Copy of The Age of Innovation and Industry 4 - Chapter 13 The Age of Innovation and Industry Peer Reading Instructions Read the instructions before you

Copy of The Age of Innovation and Industry 4 - Chapter 13...

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Chapter 13 - The Age of Innovation and Industry Peer Reading Instructions Read the instructions before you begin: 1. A reading partner will be assigned to you 2. Take turns reading the highlighted sections. 3. Each person should read one color. 4. Stop at selected intervals that are highlighted in purple: a. Explain what you read. b. Ask your partner to explain what they understood from the readings. c. When specified write a written response. 4.Underline each word that you do not understand. Section 2 – New Inventions and Technologies Edison was one of thousands of ingenious inventors, mechanics, and scientists working to create new products and machines in the late 1800s. Thanks in part to their work, American life changed dramatically. The United States evolved from a largely agricultural nation into a complex industrial society. This shift brought modern conveniences to many consumers. In 1865, Americans still lived in the "horse and buggy" era. They lit their homes with candles or oil lamps. They kept fresh foods in an icebox, a cabinet cooled by a large block of ice. And they waited a month or more for letters to cross the country. By 1900, many Americans illuminated their homes with electric lights. They kept foods cold in an electric refrigerator. They could send news across the continent in an instant by telegraph or telephone. A few could even afford to replace their horse and buggy with a new automobile. Explain to each other what you have read. In a few lines write what you believe this literature is about. We read how Edison changed technology in the 1900s. I believe this literature is going to be about how technology has evolved over time. Americans Invest in New Technology These innovations captured the imagination of investors who were willing to finance, or fund, the development of new products. Without this financial backing, many inventions would never have
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reached the market. Some would never have been built at all. This willingness to risk money on new businesses lies at the heart of capitalism . Capitalism is an economic system in which factories, equipment, and other means of production are privately owned rather than being controlled by government. Capitalists in the late 1800s provided the funds to build railroads and factories and furnish them with machinery and supplies. They put money into new technology and scientific research. In return for risking their money, they hoped to reap rewards if the new business proved profitable. Edison, for example, received generous financial support from a group of capitalists led by the wealthy banker J. P. Morgan. Together they formed the Edison Electric Light Company. In 1880 alone, this group provided the inventor with $150,000. In return, Edison gave the company the rights to his lighting inventions for a five-year period. The investors helped Edison pursue his vision, and they profited handsomely as a result.
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