history test 1 Flashcards
why did industrial revolution begin?
bc industries were huge and expensive, to raise capital
stock
- small amounts possible
- transferrable
- 1000s of ppl can buy it, which adds up
limited liability
when you invest, you’re not liable for any damage the corporation may cost
what is a corporation
legally, a corporation = a person
hierarchy of corporations
employees > CEO/management > board of directors > stockholders
vertical integration
when a company takes over all the different businesses on which it relies for its primary function
horizontal integration
when a corporation combines a number of firms engaged in the same enterprise into a single corporation (consolidation. for ex. many different railroad lines into one company. one cam buy out competitors)
monopoly
when a company takes dominating control of a section of the market//industry
holding company
central corporate body that would buy up the stock of various members and establish direct, formal ownership of them
gospel of wealth
- developed in response to social darwinism
- ppl of great wealth had not only great power but also great responsibility to use their $ for social progress
- andrew carnegie said ppl should consider any $ in excess of own needs = trust funds
lester frank ward
- civilization not governed by natural selection buy by human intelligence, which could shape society
- believed an active gov’t trying to make positive change = society’s best hope
edward bellamy
- wrote book about person who fell asleep and woke up in the yr 2000
- believed in new society created by peaceful evolutionary process: single large trust controlled by gov’t (which distributes abundance of industrial econ. equally among ppl) instead of lots of trusts
- he called it nationalism
social darwinism
- idea that ppl who succeeded deserved their success
- ppl who didn’t were bc they were lazy, stupid, etc.
- misapplication of darwinism
- appealed to leaders bc it legitimized their success
commodore vanderbilt
- consolidated large railroad companies into one
- name associated with excessive corporate power
*study IMPACT OF THE I.R. ON SOCIAL CLASSES
in notes, friday 9. 12. 14
mobility
ability of someone to move from one class to another
symbols of middle-class
- piano
- souvenir from travel
identity
- there is not only class identity, but gender, race, nationality
- tensions within a class about gender, etc.
- tried to eliminate tensions so a group could form union
school rates»_space; jobs during 1910ish
- 10% graduated from high school»_space; middle-class/white-collar jobs
- most ppl dropped out cuz higher education not necessary»_space; blue-collar/working class
molly maguires
militant labor organization in coal region that used lots of violence (sometimes instigated by owners who wanted excuse to suppress unionization)
knights of labor
- first effort to create national labor organization
- open to all
- wanted 8hr work day, abolition of cild labor
- worked on long- range reform of econ.
- died out
american federation of labor (AFL)
- large national union that consisted of lots of autonomous local unions that had their own independence and power
- focused on immediate reform
- came after knights of labor
samuel gompers
leader of AFL who focused on immediate objectives
haymarket bombing
- strike held in haymarket square
- someone through bomb that killed police
- lots of violence ensued
- ppl wanted to see punishment
- 8 scapegoats
union
workers within a single corporation united to petition for better working rights
homestead strike
- Amalgamated Association (of iron and steel workers) was powerful trade union
- demand for skilled workers declined
- they only maintained foothold in homestead plant
- henry clay friiickk kept cutting wages, union didn’t do anything bc they knew they weren’t strong enough, but finally they decided to hold a strike
- friickk called in guards (pinkerton) and hired nonunion workers
- amalgamated technically won
- after that, troops were sent in
- eventually, after a radical tried to kill friiickk, public opinion went down, they shrunk
henry clay frick
- person trying to suppress amalgamated in homestead strike
- he cut wages, which caused strike
- he brought in troops to suppress
pullman strike
- pullman palace car company had town for workers
- cut wages without reducing rent
- workers went on strike
- transportation was paralyzed bc no workers
- governor was sympathetic, didn’t call out militia
- president got involved, sent troops to chicago area
- strike quickly collapsed
role of gov’t in homestead strike
- when friickkk shut down plant, he called for guards
- they came to aid and attempted to suppress amalgamated
3 labor weaknesses
- not much solidarity bc of tensions with race, nationality, gender, etc.
- not many held permanent jobs»_space; immigrants planned to return home, a lot ppl moved from place to place
- corporate organizations had too much $ and power, had support of all levels of gov’t
*DON’T FORGET
THE FIRST PAGE, LOOK THROUGH BOOKS FOR INVENTION-Y STUFF
role of gov’t in pullman strike
- when governor refused to call militia, pres. grover cleveland got involved and ordered troop to chicago area
- fed. court issued order forbidding union to strike
- when they defied, they were arrested and imprisoned
- federal troops protected hiring of new workers after that
alexander graham bell
developed first phone with commercial capacity
impact of electrical power
improved generators, large power plants to furnish electricity to whole city, electric power become commonplace in streets, factories, offices, homes (edison and brush)
bessemer process
- process for converting iron into more durable and versatile steel
- blows air through molten iron to burn out impurities
- made possible steel use in great quantities
blast furnaces
- usually iron and steel furnaces were built into hills
- cylindrical iron shells with brick
- taller, could produce much more metal per week
new transportation systems
- new steam engines to speed unloading of ore
- emergence of railroads due to steel companies
rise of the petroleum industry
- lubrication for machines
- discovered it can be used in many products
- first oil well
- industry became big
henry ford
car??
the wright brothers
- glider that can be propelled by internal-combustion engine
- eventually began taking passengers
- commercial flight didn’t become big until much later
