Industrialization and Corporate Consolidation I. Industrial Growth in America - Reasons A. Natural Resources – coal, oil, iron B. Immigration – steady flow both Asia and Europe C. Capitalist mentality supported by laissez faire government D. Ingenuity – 440,000 patents in 1800s – inventions – Edison’s invention factory B. Railroads – 1865 – 35,000 Miles > 1900 – 200,000 miles A. Land claiming – railroad companies given land claims – size of Texas B. Success of town based on railroad stop – no railroad > “ghost town” C. Transcontinental – Leland Stanford Union Pacific meets Central Pacific D. Corruption – money from government not used appropriately – Credit Mobilier 1. Abuse of Chinese, other immigrant labor 2. Faulty tracks just to make a dime E. Improvements – steel – safer/stronger – standardized size – standardized time F. “Stock watering” – make stock in railroads look better than it is – bribed judges D. Steel – Andrew Carnegie – monopolized then gave away $450 million by death
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