NC (Kitty Hawk)1903 Kill Devil Hills, NC (Kitty Hawk)

►Add it to your timelines!Add it to your timelines!

Page 14: Industrialization and Innovation. What made this possible?

Other innovationOther innovation

►The modern-day corporationThe modern-day corporation Limited liabilityLimited liability Inc.Inc. S Corp.S Corp. LLC LLC

Page 15: Industrialization and Innovation. What made this possible?

Industrialization Timeline and Industrialization Timeline and ImpactImpact

Henry ___________ invents a

process for making

cheap _______ in large

quantities

1859 1883

Also in 1859, the 1st

successful oil well is drilled

in Pennsylvania

The ____________ ________ in

NYC is opened

The Brooklyn Bridge became a symbol of_________________

__________________________________________________

1902

The ______ _____ ________– one of the

world’s 1st sky scrapper is opened

in NYC

Page 16: Industrialization and Innovation. What made this possible?

1.1. Why was steel so great?Why was steel so great?

2.2. How did improvements in the steel industry impact other things?How did improvements in the steel industry impact other things?

3.3. Why was oil refining so potentially lucrative (money-making)?Why was oil refining so potentially lucrative (money-making)?

4.4. What was the social impact of Industrialization?What was the social impact of Industrialization?

What was the “Gilded Age”What was the “Gilded Age”

5.5. What was the economic impact of Industrialization?What was the economic impact of Industrialization?

How did America fulfill the need for more labor (human capital)?How did America fulfill the need for more labor (human capital)?

What does “laissez faire” mean?What does “laissez faire” mean?

Other innovations not covered in our research:Other innovations not covered in our research:The Airplane: The corporation or “LLC”: