Economic Growth (unfinished) Flashcards
When was the first transcontinental railway built?
1869
Where was the first transcontinental railway built to and from and how long did it take?
From New York to San Francisco took 6 days instead of 6 months
Between 1865-1890 how many miles of track was added to the railroads?
170,000 miles
When was there in a crash in the stock market and what did this cause?
1873 stock market crash caused a depression
By 1890, where was the New York stock exchange in terms of global ranking?
Second largest in the world
What did Vanderbilt’s fortune swell to during the boom years?
$100 million, died the richest man in America
What % of the world’s oil refining did Rockerfeller’s Standard Oil company control?
85%
How much money did Rockefeller give away to medicine and African American education institutions?
$550 million
What did American Steel production amount to in 1875 compared to in 1900?
1875: 360,000 1900: 60 million
What processes did Carnegie introduce to steel making?
Bessemer process and vertical integration
What did Carnegie donate to and what did he set up?
Donated to schools, hospitals etc. and set up the Carnegie Endowment for International Peace
In 1890 what % of the labour force was immigrants? What did this mean?
56%, immigration was a huge contributing factor to economic growth
What was the nation’s wealth in 1860 compared to 1900?
1860: $16 billion 1900: $88 billion
Who was JP Morgan?
American financier who dominated corporate finance on Wall Street and almost all US companies had some financing from Morgan in the Gilded Age
What is an example of JP Morgan’s financial power?
Helped bail out the government in 1893 depression
