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Laissez-Faire Capitalism: The Second Industrial Revolution

256 Words2 Pages

The Second Industrial Revolution was prompted by various factors, including the abundant amount of natural resources(Coal and Iron) and labor (European Immigrant/ Irish Famine). The concept of Laissez-Faire Capitalism meant that industries controlled the regulation of their business, and that the government could not interfere. This concept helped to fabricate monumental businessmen known as Andrew Carnegie and John. D Rockefeller who played a prominent factor in the production of steel and oil. The steel industry helped to shape America's economy. Thomas Edison’s invention of the light bulb boosted the production of materials in factories and Alexander Graham Belt’s invention of the telephone expanded communication. Railroads also promoted

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