S carnegie started his steel business in 1872 in 1878

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Major factor in the industrialization of the U.S - Carnegie, started his steel business in 1872 - In 1878, he built part of the Brooklyn Bridge and the Washington Monument - By 1888, he had already made $2 million, by 1906, worth $40 million Carnegie - Sold business to J.P Morgan - -Combined companies with other companies to form the U.S Steel Company Rockefeller - Started his oil company called Standard Oil Company - Introduced the process of vertical integration - brought up companies involved in manufacturing and distribution - By 1879, controlled 90% of the oil business in the U.S Kodak - In 1888, the Kodak Company introduced the camera George Eastman Alexander Graham Bell - Invented the phone in 1876
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- Created the American Bell Telephone Company - First phone in the White house - 1878 Christopher Shoess - Invented the typewriter and sold the right to Remington Other Inventors - Cyrus McCormick…. reaper (1831) - Samuel Morse… telegraph (1837) - I.M Singer….sewing machine (1851) - Mr. Otis …. Elevator (early 1900) - Charles Pillsbury...new method of wheat making - Philip Armour… meat packing Global Impact of industrialization - MDCS….Developed countries - LDCS…. Undeveloped countries - The IR widen gaps between these two types of countries - Industrialized countries exploit overseas colonies for resources and markets - Strengthen economic ties between countries (economic globalization) - Rise in the standards of living in the industrialized nations MDCS: europe, USA, canada, Japan, Australia…. More stable governments, larger economy LDCS: africa, south america, south asia, pacific realm Laissez-faire economics - Laissez-faire thinkers support free market and oppose government regulation - Economists Adam Smith, Thomas Malthus, and David Ricardo argued that natural laws govern economic life (capitalism) - CAPITALISM - economic system in which money is invested in a business with the goal of making a profit - Capitalism replaced mercantilism Adam Smith - Wrote the Wealth of Nations in 1776 - The unregulated exchange of goods and services would eventually benefit EVERYONE - Growing economy encourages investment - Economic liberty guaranteed economic progress Thomas Malthus - 17898.. Published Essay on the Principles of Population - poverty and misery were unavoidable because the population was increasing faster than the food supply
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