APUSH CH 17/18 NOTECARDS Flashcards
it emerged as a major force after the civil war. by then business organizations could sell stock to the public
modern corporations
limited liability
investors only risked the amount of their investments
umbrella of control over production
horizontal integration
control over all aspects of production
vertical integration
one method of organizing a horizontally integrated monopoly, created by rockefeller
trust
social darwinism
only the fittest individuals survive and flourish in the marketplace, those that failed earned their failure
gospel of wealth
(1901) work by andrew carnegie, advocated idea that with great wealth comes great responsibility to use riches to advance social progress
eastern RRs announced 10% wage cut ==> strike disrupting rail service from Baltimore to St. Louis ==> fed’l troops called out and after over 100 deaths, the strike collapsed.
railroad strike of 1877
they championed an 8 hr work day & abolition of child labor and long range economic reform. Declined & disappeared after series of striking failures.
knights of labor
association of craft unions representing skilled workers, objectives were wages, hours, and working condition
american federation of labor
strikers grouped together at a square, when police tried to disperse all of them, a bomb was thrown killing 7 and injuring 67
haymarket riot
scientific managment
employees subdviding tasks to decrease need for highly skilled workers
hewitt’s open hearth process & Bessemer and Kelly’s process of turning iron to steel ==> production of large quantities
new steel production methods
industries that grew alongside steel production
oil industry and transportation
need to lubricate mill machines for steel industry helped it grow
oil industry growth
railroads used steel for parts and transported it. iron production soared after 40,000 miles of track were added
railroad growth
steam freighters growth steel production only possible in the great lakes region b/c freighters could carry ore on the lakes
steam freighters growth
how did railroads have an impact? railroad = creation of time zones, connected eastern trunk line to vanderbilt.
how did railroads have an impact?
how did the railroad settle western transmission
it was responsible for settle among great plains, safer + easier to travel there, and linked east to west
US v. EC Knight Co
(1985) sherman act applied only to commerce not manufacturing, power to the owners
laissez faire capitalism
government stay out, businesses lead by invisible hand and law of supply and demand
why’d US become a leading industrial power
natural resources, govt policies protecting businesses, labor saving tech, plentiful capitol, abundant labor force supply ( immigrants), growing population and transport advances ( population could be mobilized )
push and pull concept
push: other countries had displaced farmers,, overcrowding + unemployment in Eur, and religious persecution.
pull: US reputation for political/ religious freedom, economic opportunities, abundances of land and jobs
