Historians have labeled the years from 1870-1914 as the period of the Second Industrial Revolution. While the First Industrial Revolution caused the growth of industries, such as coal, iron, railroads and textiles, the Second Industrial Revolution witnessed the expansion of electricity, petroleum and steel.
During the years known as the Second Industrial Revolution America developed its mass production, scientific management, and managerial skills.
Large corporations , or "Trusts" , managed the manufacturing of raw materials such as coal, iron, and oil.
The "Bessemer" process for manufacturing steel lead to America's first billion dollar corporation: United States Steel.
Improvements in workflow, mass production and scientific management contributed to economic growth.