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The Rise of Industry Chapter 9 Section 1 The U.S. Industrializes After the Civil War, many people left their farms to work in mines and factories. By the 1900s, the U.S. had become the world’s leader in Gross National Product (GNP). GNP is the total value of all goods and services it produces during a year. What caused population growth in the U.S.? Natural Resources Because of the abundance of resources, Americans could obtain them cheaply. Who drilled the first oil well, near Titusville, PA? Laissez-Faire Supporters of this believe the government should not interfere in the economy. This relies on supply and demand. Supporters of this also support low taxes, why? Entrepreneurs Entrepreneurs are people who risk their capital in organizing and running a business. Famous Entrepreneurs Government’s Role in Industrialism Since the 1800s, northern and southern states had a constant debate over the economy. The north wanted high tariffs to protect American industry from foreign competition. The south favored low tariffs to promote trade and to keep the cost of imported manufactured goods low. When the south seceded, the north passed the Morrill Tariff. What is this tariff? What kinds of problems would this tariff cause? Telephone Invented by Alexander Graham Bell “Come here, Watson, I want you.” He organized the Bell Telephone Company which later became the American Telephone and Telegraph Company (AT&T). Thomas Alva Edison Inventor whose lab was at Menlo Park, NJ. 1877 – Invented the phonograph. 1879 – Invented the lightbulb & electric generator. Also invented or improved the battery, the dictaphone, the mimeograph, and the motion picture. In 1889 Edison’s companies merged to form Edison General Electric Company, today known as GE.