Why Is It Important To Establish The Industrial Revolution?
In 1862, President Abraham Lincoln signed the Pacific Railway Act, allowing the construction of a transcontinental railroad. This started the Industrial Revolution by igniting a new need for innovation. Work on the railroad started right away, but there was an enormous pressure on the railroad companies to finish so the railroad would be functional. The desire for completion caused an accelerated Industrial Revolution because railroad companies needed to develop new inventions, allow for a growth in industry, and establish a new free market.
The railroad companies, the Union Pacific and Central Pacific, needed new inventions so they could overcome basic engineering problems. They were given millions of dollars by the government to aid in construction, and they also had investors so the railroad had a steady supply of funds. They used this money to obtain new devices by paying inventors to come up with solutions to their problems, which made the inventors work faster to produce more labor saving solutions. With the machines that the inventors produced, …show more content…
construction became much faster and easier so the railroad could be finished much sooner. With this increase in speed, some major manufacturers saw an opportunity for advancement and profit.
In order to build the railroad, the Union and Central Pacific required materials, and the industries that supplied these materials thrived and grew on the income.
John Rockefeller, owner of the Standard Oil Company, was in charge of the oil industry, and became the richest man in the United States at the time from all the business he received from the railroad. Andrew Carnegie also became wealthy with the steel that he produced for the railroad. With this influx of money, these industries were able to not only better the health of the economy, but use this money to help improve their factories and machines. With these positive improvements, they were able to mass produce and sell more goods to increase profits even more. With this steady source of materials, the railroad construction speed was further increased, which brought the United States closer to a connection that would benefit the economy of the entire
country.
With the railroad completed in 1869, the country was now one enormous free market. Goods made on the East Coast could be sold in California, and produce grown in the West could be eaten in New York. Goods could be exchanged more freely and helped more people have access to necessary products. Money exchanges went from local to national, so money was flowing throughout the entire country and helping the economy flourish. In this way the companies that made the most money prospered, and the businesses that sold little and made no profits disappeared very quickly.
The development of new inventions, the growth of industry, and the establishment of a free market caused by the desire to finish the railroad all caused an accelerated Industrial Revolution. The new inventions increased productivity and helped change the ways people lived their lives. The growth in industry made the economy prosper and ensured that the United States would continue successfully as a country. The new free market connected the country and streamlined exchanges of all sorts, helping the country grow and improve from there.
The railroad companies, the Union Pacific and Central Pacific, needed new inventions so they could overcome basic engineering problems. They were given millions of dollars by the government to aid in construction, and they also had investors so the railroad had a steady supply of funds. They used this money to obtain new devices by paying inventors to come up with solutions to their problems, which made the inventors work faster to produce more labor saving solutions. With the machines that the inventors produced, …show more content…
construction became much faster and easier so the railroad could be finished much sooner. With this increase in speed, some major manufacturers saw an opportunity for advancement and profit.
In order to build the railroad, the Union and Central Pacific required materials, and the industries that supplied these materials thrived and grew on the income.
John Rockefeller, owner of the Standard Oil Company, was in charge of the oil industry, and became the richest man in the United States at the time from all the business he received from the railroad. Andrew Carnegie also became wealthy with the steel that he produced for the railroad. With this influx of money, these industries were able to not only better the health of the economy, but use this money to help improve their factories and machines. With these positive improvements, they were able to mass produce and sell more goods to increase profits even more. With this steady source of materials, the railroad construction speed was further increased, which brought the United States closer to a connection that would benefit the economy of the entire
country.
With the railroad completed in 1869, the country was now one enormous free market. Goods made on the East Coast could be sold in California, and produce grown in the West could be eaten in New York. Goods could be exchanged more freely and helped more people have access to necessary products. Money exchanges went from local to national, so money was flowing throughout the entire country and helping the economy flourish. In this way the companies that made the most money prospered, and the businesses that sold little and made no profits disappeared very quickly.
The development of new inventions, the growth of industry, and the establishment of a free market caused by the desire to finish the railroad all caused an accelerated Industrial Revolution. The new inventions increased productivity and helped change the ways people lived their lives. The growth in industry made the economy prosper and ensured that the United States would continue successfully as a country. The new free market connected the country and streamlined exchanges of all sorts, helping the country grow and improve from there.