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Triumph of Industry
Transcript of Triumph of Industry
The Triumph of Industry
How did industrialization and new technology affect the economy and society?
Technology and Industrial growth
linking the nation
help to spur growth
Rise of Big Business
Work was monotonous and repetitive
unhealthy and unsafe
Industry brought high standard of living
American Federation of Labor
Now found out west they could be transported back east at a low price.
could be used as kerosene
Edwin Drake-1st oil well in
People (20 million)
provided large workforce
for factories and consumer for
people wanted it controlled by supply and demand
invest money in a product or enterprise in order to make a profit.
many had money saved and started factories or railroads.
Europeans also invested in American industries.
Laissez-faire- allowed business to operate under minimal government regulation.
Intended to help American businesses.
It made imports more expensive and provided land grants. It also hurt industries who exported.
Farmers were most affected many left farm and went to cities for jobs.
By 1900s many American businesses were big enough to compete with foreign industries.
Lincoln signed the Pacific Railway Act helping to led to the building of the Transcontinental RR
Grenville Dodge (Union Pacific) built from the east starting in Omaha, Nebraska
Four Merchants invested (Central Pacific) built from west.
Leland Stanford-one of the investors made a huge fortune.
immigrants-Chinnese and Irish
saw opportunities to make money by consolidating short lines into one. From New York to Chicago
to help make rail service more reliable the
American Railway Association divided the
country into four time zones.
Long-distance travel faster
Powerful locomotives made it
more efficient and less expensive.
Help to unite people
Railroads sold land to
and bribed way to millions
James J Hill
shipped both ways
treated as one but
owned by stockholders
complete control of a product or service
Companies place under control of a board
in order to form a
Economies of Scale
by spreading out the cost companies could invest and make goods cheaper and quicker
(cc) photo by medhead on Flickr
many felt corporations drove small businesses out of business
holding and trust
Now with lots of cheap products companies found ways to sell in one location.
Billboards and catalogs
Edison-Phonograph and light bulb
Henry Bessemer-Bessemer process
standard sizes in shoes
standard in living
Companies didn't like unions
tried contracts, black list and lockouts
rise in the value of money
prices fall-employees buy more
companies make less-decrease wages
had special skills
represented all craft workers and
common laborers in
conflict between owners and employees
government take over and distribute evenly
government not necessary
took hold in Europe
Companies cut wages
workers left jobs and turn
to violence. Gun battles broke
out, militia's sent in
Hays ordered army to open RR
Knights of Labor
Open to all jobs
first nationwide industrial union
8-hr work day
equal pay for women
end child labor
Nation wide Strike
American Railway Union
Eugene V. Debs
Pullman Palace Car
more women began working in different jobs. they also formed unions.
Women's Trade Union League
from mom and pop to malls
John D. Rockefeller
Write what each inventions is, who invented and how it impacted the nation.
exclusive right to develop, use, an sell an invention for a set period of time.
made wealth in banking
invested in research labs
- survival of fittest
- Oversee Railroad operations
Sherman Antitrust Act
- law banning any trust that restrained interstate trade or commerce.
sweat shops-long days, little pay, children, bad conditions, bad bosses
Company towns-owned by factory, company store, segregated
grew up modest family
made wealth in Oil-Standard oil
used Horizontal and Vertical integration
Tithe 10 % from every paycheck
Born poor in Scotland - Rags to Riches
Invest in Iron-figures out it is a weak product
Invest in invention of Bessemer Process- made steel cheaper and faster
Wrote "Wealth" refers to "Gospel of Wealth" Those who have much must give much.
Gave away millions-built libraries
Horizontal Integration- buy up all competition to create one company.
Vertical integration-own everything it takes to make product.
Closed-not open to every job
NO women or African Americans
May 4, 1886
Chicago-Nationwide strike that turns to a riot. 8 Anarchists arrested (immigrants) 4 hung, 3 released, 1 committed suicide
Carnegie steel plant cuts workers wages, workers go on strike.
Frick and Pinkertons help turn it to a riot. Public opinion turns against Unions.
Steel workers lose power
Pullman Strike-May 11, 1894
Pullman Palace car workers go on strike seek help from Eugene V. Debs, all RR workers go on strike. Stops all transportation including mail. President steps in to help end.