5.3 Causes of Industrialization and Business Leaders

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Causes of Industrialization (1870s-1900s): Increased transportation speed and amount

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Easier and faster transportation led to more products being produced.

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Causes of Industrialization (1870s-1900s): Innovations in production: Quicker and cheaper production

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The Bessemer process and mechanization increased production speed and efficiency.

Mechanization and the moving assembly line were crucial for increasing production efficiency.

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Causes of Industrialization (1870s-1900s):

Business consolidation

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Business consolidation helped maximize production and minimize costs.

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Causes of Industrialization (1870s-1900s): New power sources and natural resources

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More power sources led to quicker and cheaper production of more products.

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Causes of Industrialization (1870s-1900s): Abundant labor supply

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An abundant labor supply meant more workers and more products.

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Causes of Industrialization (1870s-1900s): Immigration laws

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Changes in immigration laws contributed to an increased labor supply.

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US economy transformation post-Civil War

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The US economy transformed from the end of the Civil War to become the largest in the world by the 1920s.

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Debate on business leaders

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There is a debate on whether business leaders benefited society as captains of industry or hurt it as robber barons.

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Characteristics of a Robber Baron

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- Stole from the public - Drained natural resources - Corrupted officials - Exploited workers - Used unfair business practices

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Characteristics of a Captain of Industry

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- Increased availability of goods - Built factories - Raised productivity - Created jobs - Philanthropy