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Section 1The Rise of Industry
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Write the Question and Answer:
What was the Homestead Act of 1862 and what was its impact?
What was the Dawes Act and what was its purpose?
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Natural Resources Lots of raw materials – water, timber, coal,
iron and copper. Many of these resources were located in the West. The settlement after the Civil War helped to accelerate Industrialization
A new resource – petroleum was just beginning to be tapped. (Kerosene)
Edwin Drake – 1859 – drilled the first oil well near Titusville, Pennsylvania. As oil production increased, it fueled economic expansion.
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A Large Workforce Between 1860 and 1910 the population
nearly tripled. Increased workforce and demand for
consumer goods. Large families and massive immigration▪ Conditions in China and Eastern Europe were
not good. 1860-1910 – 20 million immigrants
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Americans embraced the idea of laissez-faire which means ‘let do’ a French phrase that means ‘let people do as they choose’ Lack of government control. Relies on supply and demand Low taxes and low government debt
Entrepreneurs – people who risk their capital in organizing and running a business.
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For the most part the government stayed out of the way. This policy produced results other than what had been intended.
Sectional tensions between North and South early 1800s North – high tariffs and subsides South – low tariffs and promote trade
The Civil War ended this debate Republicans passed the Morrill Tariff (raised tariffs) High tariffs stayed even though they weren’t part of
Laissez-Faire. Felt they were needed.
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Bell and the Telephone Alexander Graham Bell – invented the telephone.
Revolutionized communications. Created the Bell Telephone company and later became the American Telephone and Telegraph Company (AT&T)
Edison and Electricity Thomas Alva Edison – worked to invent new
products Invented the Phonograph, lightbulb, electric
generator, battery, dictaphone, mimeograph and the motion picture.
1882 – Edison Electric Illuminating Company – new industry providing electric power to New York City.
Several of Edison companies merged into the Edison General Electric Company, which is known today as GE
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Technology’s Impact Technology became a part
of most everyone’s life. Thaddeus Lowe invented the
ice machine – basis of the refrigerator. Gustavus Swift and the refrigerated railroad car – fresh meat delivery.
Technology changed the shoe and clothing industries as well.
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Describe the concept of laissez-faire.
What is an entrepreneur? Give two examples of entrepreneurs. Who are they and what did they do?
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Chapter 9 Section 2
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By 1900 the U.S. had over 200,000 miles of rail road.
The railroad boom began in 1862 when the Pacific Railway Act was signed.
What was the name of the 2 railroads that built the transcontinental railroad?
Union Pacific & the Central Pacific ~ 10,000 workers ~ 10,000 animals 1 mile of
track
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Four merchants known as the “Big Four” invested in the Central Pacific Railroad.
Leland Stanford.(grocer)
Charley Crocker (shop owner)
Collins P. Huntington and Mark Hopkins (Hardware store owners)
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Gov. of CAU.S. Senator1885 Founded
Stanford Univ.Headed the
Central Pacific railroad
Employed tons of Chinese
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Spurred Industrial growth by linking: The Nation Railroads increased the size of markets for many products
Stimulated the economy by spending lots of money on steel, coal, timber
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Famous Railroad Consolidator
Had built the largest steam boat fleet in America
1869 – was able to offer the 1st direct rail service between New York City & Chicago
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Before the 1880s, regions set their clocks by the sun’s position in the sky.
To make rail service more safe, in 1883 the American Railway Association divided the country into 4 time zones.
What are these time zones called?
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To encourage railroad constructions the federal government gave land grants to many railroad companies. A land grant is a piece of land that is given to someone.
Railroad companies made most of their money by selling government land grants.
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Scandals created the impression that railroad entrepreneurs were robber barons, or people who looted an industry and gave nothing back.
Jay Gould – practiced “insider trading.” He used information he received as a
railroad owner to manipulate stock prices to his benefit.
James J Hill (Was NOT a robber Baron) – built & operated the Great Northern railroad from St. Paul MN to WA
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A construction company set up by several stockholders of the Union Pacific.
Scandal included many government officials.
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By 1900Big Business dominates the economy
Would be possible w/o the Corporation, the people who own the Corporation are called the Stockholders Why: Because they own ownership of that
company (AKA Stock) When people invest in these companies
they are able to sale more and produce goods more rapidly
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Even though falling prices help consumers they hurt business so . . .they pulled t/g to form POOLS AKA agreements to maintain prices at a certain level.
These were generally unpopular & did not last long
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Born in Scotland Started as a railroad
Superv. 1875 opened a steel comp.
in Pittsburgh, PA 1st to use the Bessemer
Process – a new process of making steel easy & cheaply
Known for Vertical Integration – owns all of the factors of production for its business
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John D Rockefeller is an example Combining many firms in the same
type of business (this can limit competition)
1880 John D. R – owned 90% of the oil refining industry
When a company receive control over the entire market than it becomes a Monopoly
Americans don’t like this why? . . .
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1882 Standard Oil formed the first TRUST Trust - A new way of merging businesses that did
not violate the laws a/g owning other companies Holding companies – does not produce anything
itself , it owns stock in the companies that do produce goods
Selling the Product – Advertising (90 mill per yr) flyers, magazines, bill boards, newspapers
* Department Stores emerged by 1877 – most popular was Woolworth’s, later came Macy's, Marshall Fields