Industrial Revolution in the United States

Overview

• Time Period: Reached US in early 1800s; major changes post-Civil War.
• Population Shift: From agriculture to industry.
  • Pre-Civil War: 30 million population, only 1.3 million in industry.
  • Post-Civil War: Shift to factories and mines.
  • Late 1800s: US became the leading industrial nation.

Factors Contributing to Industrialization

Natural Resources

• Abundance of resources: timber, coal, copper, iron ore, petroleum.
• Domestic availability reduced the need for imports.

Workforce

• Population Growth: 1860-1910, US population nearly tripled.
  • Improved living conditions.
  • Significant immigration influx: Over 20 million immigrants (1870-1910).
  • Immigrants provided workforce for growing industries.

Technological Advancements

• 19th Century Inventions: Cotton gin, steamboats, railroads.
• Key Inventions:
  • 1876: Alexander Graham Bell's telephone.
  • 1877: Thomas Edison's phonograph.
  • 1879: Thomas Edison's electric light bulb.
  • 1882: Edison’s company supplied NYC with electricity.

Government Policies

• Limited Liability Laws: Encouraged entrepreneurship by reducing financial risks.
• Laissez-Faire:
  • Free-market system; minimal government interference.
  • Belief in supply and demand as business regulators.

Rise of Corporations

• Transformation:
  • Pre-Civil War: Small businesses.
  • By 1900: Dominance of big corporations.
• Corporation Characteristics:
  • Owned by many, run by Board of Trustees.
  • Publicly traded; easy to raise capital.
• Monopolies and Trusts:
  • Corporations grew large, controlled industries.
  • Trusts: Single Board controls multiple corporations.

Economic and Social Impact

• Concentration of Wealth:
  • Debate over size and wealth of corporations and individuals.

Next Steps

• Upcoming Discussion: Wealthy tycoons of the era.

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End of Lecture Notes