Industrialization Industrialization and Innovation and Innovation
Jan 02, 2016
Industrialization and Industrialization and InnovationInnovation
What made this possible?What made this possible?
Bessemer’s SteelBessemer’s SteelBessemer process- a process by which lots of steel could be manufactured cheaply
• Henry Bessemer of England in 1859
• Boosted production from 2,000 tons in 1867 to over 7 million in 1907 Because of the Bessemer
process projects like the building of the iconic Brooklyn Bridge were possible
Why was steel so great?Why was steel so great?
► It was strongIt was strong► It was durableIt was durable► It was great for train tracksIt was great for train tracks► It was great for skyscrapersIt was great for skyscrapers► It was great for bridgesIt was great for bridges
Brooklyn BridgeBrooklyn Bridge
Opened in 1883Opened in 1883 16 inch cables supported 16 inch cables supported
a it’s length of 1,595 feeta it’s length of 1,595 feet Impact? Symbolized Impact? Symbolized
America’s transition from America’s transition from a rural country to an a rural country to an industrialized countryindustrialized country
Not possible without the Not possible without the STEEL INDUSTRYSTEEL INDUSTRY
THUS….
The steel industry fueled the The steel industry fueled the construction industry!construction industry!
Flat Iron Building in NYC– one of the first skyscrapers. 1902.
Oil IndustryOil Industry
► First successful oil well was drilled in First successful oil well was drilled in Titusville, PA in 1859Titusville, PA in 1859
► Soon the hills of northwestern Pennsylvania Soon the hills of northwestern Pennsylvania were littered with oil drills and industrialists were littered with oil drills and industrialists and entrepreneurs raced to make money off and entrepreneurs raced to make money off of oil reserves (i.e. “black gold”)of oil reserves (i.e. “black gold”)
►Oil refining became a BIG bizOil refining became a BIG biz AutomobilesAutomobiles LocomotivesLocomotives TurbinesTurbines
John D. RockefellerJohn D. Rockefeller
►Made a boat load Made a boat load o’ cash off of the o’ cash off of the oil industry!oil industry!
►His company: His company: “Standard Oil”“Standard Oil”
► By 1879, By 1879, Standard Oil Standard Oil controlled over controlled over 90% of oil 90% of oil refiningrefining
Industry’s effect on societyIndustry’s effect on society
► Industrial growth has an uneven social Industrial growth has an uneven social impact on America (social class disparity)impact on America (social class disparity)
►A few industrial leaders (businessmen) A few industrial leaders (businessmen) got mega rich (Gilded Age), while…got mega rich (Gilded Age), while…
►……thousands upon thousands of workers thousands upon thousands of workers worked long hours in factories and steel worked long hours in factories and steel mills in dangerous conditions for little paymills in dangerous conditions for little pay
► In a sense: “the rich got richer and the In a sense: “the rich got richer and the poor got poorer”poor got poorer”
Economic Impact of Economic Impact of IndustrializationIndustrialization
Why did the U.S. transform economically Why did the U.S. transform economically around this time?around this time?
► Laissez-faire capitalism (“laissez-faire” Laissez-faire capitalism (“laissez-faire” means “let it be” or “hands off”)means “let it be” or “hands off”) Emphasis on individual ownershipEmphasis on individual ownership NOT government ownershipNOT government ownership
► Increasing labor supply (i.e. immigrants)Increasing labor supply (i.e. immigrants)►Natural resources harnessed in an Natural resources harnessed in an
unprecedented wayunprecedented way America has lots of ‘em!America has lots of ‘em!
Other innovationOther innovation
►Wright brothers– airplaneWright brothers– airplane 1903 Kill Devil Hills, NC (Kitty Hawk)1903 Kill Devil Hills, NC (Kitty Hawk)
►Add it to your timelines!Add it to your timelines!
Other innovationOther innovation
►The modern-day corporationThe modern-day corporation Limited liabilityLimited liability Inc.Inc. S Corp.S Corp. LLC LLC
Industrialization Timeline and Industrialization Timeline and ImpactImpact
Henry ___________ invents a
process for making
cheap _______ in large
quantities
1859 1883
Also in 1859, the 1st
successful oil well is drilled
in Pennsylvania
The ____________ ________ in
NYC is opened
The Brooklyn Bridge became a symbol of_________________
__________________________________________________
1902
The ______ _____ ________– one of the
world’s 1st sky scrapper is opened
in NYC
1.1. Why was steel so great?Why was steel so great?
2.2. How did improvements in the steel industry impact other things?How did improvements in the steel industry impact other things?
3.3. Why was oil refining so potentially lucrative (money-making)?Why was oil refining so potentially lucrative (money-making)?
4.4. What was the social impact of Industrialization?What was the social impact of Industrialization?
What was the “Gilded Age”What was the “Gilded Age”
5.5. What was the economic impact of Industrialization?What was the economic impact of Industrialization?
How did America fulfill the need for more labor (human capital)?How did America fulfill the need for more labor (human capital)?
What does “laissez faire” mean?What does “laissez faire” mean?
Other innovations not covered in our research:Other innovations not covered in our research:The Airplane: The corporation or “LLC”: