1st EXAM

1st EXAM - EXAMMMM Rise of big business: causes of...

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Unformatted text preview: EXAMMMM Rise of big business: causes of industrialization and its characteristics Rise of Big Business (Industrialization) Overview Significance Acceleration, options of basic things that are happening during this period, from end of civil war turn of century, before civil war- agriculture main income of country, America was 4 th in manufacturing before civil war; manufacturing- take any under developed country and import machinery & set it up and make shoes or shirts ( manufacturing activity) but industrialization( the creation of the basic industries that can make the machinery that makes consumer products) This is probably the most important chapter in world economic history( Industrial Revolution in Great Britain) Americas Revolution 2 nd Transforms America from rural society to urban industrial society , become the worlds biggest industrial power by mid 1890s Dimensions ( railroad big part of industrialization) cities spring up everywhere New York, Chicago, Boston populations triple Factors Impact of civil war Armies need to be fed, clothed, federal government gives contracts to businesses to produce things for the governments, businessmen who make a lot of money ( provides capital for investment after the civil war) civil war- idea for ready-made clothing The abolition of slavery, slaves now have money to buy- so increase consumption Labor force- immigration, the population from the end of the civil war to the turn of the century ( 30 years) triples Capital foreign trade, becomes the leading trading nation in the world, civil war, savings Natural Resources- coal* (The Saudi Arabia of coal), copper, iron ore*, wood, timber, oil ( at first they just figure out it burns better, makes lantern) become the worlds leading producer of petroleum in early 20 th century *crucial to industrialization ( steel) Technology- electricity ( Thomas Edison), more efficient, safer, steam, telegraph- business ( communicate long distances)...
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1st EXAM - EXAMMMM Rise of big business: causes of...

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