Industrialization (late 1800s - early 1900s) Flashcards
What are some of the main causes for industrial growth?
- Increasing population
- Advancements in transport and communication
- New sources of energy
- Rising corporations
- Open immigration policy
What did a revolution in agriculture do?
Increase population. Production of more food = more food for people = population increase = increased demand for products = stronger economy
What are some advancements in transport?
- Canal system
- Railroads
- Automobiles
(All facilitated trade)
What are some advancements in communication?
- Telegraph
- Telephone
(Facilitated communications over long distances)
Monopolies
Large companies that controls the supply of a product or service they provide
Why was the open immigration policy important?
Increased labor = More production
Laissez-faire capitalism
The gov should not interfere in business (allowed businesses to form monopolies, use child labor, low pay, poor working conditions, selling inadequate products)
Social Darwinism
“Survival of the fittest”
- Idea that rich were rich because they deserved to be, while the poor where blamed (own fault)
- Used to justify economic inequalities
Labor Unions
Organizations of workers who united to have more power to fight bosses (caused strikes/ violences: e.g. Homestead Strike & Haymarket Riot)
Why did the Populist Party rise in 1890s?
To protect farmers who were economically hurt by railroad monopolies and corrupt banking practices.