REASONS FOR INDUSTRIAL GROWTH IN THE UNITED
Businessreceived encouragement and help from the Federal
Availability of abundant natural resources such as:
–Iron and coal to make steel.
–Gold, silver, and other metals.
Improved technology and inventions such as:
–Air brake for railroads by Westinghouse.
–Elevator brake by Otis.
–Electric light, phonograph, movie projector by Edison
Sufficient supply of labor caused by:
–Workers moving from farms to cities.
–Increased use of women and children.
Sufficient supply of capital (surplus money that can be invested).
–Surplus manufactured goods.
Leadership and organizational skills as exemplified by men such as:
–Oil controlled by John D. Rockefeller.
–Steel dominated by Andrew Carnegie.
–Money and banking led by J.P. Morgan.
Desire for economic betterment as shown by:
–Russell Conwell’s speech called “Acres of Diamonds” which put forth the
idea that it was morally right to be wealthy. This lecture was delivered
more than 6,000 times.
–HoratioAlger’s very popular stories for children which made heroes out of
businessmen and emphasized the idea that anyone could rise to the top.