The Progression of HI
EMERGENCE OF INDUSTRIAL AMERICA
Western mining – Wealth of ____________________________________________ necessary for industrial production [Silver – NEV/Klondike gold/Mesabi Range
Immigration – Immigrants (southern & eastern Europe) provide a large _____________ force
Gov’t _________________ & tax concessions to rr’s – Transport raw materials & finished products, as well as settlers, to create national markets
Advances in communication – Telegraph, telephone, typewriter, & mail service improved
Corporation charters – Access to investment capital & protection of limited liability [Captains of Industry &/or Robber Barons]
_____________________________ attitude of gov’t – Gave businesses considerable latitude in determining their policies & procedures w/o regulation
Bessemer process – Allowed for the less expensive conversion of iron to _____________, a stronger & less brittle material which was necessary for construction of rrs & heavy equipment
New sources of power – Coal & oil are inexpensive sources of fuel [Rockefeller]
High tariffs – Republican administrations especially sought high import taxes to lessen foreign competition
Yankee ingenuity – US inventors, protected by gov’t patents: electric lights, vulcanized rubber, telephone, typewriter, steel plow, & modern press
Entrepreneurs – Contributed enormous amts. of capital & introduced new policies & techniques that spurred US’s industrial growth
Vertical integration – Pioneered by ____________________ & US Steel: All of the various business activities needed to produce & sell a finished product (procuring the raw materials, preparing them, producing them, marketing them, & then selling them) would be done by the same company.
Horizontal integration – Strategy of gaining as much control over an entire single industry as possible, usually by creating trusts & holding companies: Rockefeller & ______________________ (92% at one point in time)
National markets – Created huge demand for industrial
Western mining – Wealth of ____________________________________________ necessary for industrial production [Silver – NEV/Klondike gold/Mesabi Range
Immigration – Immigrants (southern & eastern Europe) provide a large _____________ force
Gov’t _________________ & tax concessions to rr’s – Transport raw materials & finished products, as well as settlers, to create national markets
Advances in communication – Telegraph, telephone, typewriter, & mail service improved
Corporation charters – Access to investment capital & protection of limited liability [Captains of Industry &/or Robber Barons]
_____________________________ attitude of gov’t – Gave businesses considerable latitude in determining their policies & procedures w/o regulation
Bessemer process – Allowed for the less expensive conversion of iron to _____________, a stronger & less brittle material which was necessary for construction of rrs & heavy equipment
New sources of power – Coal & oil are inexpensive sources of fuel [Rockefeller]
High tariffs – Republican administrations especially sought high import taxes to lessen foreign competition
Yankee ingenuity – US inventors, protected by gov’t patents: electric lights, vulcanized rubber, telephone, typewriter, steel plow, & modern press
Entrepreneurs – Contributed enormous amts. of capital & introduced new policies & techniques that spurred US’s industrial growth
Vertical integration – Pioneered by ____________________ & US Steel: All of the various business activities needed to produce & sell a finished product (procuring the raw materials, preparing them, producing them, marketing them, & then selling them) would be done by the same company.
Horizontal integration – Strategy of gaining as much control over an entire single industry as possible, usually by creating trusts & holding companies: Rockefeller & ______________________ (92% at one point in time)
National markets – Created huge demand for industrial