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47 Cards in this Set
- Front
- Back
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Causes of Industrial Growth |
Railroads Inventions Natural Resources Capital Human Labor |
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Gross National Product (GNP) |
Total value of goods and services produced by a country in a year |
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Alexander Graham Bell |
Invented the Telephone |
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Thomas Alva Edison |
Worked under JPMorgan to create the first light bulb, AD direct current, fired Tesla |
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Impact of Technology |
New Labor Laws, transportation, agriculture, electricity and steel, economic, social, political and environmental consequences on the United States and the world. |
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Laissez-Faire |
Policy that government should not interfere in the economy |
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Entrepreneurs |
Person who takes business risks for profit |
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Pacific Railway Act |
Rail lines from Chicago would extend to Omaha, Nebraska Authorized 2 companies to build Omaha to Sacramento (1,700 miles) Cost: 100 million dollars |
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Grenville Dodge and the Union Pacific |
Stated in Omaha Nebraska, built west Engineered By Union General Grenville Dodge Crews: Irish Civil War soldiers African Americans Germans Mexican English Native American Faced illnesses from dietary and weather conditions Laid total 1,000 miles of track down |
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Theodore Judah and the Central Pacific |
Built eastward from Sacramento Contracted to build 150 miles Engineered by Theodore Judah |
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Immigrant Labor |
Approximately 25 million Europeans came to the Unites States ( New Immigrants) Italy Greece Austria - Hungary Russia Increased immigration from China and Japan Processed at Angel Island (San Francisco Bay) Employed as Railroad and construction workers Merchants Small business owners Eventually, the company central pacific railroad hired up to 12,000 chinese immigrants Thought to be too “puny” for the labor Very strong work ethic Worked about 1$ a day Healthier and more sanitary Ate seafood and vegetables Drank tea Crossed sierra Nevada Mountains Majority passed through Ellis Island |
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Promontory Summit, Utah |
Transcontinental Railroad completed May 10, 1869 |
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Cornelius Vanderbilt and the NY Railroads |
He sold all of his ships and invests everything he has into railroads Becomes richest man in America Buys everything he can of the other railroad companies Creates largest single rail company in America Builds the Grand Central Depot (Biggest building in NYC and biggest train station in the country |
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Time Zones |
Region that keeps the same standard time |
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Land Grants |
Free land given to railroads |
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Corporations |
Organization owned by many people |
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Stock |
Shares of ownership |
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Economies of Scale |
Reduction in cost of a good brought about by increased size of a production facility |
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Types of Business Organizations |
Proprietorships and Corporations |
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Proprietorships |
a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. |
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Pools |
Group sharing in some activity |
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Andrew Carnegie and the Steel Industry |
He works as an assistant to Tom Scott who owned a railroad company as a kid Tom Scott quickly advanced him through the ranks 24 he is manager of the company Works closely with Scott on expansion west Builds the first steel bridge that is longer than any before and more stable than any before He invested in the steel industry and steel mills Spends money to build a steel bridge With new plant Carnage can supply as much steel as the country needs |
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Vertical Integration |
Combining companies that supply equipment and services for a particular industry |
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Horizontal Integration |
Combining competing firms into one corporation |
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John D. Rockefeller and the Oil Industry |
Relises oil has potential to change the world He wants refine oil Invests everything he has into buiding a refinery Is not doing well until he Makes a deal with Vanderbilt to suppy 60 barrels a day which is much more than he could handle He created standard oil quiets fears of oil and becomes most sought after company in the country. WIth railroads he can get his oil anywhere in the country He buys out his competitors of standard oil He wants to own any refinery in the country Controls 90% of North American oil , at 33 most powerful man in the country, completes first monopoly in country Pipeline that took railroads out of oil industry |
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Monopoly |
Total control of an industry by a person or company |
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Trust |
Combination of firms or corporations formed by legal agreement, especially to reduce competition |
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J.P. Morgan and Investment Banking |
banking industry Taking failing companies and buying them and making them profitable Worked with his father Julius Morgan in the House of Morgan Investing in the light bulb and electricity Made his home first private residence in the world to be lit by electricity Invests everything in electricity Funds 83 million dollars to Thomas Edison starting a company Lit up half of Manhattan |
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Holding Company |
Company whose primary business is owning a controlling share of stock in other companies |
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Economic Deflation |
a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% |
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Trade Unions |
An organization of workers with the same skills |
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Industrial Unions |
Organization of common laborers in a particular industry |
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Blacklist |
A group of people identified as troublemakers |
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Lockouts |
A company tool to fight union demands by refusing to allow employees to enter its facilities |
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The Great Railroad Strike (1877) |
Panic of 1973 caused a severe recession July 1877 Baltimore and Ohio railroads announced a third rase cutIn Martinsburg WV, workers walked off the job and blocked the tracks 2/3rds of the nation's railways shut down 80,000 workers went on strike Equipment was smashed Tracks were torn RR service blocked in New York, Baltimore, Pittsburg, st louis and Chicago. Governors called out militias, which led to gun battle Wages went back to before the cut |
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The Knights of Labor and Terrance Powderly |
Terrance Powderly- Organized workers into one big brotherhood, “Injury to one is a concern to all” Founded in 1869 in Philadelphia Over 700,000 members in 1885 |
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The Knights of Labor and Terrance Powderly goals |
8 hour workday Abolition of child labor Improved safety in factories Equal pay for men and women Workers compensation Cooperatively run workshops/stores |
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Arbitration |
Letting an impartial outsider settle a dispute |
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The Haymarket Riot |
Chicago on May 4, 1886 3,000 demonstrators gathered to hear speeches Police attempted to break up the assembly Bomb thrown killing a police officer and wounded 6 others Ensuing gunfight led to 100 injuries, 8 arrests and 4 executions |
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The Homestead Strike |
Andrew carnegie Home steel Mill - Homestead, PA Managed and run by Henry CLay Frick Workers belonged to the Amalgamated Association of Iron, Steel and Ton Workers Largest craft union in the country Frick proposed a 20% wage cut to break the union and proceeded to lock employees out workers picket and try to stop scabs from entering Hired Pinkerton Agents to bring in replacement workers 14 hours of gunfire ensued killing several Pinkertons and strikers Government called for militia to take control Strike collapsed following an assassination attempt on Frick |
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The Pullman Strike |
his laborers went on strike to get better wages and less working hours Pullman created over 2,000 Pullman model cars, which were valued as high end cars for Americans. |
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Anarchism |
belief in the abolition of all government and the organization of society on a voluntary, cooperative basis without recourse to force or compulsion. |
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Socialism |
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
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Injunction |
A formal court order |
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American Federation of Labor and Samuel Gompers |
First enduring national labor union president Samuel Gompers President from 1886-1924 Former head of Cigar maker union Believed in organizing skilled craft workers Discouraged an alliance with the Knights of Labor Advocated for closed shops Most employers ran open shops Workers should pay union Believed in closed shop |
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Eugene V. Debs |
Resented Gompers and the AFL for not assisting in the Pullman Strike Became the socialist leader in the United States Helped form the Socialist Party of America (SPA) Delivered “Liberty” speech to a Chicago crowd of approximately 100,000 Ran for President of the US 5 times Won 6% of the vote in 1912 Received over 1,000,000 votes in 1920, while he was imprisoned for speaking out against WWI |
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Lawrence Textile Mills Strike |
The Lawrence textile strike was a strike of immigrant workers in Lawrence, Massachusetts in 1912 led by the Industrial Workers of the World (IWW)prompted by a two-hour pay cut corresponding to a new law shortening the workweek, the strike spread rapidly through the town, growing to more than twenty thousand workers and involving nearly every mill in Lawrence |
