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Innovation - Coggle Diagram
Innovation
Industrialization in the US
abundant resources, rapid industrialization, and good transportation networks
the major economic power in the world
reliant on the cash wages of city jobs
The growth of large business
Cartels
limit production to keep prices artificially high
Monopolies
complete control of a product or service by one company
led to incredibly wealthy and politically powerful businessmen
steam power
Help companies exploit more of the country's rich natural resources
political and religious persecution
providing low cost labor for new factories
laissez-faire policies
government should interfere in business as little as possible
Thomas Edison
electricity
mass production
made new products much more affordable
the telegraph and the telephone