Economic Growth Flashcards
when was the first transcontinental railway built?
1869
how many km of track was laid between 1868 and 1873?
53,000km
what happened in 1873 that caused a depression?
a crash in the stock market
By ____ the New York Stock Exchange had become the ______ largest in the world
1890
second
during the booming years, how much did Vanderbilt’s fortune swell to?
$100 million
__________’s standard oil company controlled __% of the world’s oil refining
Rockefeller
85
How much money did Rockefeller give away and to who?
$550 million to medicine and African American education institutions
how much did the annual American Steel production grow between 1875 - 1900
59,640,000 tons from 360,000 tons in 1875 to 60 million in 1900
What English process did Carnegie introduce to American Steel making?
the Bessemer process
what is vertical intergration
controlling the entire process (e.g. the entire production and sale of steel)
what is horizontal integration?
buying out the competition
what types of organisations did Carnegie donate to?
schools, hospitals etc.
what did Carnegie set up?
the ‘Carnegie endowment for International Peace’
___________ was a huge contributing factor to economic growth - in 1890 __% of the labour force in manufacturing and mechanical industries were immigrants
Immigration
56
what was the growth in the nation’s wealth between 1860 and 1900
$72 billion, from $16 billion in 1860 - $88 billion in 1900
