1.2 Growth Of The American Economy 1890-1919

Question 0

What is the difference between federal and state taxes

Answer 0

Federal tax Affects all states. State tax is tax on state level

Question 1

Where does the government get it’s money

Answer 1

From taxes

Question 2

What is a tariff

Answer 2

Tax on trade

Question 3

What is protectionism

Answer 3

Using high tariffs to force Americans to buy your goods

Question 4

What is free trade

Answer 4

No regulations/no tariffs

Question 5

What is inflation

Answer 5

Prices increase value of currency goes down

Question 6

What is meant by laissez faire

Answer 6

No government involvement businesses left alone

Question 7

What is a trade union

Answer 7

Group of workers that come together to fight for their rights

Question 8

What is a trust

Answer 8

A collection of businesses which come together to fix prices and crush competition

Question 9

What is the difference between agriculture and industry

Answer 9

Agriculture is farming

Industry is manufacturing

Question 10

What is meant by production

Answer 10

Things produced by country

Question 11

What is GDP

Answer 11

How rich your country is

Bigger number-more money

Question 12

Who supported the democrats

Answer 12

Trade unions
Farmers
Solid south
Dixiecrats

Question 13

Who supported the republicans

Answer 13

Big businesses
Religious
Imperialists
Black vote
Support good standard

Question 14

What was the American GDP in 1890 and 1914

Answer 14

In 1890 it was $15 billion

In 1914 it was $37 billion

Question 15

What factors contributed to Americas growth in economy

Answer 15

Workforce 
Government
Investment capital
Raw materials
Cultural attitudes
Communications
Markets
Industrial organisation

Question 16

How did the workforce contribute to Americas rising economy

Answer 16

With rising population and mass immigration there were plenty of people to work in the cities

Question 17

What is the evidence that the workforce helped boost Americas economy

Answer 17

1890-62 million
1910- 92 million
1890 1 million immigrants enter america every year

Question 18

What was Harrison’s policies and the effects of them

Answer 18

Silver purchase act 1890- promised to buy 4.5 million ounces of silver a month which would help mine owners stay in business
McKinley tariff act 1890- put tariffs as high as 49.5%, very important act as it protected American Manufacturing
Sherman anti trust act 1890- made trusts illegal government did little to enforce

Question 19

What was clevelands policies and effects

Answer 19

Silver purchase act: appealed against this
Bought gold in Pullman strike- borrowed $62 million from bankers. They earned $1.5 million but it made the government look as though it was helping the big businesses and Wall Street
1893 depression- blamed for not reacting faster to gold crisis and resulting panic

Question 20

What was McKinleys policies and effects

Answer 20

Open door policy 1900- through Secretary of State John Hay China became open to trade with all major imperial powers allowing the USA to maintain the profitable markets there without conflict

Question 21

What were Roosevelt (Theodore) policies and the effects

Answer 21

1902-1903 forced miners and mine owners to come to the White House for arbitration- gave workers 10% wage increase
Sherman anti trust act- doubled numbers prosecuted to 24
Hepburn act 1906- gave government control over rates railroad companies could charge customers. However big businesses retained much of its power

Question 22

What were Taft’s policies and the effects

Answer 22

Sherman anti trust act- prosecuted Rockefeller’s standard oil and American tobacco

Question 23

What were Wilson’s policies and effects

Answer 23

Clayton anti trust act 1914- protected trade unions making strikes legal
Underwood tariff act 1913- reduced tariffs on more than 1000 products and abolished it on others making goods cheaper to buy. Tariff increase on luxury items. Introduced graduated income tax
Federal reserve board- controlled the money supply which helps keep prices stable
Federal farm loan act 1916- gave low cost federal loans to farmers

Question 24

What was the homestead strike?

Answer 24

1892- rolled steel drops worth from $35 gross ton to $22 in 1892
Frick (Carnegie’s right hand man) cuts wages of 1,100 men
Unions protest and gain no support from Carnegie
Strike behind, Frick hires Pinkerton strike beaters to crush the union
14 hours of gunfire 12 dead
Strike collapses after 4 months
160 strikes charged none sentenced

Question 25

What was the Pullman strike

Answer 25

1894- george Pullman president of Pullman Palace Car Company cut wages of his workers
American railroad Union called a strike starting Chicago and spreading to 27 states
At its height 250,000 workers involved in strike
Cleveland sent troops to end the strike bringing violence and questions around the presidents decision
13 killed
57 wounded
One night. 6000 did $340000 property damage
Eugene debs leader of union faced trial

Question 26

Who was John D Rockefeller?

Answer 26

founded standard oil
Forced to close as part of Sherman anti trust act
Worth $200 million

Question 27

Who was J P Morgan?

Answer 27

Banker

1893 the government turns to him to help get america out of the depression

Question 28

Who was Andrew Carnegie

Answer 28

Co founded Carnegie steel
Vertical in America
Richest man in modern times

Question 29

Who was Leland Stanford

Answer 29

Created central Pacific railroad

Made $54 million from railroads