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U.S. History Chapter 10
The New Industrial Age:
- Major inventions changed life
- Electric motor
- More flexible than steam
- Did not need to be near water
- Allowed factories to be located anywhere
- Trolley cars
- First used in Richmond - 1888
- Spread cities outward
- Light bulb
- Telephone
- Typewriter
- Created office work for women
- Airplane
- Industries flourished
- Rise of Big Business
- Captains of Industry
- Trusts - a business combination in which management and control of the member corporations are vested in a single board of trustees who are thus able to control a market, absorb or eliminate competition, fix prices
- Advantages
- More efficient
- Reduce waste by eliminating duplication
- Install new and more productive equipment
- Sell products for less because they buy in large quantities
- Able to wait for a profit on new products
- Disadvantages
- Social Darwinism
- Sherman Antitrust Act - 1890
- Enforcement was almost impossible because wording was vague
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