The RIse of an Economic Giant

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  • The rise of big business and its impact on the economy
    • RIse of an Economic Giant
      • Britain-> 1st country to have an industrial revolution
        • USA had over taken by 1890-1910
      • USA lead world in steel, electricity, machinery and cars
        • USA had over taken by 1890-1910
        • Known as the 'second industrial revolution'
        • By 1914 USA was the most productive economy in the world with the biggest companies and the highest paid workers
      • The First Consumer Society
        • USA was the first consumer society
        • growing middle class, could afford luxury products
        • Spread of electricity meant more products were available e.g. the vacuum
        • Invention of mail order catalogues, people in remote places could buy range of goods despite no nearby shops
        • Isaac Singer's sewing machine--> 1st household consumer gadget
        • Kodak Photography--> 1st handheld cameras made by Eastman kodak company of New York
        • Coca Cola--> worlds 1st international brand logo, first developed as a pain killer
      • Steel, Railways and Oil Industries
        • Important for USA's revolution allowed for rapid development of industrial transportation e.g. transatlantic steamships, refrigerated ships and railways meaning they could export masses of goods abroad
        • Meat production also expanded as it could now be exported all over the world.
      • Natural Resources
        • America had vast amounts of natural resources paired with good business management allowed for them to make the most of the resources so there was industrial growth
        • USA posses almost unlimited natural resources in both energy and raw materials for industry  and in the huge potential for agriculture
      • Automobile industry
        • Barely existed before 1896, by 1914 there were 3 1/2 million cars on American roads
        • Henry Ford
          • Detroit mechanic who applied mass production technique to consumer goods
          • Marketed only one type of car--> Model T
            • Model T enforced a genuine feeling of democracy
          • Wanted to sell it by the millions to middle class, farmers and every American who could afford a few dollars down payment
      • Key factors US economy fuelled by
        • Huge increase in man power and markets due to immigration---> labour force always growing and construction industry always booming
        • The impact of technology enabled rapid development of transatlantic steamship companies and the mechanisation of industry.  The invention of the steel plough, refrigerated ship and expansion of railways= massive expansion of meat production both domestic and export
        • Opening up of Great Plains enabled the cultivation of fertile virgin lands and the production of huge surpluses of cereals


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