Friday 10/5-
What helped the industrial revolution take off in the late 1800's
1. Lots of natural resources:
coal, copper, gold, iron, lead, silver, zinc,t imber, etc.
2. Government helped business
Laissez- Faire (hands - off)
3. Cities were growing
A lot more people- to work in factories and take advantage of them
Immigrants, farmers moved to the city, african-americans moved after civil war, cities offered more jobs and opportunities
4. Markets for manufactered goods
5. Oil boom
Industrial revolution was fueled on oil
6. Bessemer Process
The way to make steal cheaper and quicker
7. Various inventions
Lightbuld, typewriter, telephone
8. Railroads
Vanderbilt, then morgan. Railroads would transport all of the resources. Hated by the farmers
9. Captains of industry- robber barons
Robbed from the common people- bc they didn't treat their workers very well
Monopoly: They want to take out all the other competition, control 100% of the companies, and take out the smaller competition
They're bad for consumers and small business' because can lead to higher prices due to lack of competition, could lead to poorer products due to lack of competition, less choice for consumer, can drive smaller businesses out of business leading to unemployment WE NEED COMPETITION TO MAKE BETTER PRODUCTS
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