HIST 128 NOTES 3

HIST 128 NOTES 3 - 2nd Industrial Revolution (Big Business)...

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2nd Industrial Revolution (Big Business) HIST 128 (NELSON) Vertical integration and horizontal integration: o Vertical - when a company buys components for its products o Horizontal - when a company buys out other whole companies Output increased by 150% (1877) Confidence in nation was beginning to grow Created huge corporations that dominated political and social life Causes of growth and economy o Labor shortages o Technological innovations o Standardizing machinery o Tariffs (taxes) on foreign goods (politicians) o Development of national transportation and communication devices o Use of electric power o Scientific research became applied to industrial processes Railroads o Private investors and U.S. land grants and loans to provide funding for railroads o By 1900, 5 major trunk lines linking east to west and north to south o Most important factor in growing economy Industrial revolution encouraged vertical integration Andrew Carnegie o Superintendent of railroad division o Bought a share of 1st iron railroad bridge and iron factory which became important for
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This note was uploaded on 03/21/2008 for the course HIST 128 taught by Professor Nelson during the Spring '08 term at UNC.

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HIST 128 NOTES 3 - 2nd Industrial Revolution (Big Business)...

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