what factors influenced american growth and expansion in the late nineteenth and early twentieth...
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What factors influenced American
growth and expansion in the late nineteenth and early twentieth century?
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Natural ResourcesNatural Resources
• America had tons of natural resources
– Coal, Iron, Oil, Farmland
• Natural resources were used to generate huge profits by new American businesses
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Laissez – Faire CapitalismLaissez – Faire Capitalism
• Gov’t should not interfere with private businesses
• Businesses took advantage of people and abused workers’ rights
• Businesses did “anything to turn a larger profit”
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Special Business Special Business ConsiderationsConsiderations
• Gov’t granted special privileges to business owners
• Gave free land to railroad owners by stealing it from rightful owners
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ImmigrationImmigration
• Immigrants increased the labor supply
• Businesses paid immigrants as little as possible in order to generate huge profits
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New InventionsTechnology led to new industrial
growth
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Transportation
• Airplane – Wright Brothers
• Allowed businesses to transport products to new markets overseas
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Business Production• Bessemer
Process – Henry Bessemer
• Made steel cheap and affordable to increase construction of cities
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Communication• Telephone –
Alexander Graham Bell
• Allowed businesses to expand to different markets
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Communication
• Telegraph – Samuel Morse
• Allowed businesses to expand to different markets
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Business Production
• Electricity – Thomas Edison
• Increased production by allowing work at night
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Business Production• Mechanical Reaper
– Cyrus McCormick
• Increased farm production and helped clear landscape in west for settlers
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Business Production• Alternating Current
– George Westinghouse
• Increased production by allowing electricity to spread across the country
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Business Production
• Assembly Line – Henry Ford
• Used by all factories to increase production
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New Business New Business PracticesPractices
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MonopolyMonopoly• One business
owner controls the market of a product
• Drives other competitors out of business by lowering and raising prices
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TrustsTrusts
• One company controls the making of a product
• Allows company to control the price of the product
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CorporationCorporation• Large companies
made up of smaller businesses
• Limited Liability
– Allowed people to invest money with little risk by investing in profitable parts of corporation
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Modern Corporations
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Robber barons or Robber barons or Captains of Industry?Captains of Industry?
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Robber barronsRobber barrons
• Wealthy business owners who lied, cheated, and stole fortunes from average Americans
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Captains of IndustryCaptains of Industry
• Smart businessmen who earned their money through legal business practices
• Gave millions of dollars to charity
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Andrew CarnegieAndrew Carnegie• Scottish
Immigrant• Created US Steel
–first corporation worth $1 billion dollars
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Andrew CarnegieAndrew Carnegie
• Believed in Social Darwinism
–people can do whatever they want to make money
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Andrew CarnegieAndrew Carnegie
• Gave 80% of his money back to the public
• Workers protested working conditions in his factories
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J. P. MorganJ. P. Morgan
• Banking tycoon who made millions off of investments and investment companies
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John D RockefellerJohn D Rockefeller• Created the
Standard Oil Company in 1870 (trust)
• Able to control the price of oil in America by owning all aspects of oil production
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John D RockefellerJohn D Rockefeller• Gave $500
million dollars to various charities
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Cornelius VanderbiltCornelius Vanderbilt
• Made a fortune in the railroad business
• Introduced the use of steel rails and a standard gauge (distance between rails).