CHAPTER 6

REVIEW OF INDUSTRIALIZATION

• Caused by what?

• Science

• Resources

• Land

• Labor

• Capital

NAME SOME INNOVATIONS FROM THIS ERA

REMEMBER

• Processes were made cheaper, safer, less time consuming

• Consumers had more purchasing power

• Quality of life made better

• Life expectancy was longer

RAILROADS

• What were some effects of the Railroads

CARNEGIE

• Stock

• Charities

• Integration

• Vertical

• Horizontal

SOCIAL DARWINISM

• What is Darwin's theory of evolution

• How does this translate to business

• Used to justify no government regulation of businesses

FEWER CONTROL MORE

• Merger – one corporation bough out the stock of another

• Monopoly – bought out all its competitors and controlled industry’s production, wages, and prices.

• Holding company – a company that only buys stock in other companies

• US Steel bought Carnegie Steel to become the largest manufacturer

• Trust – turned stock over to a group of trustees, the companies were entitled to dividends on profits earned by the trust.

• Not legal, but Rockefeller did it

ROBBER BARONS

• Had an extreme amount of wealth, but did give away a lot of that wealth for charity

• Sherman Antitrust Act – 1890 illegal to from a trust that interfered with free trade between states or with other countries

• Hard to prosecute

• Boom in the north, not the south

LABOR UNIONS

• 6/7 day work weeks, not vacation, no compensation for injuries, 12 hours or more, no unemployment.

• 675 died a week from work accidents

• AFL

• Samuel Grompers, several skilled industries banned together. Use Collective bargaining and strikes to win better pay or fewer hours

• Eugene v Debs, organized skilled and unskilled Railroad workers, in the ARU.

• IWW – allowed African Americans, only won one major strike

STRIKES

• Great strike of 1877 – B & O, President Hayes intervened and troops put it down.

• Hay Market Affair – clash between police and laborers, some died because of a bomb, lost support for the labor movement

• Homestead Strike – lost because scabs were hired

• Pullman company strike – Pres. Cleveland sent in troops, Pullman fired all the workers and blacklisted them

OTHER

• Mother Jones – led 30 mil kids to Pres Roosevelt, passed child labor laws after that.

• Triangle Shirtwaist Fire – sympathy for the laborers after all the doors were locked and 146 women died, but factory owners weren’t charged with anything

• Sherman Antitrust act used against workers