The 2nd Industrial Revolution in America and Big Business PDF

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The 2nd Industrial Revolution in America and Big Business The 2nd Industrial Revolution in America The Second Industrial Revolution, which began in the middle of 19th century (1850-1970). It was a period of growth for pre-existing industries and expansion; such as the steel, oil and electricity fields. Adam Smith was the father of modern economics. He talked about free enterprises and free markets. Developed the idea of Division of Labour, being more efficient and productive. Alexander Hamilton was the 1st secretary of treasury (originally a banker financier) under Thomas Jefferson’s government. He had the idea of a central bank that could gather each state’s debt. The 1st National Bank was founded (20 years, Charter 1791-1811). During the Second Industrial Revolution, the existing manufacturing and production methods were improved. For example, steel replaced iron in the building. It was strong, and it was cheap. So, it made possible to build rail lines at competitive cost and spread transportation. Steel also facilitated the construction of ships and larger bridges. Thomas Edison worked on the discovery of electricity. This, in addition to the appearance of the first efficient commercial electrical generators in the 1870s, made public electricity possible. Gustavus Swif (meat packing) Without certain inventions from the Second Industrial Revolution, some of the ways we communicate today wouldn’t be possible. For instance, in 1876, Alexander Graham Bell invented the telephone. Later on, in 1901, Guglielmo Marconi sent radio waves across the Atlantic Ocean for the first time. In October 1908 Henry Ford created the Model T. His automobile was much cheaper than other cars because it was made on an Assembly Line using mass production. Public health also improved greatly. This was thanks to the construction of sewage systems in cities. This was accompanied by the passage of laws that regulated filtered water supplies and minimum standards of water quality. These two measures reduced the rates of infections and death from many diseases. 1869: 1st Trans Continental Rail Line between Missouri and California made by 2 companies: Leland and Stanford. America is now linked from coast to coast (Manifest Destiny).

Those railroads created a national market, but at the same time, they were also a market themselves (needing iron, wood, cloth, coal…).

Big Business Definition of Big Business: term for large corporations and unfair business practices. => 1st Big Business of America. Cornelius Vanderbilt developed a huge railroad market, while John D. Rockefeller wanted to work with oil and thus captured oil refining. He first began to do horizontal integration, controlling 90% of the oil market in America, then he also practiced vertical integration (oil market ended up with no competition as Rockefeller was almost owning everything)....