Term
| 2nd Industrialization Revolution |
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Definition
1870-1900
-Man-made to mass produce-rural to urban |
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Term
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Definition
Natural Resources (power sources)
Labor
Capitol (business structures)
Inventions/Entrepreneurs
Governmental Support |
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Term
| Resources needed for IR (3) |
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Definition
1. Oil (Drake)- ingredient for making kerosene. Was not valuable until the invention of the internal combustion engine
2. Iron Ore (Bessemer)- MN- Mesabi Range-main ingredient in the production of steel.
3. Coal- WVA, PA, Ohio- used to power steam engines
(coal and Iron ore foundin Pittsburg/Great Lakes) |
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Term
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Definition
Oil Well/Drill-Drake
Bessemer converter- steel fro iron
Edison- Lightbulb, phonograph, kinoscope, research lab, power plant
D.C. current- Westinghouse (A.C.)
Toilet
Elevator- Otis- Safety Break
Skyscraper- Wm Lebron Jenney- Lois Sullivan
Assembly Line- Henry Ford- Model T Car
Camera: Eastman |
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Term
| Inventions that allowed Women to work (3) |
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Definition
Telephone- Bell
Typewriter- Scholes
Sewing Machine- Singer |
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Term
| Inventions that decreased printing cost (3) |
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Definition
Printing-Linotype Machine- mass set type
Web-perfecting press-print on both side @same time
Wood Pulp paper |
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Term
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Definition
-Corporate, Adam Smith- man born selfish
Who owns: Private individual partners or groups/stockholders
Who makes decisions: stockholders
Who splits profits: stockholders
Adv/Disadv:wealth unevenly distributed, generates most $ |
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Term
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Definition
-Works with all gov systems- Democ, repub, monarch, total.
Who owns: Government (regulations)
Who makes decisions:Government
Who splits profits: Government
-t.s. evenly?
-if gov does not split evenly-voters change gov (democratic)
Adv/Disadv:
-gov corruption w/profits kept by gov (com party) members
-lack of productivity
-(democratic) more equal but slightly less productive |
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Term
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Definition
-(actually totalitarian socialist state), Karl Marx- F Engels, Communist Manifesto, Das Kapital tabla rosa
Who owns:Workers (unions)
Who makes decisions: workers
Who splits profits: workers- even "from each according to his ability to each according to his need"
Adv/Disadv:Potential Prob-unproductive-lacking incentive |
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Term
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Definition
expand
bonuses to CEO
dividends
buy out competitors
advertising
R and D |
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Term
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Definition
The Wealth of Nations book- Enlightenment phenomenon
- captitalism believed to be the natural law of economics |
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Term
| 3 way man's survival through goods was ensued |
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Definition
1. gov planning
2. tradition
3. market-self-interest and competition- made up the invisible hand |
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Term
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Definition
1. the goods we need
2. at a price we are willing to pay
3. in the right quantity we need
-supply/demand balance=market equilibrium
-same ideas apply to apply to wages as well as profits |
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Term
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Definition
| free market capitalism- pure form never really existed for capitalism |
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Term
| Potential Flaws of Capitalism (4) |
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Definition
1. We must be willing to pay the human/economic costs of reaching equilibrium
2. Not necessarily future oriented (connected to 1)
3. No free market (immigration laws)
4. Other factors that motivate people besides self-interest |
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Term
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Definition
although gov was supposed to break up monopolies- 4/5.
It did not in the Gilded Age.
Monopolies of two sorts developed: vertical integration and horizontal consolidation |
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Term
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Definition
A. Carnegie- Steel 80%.
Control all parts of production |
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Term
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Definition
Bought out all competition at a stage of production
-John D. Rockafeller- Standard Oil- 90% |
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Term
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Definition
In charge of all:
-prices
-quality
-labor conditions |
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Term
| Justifications of Wealth Gap (3) |
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Definition
Wealth Gap? $23 mil vs $510 yearly income
1. Science- Smith- market-natural law
-Darwin- Origin of the Species (1859)
-Herbert Spencer- Social Darwinisn-
--no gov involvement
--no protection of workers
--no aid to poor
2. Popular Culture- rags to riches- Horatio Alger "Ragged Dicks" Series-pluck & luck
3. Religion- the poor will always be with us- God rewards the righteous (on earth) |
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Term
| Labor Pool in the Gilded Age |
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Definition
Southern/Eastern Europe
Asia-China/Japan
-suspect alien, non WASP's (White-Anglo Saxon Protestant-males -pre-20th century power base in US)
Led to:
-Chinese Exclusion Act 1882
-Gentleman's agreement- limit Jap immigrants
*in a somewhat restricted "free market" vision of G.A. labor becomes a commodity in production |
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Term
| Resulting Wages and Working conditions of immutable law of the market (supply/demand) (8) |
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Definition
*labor is always affected by law of the market
6 days a wk, 12-16 hrs a day
no healthcare
no workmen's compensation
no vacation days
No sick days
No Breaks
wages:
-510/yr men
-267/ yr women
-84/yr kids-around 20% full time
death/injuries: 675/yr |
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Term
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Definition
*formed to attempt to improve wage/working conditions
Universal
Socialist
Skilled
Industry |
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Term
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Definition
all workers welcome regardless of job type
-Ex. Knights of Labor- Tennessee Powderly-accept skilled & unskilled- strikes unsuccessful |
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Term
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Definition
| only union to advocate ending capitalism- International Workers of the World (IWW the Wobblies) |
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Term
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Definition
-more difficult to replace
-AFL- Samuel Gompers
-some initial successes- wages rose-$17.5--$24 (1890-1910)
-8-10 by the end of the Progressive era
advtanges: striking more effective-tougher replace |
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Term
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Definition
ARU-Eugene Debs
-combines all workers in an industry into a union |
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Term
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Definition
Pullman- 1893- depression- '94 strike
-sleeper cars
-Pullman towns
--wages cut- 3 continuous years- but no drop in rents, ect
--Pullman strik- ARU- sympathy strike
--Federal troops used against strikes
SAA breaks up strike
Homestead Steel Strike- Steel!- Violent (cannon) |
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Term
| Sherman Anti-Trust Act (SAA) |
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Definition
-attempt to break up trusts (secret monopolies)
"illegal to conspire to restrain interstate trade"
1. business
2. gov sues strikes (court)
3. court rules union of in violation of SAA
4. court injunction
5. violation injunction arrest |
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Term
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Definition
political corruption:
-local level
--Political machine |
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Term
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Definition
Tweed-NYC
-no secret ballot
-power abused-patronage
-tax dollars-contractors (chosen by boss) overcharged city (millions) and gave machine kickbacks (graft)
--funds diverted that should have been used for public works |
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Term
| Impact of IR on agriculture |
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Definition
Acres farmed exploded-
-1607-1870- US put about 400 mil acres under plow
-1870-1900- added a second 400 mil |
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Term
| Cause of agriculture boom |
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Definition
| Mechanization and need (growing pop) |
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Term
| Specific causes of agriculture boom (3) |
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Definition
1. Railroad- over 170 mil acre granted by various gov (UK + Belgium + Spain)
2. Other Gov Action to encourage farms
-Homestead Act 1862
-Marill Land Grant Act Colleges- 1862
-Hatch Act 1867- encourages ag. tech training
-all in 1860's
3. Technologies:
-1st IR- steel plow, mechanical reaper
-2nd IR- combine-wheat bushel- 3 hours to 10 min to produce
--productivity increases 3 X
--prices drop- bushel $2 to $.68-corn
refrigerated RR car
Barbed wire- 1874- kept cattle from cops
Tin Can- allowed to ship across country |
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Term
| Results of Agriculture Boom (4) |
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Definition
1. Prices drop/productivity rises (see technologies)
2. Bank and RR power increases- natural monopoly- farmers stuck with services and prices
--Frank Norris- The Octupus-railroad screws farmer
3. Economic Depression- 1893 dropping farm prices/foreclosures
-1/4 railroads fails
-5000-6000 banks failed
-20% unemployment
-15,000 businesses failed
4. Drought- Great Plains- 50% farmers in Kansas quit |
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Term
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Definition
SAA- gov (injunctions/troops)
large labor pool/immigrants/scrabs
public opinions- (out of union control)
racism- didn't allow black members
union "classism"- skilled not with unskilled |
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Term
| Farmer's Response to IR abuses |
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Definition
4 problems-
1. RR abuse
2. Prices dropping
3. Drought
4. Banks
So they formed: farm alliances- voluntary cooperatives
--grain bins
--education-farm techniques
--shared services
The Grange- Patrons of Husbandry |
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Term
| The Grange- Patrons of Husbandry |
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Definition
Political actions:
-RR
-Banks
Passed laws- no rebates/max rebates/notification-
Granger Laws-state laws
-challenged by RR-
--1877- Munn v. Illinois- RR lost-upheld right of Illinois to pass those laws
--1886- Wabash v. Illinois- reversal- Ill cannot regulate interstate trade
1887- Interstate Commerce Commission- theoretically regulate RR |
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Term
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Definition
Wm Jennings Bryan-
-Silver Standard for money-(bimetallism)
--increase $ supply-drive up
--prices- repay bans with cheaper dollars |
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