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40 Cards in this Set
- Front
- Back
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the insustrial period in the US was from
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1865 - 1905
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the civil war period/1865 was called ...
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the take-off period
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concentration on
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millionaires, capitol, investment, banks spreading $$$$
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readily available capitol was called
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liquid capitol
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immigrants came from
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SE europe (The New Immigration)
i.e. italians,, greeks, slovaks, slavs, serbs |
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we started lots of .... and use a lot of...
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factories, natural resources (coal, iron)
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we had a lot of...
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technological inventions (crack oil for kerosene lamps)
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Bessemer
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took iron x made steel in mass quantities
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Edison
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research x development, assembly line for invention, think until solve problems
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corporation
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new x improved joint stock company, partnership businesses
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corporations dominate bc
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they won't fall if someone dies, stockholders, limited liability, friendly atmosphere, admiration of $$$
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government was ... towards businesses
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friendly, no taxes x regulations (bc money controlled the gov, strikes were illegal)
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Herbert Spencer
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Social darwinism
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Social Darwinism
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adopted darwinism to human society x it becomes extremely popular after the civ war
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Gentlemen's Agreements
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eliminated competition, were illegal, caused prices to go down
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gentlemen's agreements were
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written formally by lawyers, but couldnt be enforced bc illegal
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trust
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trustee reps company, you're trustor, board of trustees makes decisions x effect, run all companies and therefore have one giant company (i.e. Rockefeller's "Standard Oil")
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Trusts lasted until
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Anti-Trust laws were passed
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Holding Company
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no purpose but to buy x hold stock in other companies, influence business decisions in other companies through stock
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HoCos were allowed bc
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competition produces a winner and americans love winners i.e. Rockefeller
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Rockefeller used a
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horizontal combination (monopoly through having all of something, control of product x profit)
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Carnegy used a
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vertical combination (complete control of something from ground to door x exchange for momey) controllee costs independence, undercut competitors
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Rockefeller
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middle class,,, native american, OH boy, dad has whole other fam in canada,, leaves for them (travelling salesman), Rockefeller becomes man of the house
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Rockefeller needed a
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new field to invest into, so dad gave him a 1k loan (repaid w interest) and he started a small general store (dime store) during civ war
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Drake drilled first oil near
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Cleveland, W. Penn, shipped it to cleveland to be refined.. Rockefeller incests x buys 30 refineries x is v relentless
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after buying oil refineries, rockefeller lowers
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transportation cists x prices, getd railroad rebates on shipping, secret rebate through South Shore bc they need to fill cars, he drops prices, they go out of business, he buys them all up, has a monopoly
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John Archibold
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convinces 8 remaining refineries (not in Standard Oil) to join ACME oil, they do so, ACME is a subsidary of Standard x Arch is VP of Standard
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Rockefeller feels as if he
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has done good by monopolizing the oil companies, but is looked at by some as a robber barron, hired a PR Firm to fix his image
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Rockefeller was
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major philanthropist, estab. UofChicago,, v religious, deacon of church, public service = important
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Carnegie
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scottish, started as bobbin boy, ends up telegraph line slinger, telegrsph operator in pittsburg, secretary for RR owner, gets on ground floor of steel industry in pittsburg
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Carnegie never
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sells stock, forms corp., gets capitol like everyone else. he forms a partnership x gets 40 partnes to form steel industry
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carnegie feels
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$$ should be used to help people
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carnegie never makes more than
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25% of america's steel, just runs process, employs management, has someone else shoot strikers,, believes dying rich = dying disgraced
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carnegie gives $$
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to JP Morgannx fam, their bank buys steel mill for 440 mill, makes it a corp., sells to stockholders, capitolizes at $1bill+,, dominates world steel
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US steel dominates, makes lots of $$, then carnegie
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starts giving away $$ (Carnegie tech, libraries everywhere, carnegie hall), tries to increase literacy
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meat packing industry grows
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rather informally, 4 companies: Armour (efficient), Swift (refridgerated), other two not as important
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cows are
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auctioned by farmers
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moresoldiers die from
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bad beef than wounds
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moresoldiers die from
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bad beef than wounds
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industrialization led to
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urbanization (moving to cities w jobs)
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