Backbone of the American Economy.docx - Backbone of the...

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Backbone of the American Economy I. The Second Industrial Revolution a. Why the U.S. was ready for this… i. Underwent rapid economic change after Civil War – end of 19 th century 1. National abundant resources (iron, steel, gold, silver, etc.) 2. Growing supply of labor 3. Expanding market for manufactured goods 4. Availability of capital for investment 5. Federal government promoted industrial and agricultural growth b. A Growing Economy i. Economic Transitions ii. Industrial Leader 1. 1913 ~ U.S. was producing 1/3 of the world’s industrial output iii. The Changing Workforce 1. Outworkers, domestic 2. ½ of the population worked in factories, along with 200 other people 3. Deskilling – Making more workers more vulnerable due to their lack of skill c. Capitalism Shifts into High Gear i. Comparing Industrial Revolutions (1 st and 2 nd ) 1. 1890 ~ 2/3 of the people of the U.S. were having to go out and earn a wage ii. Proletariat Class 1. Between 1870-1920, ~11 million Americans moved to cities, 25 million immigrants arrived from overseas iii. Urban Explosion in the East (NYC) 1. Economic Transformation in the Heartland a. Great-lakes area emerged as the heartland b. Pittsburgh had the capitol of steel production i. 1900 – Chicago had largest population
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