Unit 5 History. Flashcards
What were the contributing factors to farmers going into debt?
The railroad industry expanding too quickly to make a profit and thus raising the shipping costs, unfit weather conditions, costly machinery, the decrease of wheat prices and high interest loans.
What was the Grange and when was it founded?
A group that educated farmers on the most ideal agricultural practices and techniques whilst lobbying the federal government to regulate the shipping rates of the railroads. It was founded in 1867.
What were the Farmers’ Alliances?
A group dedicated to informing farmers, and other folk, about the banks at the time’s unfair high interest rates and unjust railroad practices.
Define Populism.
A movement consisting of common folk.
What was the Populist Party, what is its other name and when was it established?
Also known as The People’s Party, it was the political voice for farmers and other common folk that influenced our current Democratic party. It was established in 1892.
What was the Omaha Platform?
Populist Goals consisting of the following: increasing money in circulation as to raise the prices of goods, graduate income tax and have the government own the railroads to fight off high expenses.
Define Industrialization.
The development of industries for the mechanical mass production of goods.
What was the nickname for oil at the time?
Black gold.
Explain the Bessemer process.
The process of making steel by injecting air into iron to eradicate carbon and impurities.
Name the four uses of steel during the late 19th century.
Transportation system material, barbed wire, agricultural tools and architecture.
True or false: industrialization improved the standard of living for employees.
True.
True or false: industrialization did not decrease human worth.
False.
What was the purpose of establishing “railroad time”?
To standardizing both shipping and receiving times.
Define Vertical Integration.
The owning of all the steps to producing and selling a good.
Define Horizontal Integration.
The owning of all of the companies that manufacture a specific good.