The Industrial Revolution · The second wave
The Second Industrial Revolution
Steel, electricity, oil and the assembly line (c.1870–1914) built the modern economy and the first giant corporations.
Step 1 of 4 · Overview15 min read ·
| Tech | Date | Impact |
|---|---|---|
| Bessemer steel process | 1856 | cheap steel for rails, ships, skyscrapers |
| Telephone (Bell) | 1876 | instant long-distance talk |
| Edison's Pearl Street power station | 1882 | commercial electricity in NYC |
| Internal combustion / oil | 1880s– | cars, Standard Oil |
| Ford moving assembly line | 1913 | Model T cost falls; mass production |
This wave was led by the US and Germany, not Britain. Companies like Standard Oil, US Steel and Siemens grew so large that governments responded with antitrust law (US Sherman Act, 1890).
Key idea
Markets tie-in: the Dow Jones Industrial Average (1896) was literally a basket of these new industrial giants.Next: Practice