12.1 The Rise of Industry exam study guide with 100%

Characteristics of Second Industrial Revolution Increase in technology due to advances in electricity after 1890 By 1900, US was the leading... Industrial nation GNP Gross National Product Total value of all goods and services produces by a country during one year Natural resources in US Timber, coal, iron, copper Petroleum High demand Turned into kerosene- lanterns & stoves Titusville, Pa 1859 Edwin Drake First oil well 3 sources of population growth Sharp increase in immigration( over 17 mil) Better living conditions Longer lifespan Thomas Edison Leading pioneer in new technology Phonograph, electric generator, light bulb GE GE General electric company 1889 Edison Several of his companies formed to make GE George Westinghouse Alternating current (AC) system to distribute electricity over long distances Improved living standards First trans-Atlantic cable 1866 Cyrus Field Telegraph cable Faster communication with Europe 1st version of internet Alexander Graham Bell 1876 Transmit sound via electric current AT&T 1877 Bell telephone company turned into American Telephone and Telegraph Company Improved standard of living Ice Making machine Thaddeus Lowe Low cost ice year round for ice boxes Impact of refrigeration Fresh food (meat) can be shipped long distances Food cost dropped & quality increase George Eastman 1888 Kodak First handheld camera Laissez-faire Policy that government should interfere as little as possible in the nation's economy Relies on supply & demand Supports low taxes & limited government debt to ensure the people make decisions of how to spend money Who wanted vs didn't want tariffs Wanted- Northern leaders Didn't want- Southern leaders When US raised taxes, how did other countries respond Raised tariffs on American goods