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Economic Conditions & Activity of the Progressive Era
Transcript of Economic Conditions & Activity of the Progressive Era
Anti-Trust Legislation and "Trust Busting"
The United States antitrust law is a mixture of federal and state government laws, which regulates the conduct and organization of business corporations to mainly promote fair competition for the benefit of the customers. The main statutes are the Sherman Act of 1890, the Clayton Act of 1914 and the Federal Trade Commission Act of 1914. These Acts restrict the formation of cartels and prohibit other practices that are considered restraint of trade. Second, they restrict the acquisitions of organizations which lessen competition. Finally, they prohibit the creation of a monopoly.
Size of American economy (GDP), size of Stock Market
Agricultural vs. Industrialization
By: Alexa Pawela, Caroline Mott, Lauren Bolyard, Sydney Whitaker, and Kristen Lafayette
Andrew Carnegie was Scottish-American and led the steel industry. Carnegie had many partnerships. He began a steel company that expanded widely. Carnegie sold the company to J.P Morgan, a banker, for over $480 million dollars. Later J.P. Morgan told Andrew, "Mr. Carnegie, I want to congratulate you on being the richest man in the world."
He was a Socialist Party and labor organizer candidate for U.S. president five times between 1900 and 1920. Rather than by craft he advocated the organization of labor by industry. In April 1984 Deb's union conducted a successful strike for higher wages against the Great Northern Railway and his union won national prominence.
Samuel Gompers was the main leader of the labor movement. The Knights of Labor was re-organized into the American Federation of Labor in 1886. Gompers was the Founder of re-organized American Federation of Labor, and was named the Federation's President. He also supported the United States involvement in World War One and became a member of the Council of National Defense.
J.P. Morgan was born in Hartford Connecticut on April 17th. J.P. was a big help in establishing the Federate Steel Company. The Federate Steel Company was the first real challenge to the dominance of Carnegie Steel. This faced a lot of competition and war that was destructive to railroads. J.P. Morgan bought Andrew Carnegie's company for $480 million. It was newly formed as the U.S. Steel Company and became the largest corporation in the world.
John Davison Rockefeller was born on July 8, 1839 and was an American industrialist and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first major U.S. business. Rockefeller changed the petroleum industry forever and created the backbone of modern philanthropy. In 1870, he founded the Standard Oil Company and ran it until he retired in 1897 He passed away on May 23, 1937 at the age of 97.
John. D. Rockefeller
Cornelius Vanderbilt was an American industrialist and philanthropist who became rich in the shipping and railroad industries. When the California gold rush began in 1849, Vanderbilt switched from regional steamboat lines to ocean-going steamships, and once in charge of the Harlem Railroad, Vanderbilt encountered conflicts with connecting lines.He was also the patriarch of the Vanderbilt family and one of the richest Americans in history. He provided the initial fund for Vanderbilt University, which is named in his honor.
"Eugene V. Debs." Encyclopædia Britannica. Encyclopædia Britannica Online Academic Edition. Encyclopædia Britannica Inc., 2013. Web. 17 Sep. 2013. <http://www.britannica.com/EBchecked/topic/154766/Eugene-V-Debs>.
Byman, Jeremy. J.P. Morgan, Banker to a Growing Nation. Greensboro: Morgan
Reynolds, 2001. Print.
Laughlin, Rosemary. John D. Rockefeller: Oil Baron and Philanthropist.
Greensboro: Morgan Reynolds, 2001. Print.
Meltzer, Milton. The Many Lives of Andrew Carnegie. New York: Franklin Watts,
Stein, R. Conrad. The Pullman Strike and the Labor Movement in American History.
Berkeley Heights: Enslow, 2001. Print.
Whitelaw, Nancy. The Homestead Steel Strike of 1892. Greensboro: Morgan
Reynolds, 2006. Print.
Book: The Gilded Age- A History in Documents pg. 54 Knights of Labor Poster
Book: The Gilded Age- A History in Documents pg. 61 Picture of Women Working
Book: The Gilded Age- A History in Documents pg. 63 Picture of Child Labor
Book: The Many Lives of Andrew Carnegie pg.118 Mr. Carnegie, I want to congratulate you on being the richest man in the world.”
The agricultural land became industrial in the Progressive Era due to the large influence of steel. The labor in the industries tripled to about 8 million between 1880 and 1910. The immigration rates rose quickly with the rise of industrialization. Child labor was always used and the working conditions in factories were terrible. Kids under the age of 15 had to work in factories.
American society was facing some hardships with economy. In 1901 the American oil industry was formed. The oil industry had a huge impact and contributed greatly to the evolution of the U.S.’s political and economic power. It also became one of the popular employers in the U.S. labor market. A minority of people controlled the economy.
Workers usually worked seven days a week and 12 hours
a day in harsh conditions. Factories were dirty and dangerous for the workers. Most pay was only 10 cents an hour so most families were very poor. Poor families had to send their children to work so they family could earn more money. Children were sent into factories, ship yards, mills, coal mines. Labor Unions were organized to help workers to earn higher wages, set up employee benefits, lessen the working hours, and set up better working conditions. The American Federation of Labor set up strikes against businesses, and became a major part of national politics.
In 1877, the first major railroad strike was started by Baltimore and Ohio firemen after a 10% pay reduction; the strike spread to other eastern railroads, and collapsed when state and federal troops were called in. Debs lead a successful American Railway Union strike against the Great Northern in April 1894. On June 26th 1894 a boycott and accompanying strikes began and spread as General Manager's Association members discharged men who refused to handle passenger trains with Pullman cars.
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