Turning Points II Midterm Essays

Turning Points II Midterm Essays - 1 How and why did the...

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1. How and why did the United States take off industrially in the late nineteenth century? Describe the factors and explain what impact they had. Also provide some examples. - Natural resources available in our soil such as coal, iron and OIL. - Power revolution created a change in power resources. Power used to come from water, until James Watt invented the steam engine. In the 1880’s, the combustion engine and burning gas were used. Thomas Jefferson invented electricity. Soon after, nuclear power became popular. - Machinery and Inventions. The tool and dye industry created standardization. Eli Whitney invented the cotton gin and interchangeable parts. Thomas Edison was the inventing genius of the 17 th century, creating the light bulb, phonograph, motion pictures and direct current. Nicola Tesla invented alternating current which could be delivered at great distances. Not a lot of information is known about Tesla because he was an immigrant. - Transportation Revolution gave us the railroad. The first railroad, Baltimore and Ohio RR, stretched only 10 miles. By the civil war, there were 3000 miles of railroads. After the war, there were 100,000 miles of railroad along the eastern coast. The trans- continental rail road was complted in 1869. - Rise of Corporations rivaled family/individual businesses. Investors became part owners of corporations in order to raise the money needed. - Entrepreneurs helped with horizontal and vertical integration. (McCormick Reaper) Andrew Carnegie – steel John D. Rockafeller – oil. Gerald Ford – assembly line and automobiles. 2. Railroads were the central player in economic development in the late nineteenth century. Explain how they expanded, and what impact they had on the economy and on people’s lives. Also explain how and why railroads became the first area to undergo government regulation. Describe the regulatory agency. The railroad contributed advantages that canals and other inland waterways could not match. Some of these included: direct routes, greater speed, dependable schedules and year-round service. -First railroad was B&O railroad, only 10 miles long. By the civil war, there were 3000 miles. After the war to 1900, 100,000 miles of track were complete. Money was donated
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from the local and state governments, (approx. $525 million). This helped with population growth. -Railroads instituted time zones in order to standardize time and schedules. RR’s made supplies cheaper. -Monopolies, long and short haul rides, and rebates led to the ICC. -In 1887, the ICC helped establish fair rates. Based on Adam Smith’s book, A Wealth of Nations . The government should not be allowed in economic areas. “Laissey-faire.” Also outlawed rebates and pooling agreements. 3.
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Turning Points II Midterm Essays - 1 How and why did the...

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