Chapter 14-Industrialization Flashcards
How did the Civil War effect the economy
US became industrialized making the weapons of war
To leave one to do as they wish economically mean…
Laissez-faire economics
Laissez-faire economics promotes
rising gross national product (GNP)
An entrepreneur of the latter 1800s was often called…
a Captain of Industry or Robber Baron
He manipulated the stock market in the years after the Civil War
Jay Gould
He was the Robber Baron of Steel production
Andrew Canegie
Carnegie’s major steel factory was at…
Pittsburgh, Penn.
Free trade and little government interference is the basis of ___ economics
Laissez-faire economics
This was to protect American business from foreign competition in the post Civil War years.
Morrill Protective Tariff
Businesses formed ____ to control prices in a market.
pools
Another name for a monopoly is…
a trust
Large companies that sold common stock to investors were called…
corporations
A huge business can save money easier than a small business due to the ideas of…
economies of scale
These are companies that only own stocks of other companies rather than producing anything themselves. They are called…
Holding companies
Monopolies own all…
means of production for an industry
What are two types of monopolies?
Horizontal monopolies
Vertical monopolies
List the two types of costs for all businesses.
Fixed costs
Operating costs
____ owns a corporation.
stock holders
What resources did American possess that led to large industrialization following the Civil War?
Natural resources
Human resources
What are examples of human resources
population
immigrants
workers
What are three natural resources in the US following the Civil War
Coal
Oil
iron
Who drilled the first successful oil well in the US?
Drake’s oil well in Penn.
Who developed the steel making process?
Bessemer’s steel
Alexander Graham Bell invented…
telephone
Thomas Edison invented…
electric light and tons of other things
Otis invented….
safety elevator
What expanded the transportation industry following the Civil War?
Transcontinental railway network
what did the Pacific Railway Act of 1862 provide?
land grants to make a transcontinental railroad system
Who led the Central Pacific Railway Co.
Judah
Who led building the Union Pacific Railroad
Grennville Dodge
Who was the owner of the Great Northern Railroad?
Hill
Where did the first transcontinental railroad join the Union Pacific and Central Pacific?
Promontory Point, Utah
What did the railroad invent to keep trains on time.
the first time zones.
How did railroads improve the economy?
Building them
opening national markets for goods
Whose company made passenger cars?
Pullman Palace Car Co.
How did American businesses reach more customers in the latter 1800s?
department stores
list three department stores
Woolworths
Sears/Reubuck
Montgomery Wards
Wage cuts, layoffs, harsh working conditions, and deflation all led to the rise of…
Labor unions
value of money increases is called…
deflation
List two major labor unions in the latter 1800s.
Knight of Labor (Knights)
American Federation of Labor (AFL)
Leader of the Knights of Labor
Terrance Powderly
leader of the American Federation of Labor
Samuel Gompers
name on labor union for working ladies
Women’s Trade Union League
What three category of workers were typically not allowed to join labor unions
women
children
African Americans
list four labor strikes in the latter 1800s
Pullman strike
Great Railroad Strike of 1877
Haymarket Riot
Homestead Strike
What were the typical reaction by employers to union organizers entering their factories?
strikebreakers
blacklists
lockouts
What three group of radicals sought political answers to the working class problems?
Anarchists
Marxists
Communists
What tool did union organizers try unsuccessfully to use to address their greivances
Arbitration
What tool did more radicals encourage labor unions to use to address their grievances?
strikes
What rally became a violent riot where people were killed?
Haymarket
The Haymarket riot resulted when unions tried to strike against the ___.
McCormick Reaper Works in Chicago
Where was the Homestead strike?
Pittsburgh, Penn
How did President Hayes respond to the Great Railway Strike of 1877?
Sent in the military on the side of the railway owners saying the strike interfered with the federal mail
