Economic developments in the years 1890-1912 Flashcards
Facts to show the continued development of trusts and monopolies
By 1904, the largest 4% of US companies produced 57% of the total industry of the USA
Example of the continued development of truss and monopolies
The firm of Dupont controlled 85% of the nation’s electric power.
Facts to show the continued expansion of the oil and steel industry
Iron production rose from 920,000 tons in 1860 to 10.3 million ton by 1900.
How did the Depression of 1893 come about?
When Reading Railroad declare bankruptcy, which led to 24 businesses failed per day in May 1893 alone
The effect of the Depression of 1893
It was a 4 year depression in which 15,000 companies and 600 banks closed and the national unemployment rate approached 20%
How long did the Depression of 1893 last for?
Till 1897
Why was their agricultural discontent?
Farmers in the South and West did not share the prosperity and expansion experienced by industry.
Problems for farmers
• Where did it come about
Many farmers relied on loans to get them through the farming year.
Explanation for the problem of loan farmers faced
Falling agricultural prices and higher prices charged fro grain storage and transportation meant less income for repaying loans.
The Farming community and its influence upon Populism
The Farmers’ Alliances created unity through co-operation and mutual self-respect.
Implication of the Farmers’ Alliance
These Alliances led to the Populist Party and support for the Democrats in the presidential election of 1869
What did the American Federation of Labour do in 1885
It tried to bring about better working condition and better wages with its main weapon being strike action.
What was the aim of the American Federation of Labour in 1885
It aimed to encourage mutual support between unions
Trade Unions
• Facts on strikes
In 1886, there were 1,400 strikes involving 500,000 members.
The Pittsburgh steelworks’ strike of 1892
• How did it come about
Caregie’s Homestead Steelworks plant manager cut wages in 1892 and refused to accept union negotiation.
