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Becoming Modern1865 - 1900ish
Four MAJOR technological advancements made this possible
oil steelrailroad telegraph
steel
The Bessemer Process:method of turning iron into steel
stronger than iron• larger buildings • bridges• railroads
railroad
Growth of R.R. = Growth of Industry
• jobs laying track/making RR cars, etc.
• faster, cheaper way to move people & goods
• promotes urban growth (ppl live in cities)
oil
• new businesses (refineries to purify)
• kerosene lamps
• helps machines run smoothly
• internal combustion engine
The idea of “small business” is over
1 owner/partners
the goal becomes to make as much MONEY as possible $$$$$$$$$$$$$
business begin to “incorporate”
many owners
high risk
low risk
1)BIG - provide your goods/services to as many people as possible
2) CHEAP - the less it costs you to produce the more profit you make
3) FAST - the more items you make, the more you can sell
4) QUALITY - ???
CapitalismAllows privately owned business where people compete for economic gain.
Achieve your goal by any means
Relies on the free market to determine the price of goods and services
The public chooses based on their interests. No Gov’t interference
Laissez Faire - means “hands off”