HY 204 1st Edition Lecture 61870-1900 New Gilded AgeI. The Second Industrial RevolutionA. Central Pacific and Union Pacific Railroads connect to form transcontinental RRa. RRs break seasonal cycle and can operate year-roundb. Connect the cities of Sacramento, CA to Omaha, NEc. Spearheaded by Lincoln under the Railroad Act of 1862; military decision attempting to bind the country togetherd. Builds cities, create larger markets, consume goodsB. Technological Transformations: Communicationa. Alexander Graham Bell invents the telephone in 1876b. Thomas Edison i. Phonograph (1877), light bulb (1879), electric power generator (1880)C. New Forms of Businessa. Carnegie learns business tactics by working in the RR and telegraph industryi. Founder of Carnegie Steelii. Practices vertical integration1. Owns everything and controls all aspects of businessb. John D. Rockefeller founded Standard Oil Companyi. Creates monopoly with his business; by 1880’s controls 90% of oil industryD. Government Aid to Big Businessesa. Union Pacific RR gets support from government because it doesn’t generate much revenue yetb. Huge land grants given to the RR to encourage people to settle the Westc. Lax incorporation laws allowing businesses to pop up easilyE. Cheap Immigrant LaborThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.II. Era of Mass-Marketed Consumer GoodsA. Coca-Cola Capitalism a. John Pemberton invented Coca-Cola in Atlanta in 1886i. Inspired by European wine laced with