The RIse of an Economic Giant
- Created by: stonecampbell
- Created on: 05-05-15 19:45
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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
- Britain-> 1st country to have an industrial revolution
- 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
- RIse of an Economic Giant
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