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The Gilded Age
Transcript of The Gilded Age
Reactions Industrial Revolution Railroad practices Society becomes urbanized! Machinery, factories, and mass production Late 18th and early 19th Century People move to cities Increased volume of manufactured goods grim unemployment poor living conditions Increased Use of natural Resources Iron Coal Grangers were entirely opposed to the monopolistic practices of railroads, such as rebates for big business with returning interests, or cheaper rates for long distance hauling instead of short distances hauling. Railroads: Public Utilities? Granger Movement The Granger movement was a coalition of US farmers who joined together to fight big business in benefit to farmers. Oliver Hudson Kelly was the individual behind movement, also formed the Patrons of Husbandry, main group behind movement in 1867. Transcontinental Railroad Factories need more materials to produce manufactured products - need more natural resources Construction Began in 1862 Chartered the Union Pacific and the Central Pacific Railway Companies Build Railroad to
connect the east and
the west Sacramento, California to Omaha, Nebraska Completed on May 10, 1869 at Promontory, Utah Inventors and Inventions Samuel F. B. Morse Henry Bessemer Alexander Graham Bell Thomas Alva Edison Big Business Bloc Voting In order to prevent big business from becoming monopolies, The Government absorbed them into public utilities. EX. Lights, Water, RAILROADS! Munn VS Illinois Bloc Voting Devolped in the Gilded age. This was the concept of voting as a group, or the majority gets the entire votes. Examples are present in current presidential elections Wabash Case 1877- Midwestern Farmers upset with the high rates they had to pay with Railroad Companies. Courts found in favor of the farmers, causing Illinois to change laws to set maximum rates for Railroads to be able to charge. Interstate Commerce Act Wabash Railroad VS Illinois (1886) was the Railroad's objection to the Munn's ruling, claiming that one state could not regulate interstate commerce. The Court agreed, Citing Gibbons Vs Ogden. In response to lack of state power to control railroads, US Government passed the Interstate Commerce Act.(1887) Act forced railroads to be "fair and just" as well as publicly post their rates without being able to change them. Sherman Antitrust Act (1890) Also passed similar act. SAA was an act designed by Congressman John Sherman of Ohio. Act was designed to limit monopolies in big business, or more so limit anti competition actions. Unionism Unions also became extremely important to industrial workers. Workers now, with the help of unions, had COLLECTIVE BARGAINING, bargaining for career benefits based on their experience, education level and time put in with a specific company. Knights of Labor American Federation of Labor The Knights of Labor were a union founded by Uriah S. Stephens in Philadelphia. The group was dedicated to solving wide interest problems, instead of being dedicated to direct problems. They accepted a large group of people, including blacks, immigrants and women. There main objective was to improve the wage system. Laissez-Faire Capitalism When the Knights reputation was destroyed by the Haymarket Riot, The American Federation of Labor (AFL) stepped in. This Union, lead by Adolph Strasser and Samuel Gompers, was more intune to the needs of the workers instead of trying to improve abstract goals. They had a million members by 1901. International Ladies' Garment Workers Union Economic environment Transactions between private parties - untaxed Enforced monopolies Enough government to protect property rights Ruled the era of
industrialism The ILG was a union founded in 1900 by New York City by several smaller unions. The Union, the first of its kind with a majority of female members, was primarily intended for skilled workers, which did not set well with most immigrants. Immigration Nativism Forms of Business Organization The Wealth of Nations With an influx of immigrants entering the US, many people were initially alarmed. Immigrants fresh off the boat were more likely to submit top working conditions someone who had been in the country for awhile wouldnt, and immigrants were then a threat to the Know Nothing Party. Out of these issues spawned Nativism, the idea of limiting immigrants. Know Nothing Party The Know Nothing Party was an Anti-Immigration and especially Anti-Roman Catholic Political Party during the 1840's. Chinese Exclusion Act of 1882 By Dec. 3, 1855, 43 members of congress were members of the KNP. By Adam Smith National Origins Acts (1924,1929) The Chinese Exclusion Act was the first major law limiting immigration. The law limited Chinese immigration for ten years, as well as preventing chinese people in the US from becoming citizens. Written in 1776 Established Economics
as an area of study First major work in
the science of economics Main point - property rights Need laws to protect essential rights National Origins Acts limited the immigration of all Southern and Eastern Europeans. This prevented almost all asians and non-white people from entering the US. The Act drastically lowered the amount of immigrants allowed in the US at any time. "Melting Pot" Theory Assimilation The Melting Pot Theory is the belief that as Immigrants come to the US, the bring with them their own beliefs, some of which they keep, and these and them are added to society. These beliefs are then added to the overall belief of the American Dream/Society "Salad-Bowl" Theory Cultural Assimilation is the process of introduction in which two groups merged together, the first one forgetting their original customs and traditions to fit in with the second group. The salad bowl theory is the belief that cultures, when they are mixed together, can exist in unison with each other, but do not mix into one giant culture. Urbanization Negative Effects of Urbanization Health Housing Political Machines New Technologies Cultural Benefits With Urbanization came new technologies such as elevators, skyscrapers, street lighting and water and sewage systems. This innovations made jobs easier, improved living conditions in ghettos, and also made industry more effective. Benefits to overall society were also added, such as museums to hold ever changing art, theaters to watch plays in, parks to waste time in outdoors, libraries and education to promote knowledge and competence. Puritan Work Ethic Social Darwinism The Puritan or the Protestant work ethic is a concept that emphasizes hard work, frugality, and prosperity as a display of a persons salvation in the Christian Faith. Monopoly Only supplier of a certain
commodity Lack of economic competition Able to raise price of goods
at consent of the business Social Darwinism was the belief that the strongest business or person would survive/thrive, and that the weaker business or person would fail/live in poverty. Examples - Carnegie Steel, Rockefeller Oil Unions often striked to achieve goals Conglomerate Two or more corporations John Sherman, leader of the Sherman Antitrust Act Engaged in completely different
businesses Fall under same corporate group Parent group
Subsidiaries Multi-industry company Pool Corporations combine, join forces Business concentration Companies often cheated Agreed on a set price of goods Broken up by Commerce Act of 1887 Trust LARGE business Ex. Standard Oil (Rockefeller) Legal way to consolidate power Used by American Enterprise Company or firm that
owns another companies'
outstanding stock ___CHROME_BUG___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 Holding Company Purpose: Own the stocks of another company Reduction of risk for
owners Allows ownership of many companies Entrepreneurs Changing the way business is done Andrew Carnegie Scottish American
Industrialist Led expansion of
steel industry Huge philanthropist (giver) John D. Rockefeller Industrialist and Philanthropist Founded Standard Oil Company
(First Great Business U.S. Trust) Invested in many areas
with moneys - founded
University of Chicago J. Pierpont Morgan Financed Railroads Organized General Electric Stabilized American financial
market Had vast art collection Jay Gould Railroad Developer
and Speculator Archetypal Robber Barron 9th richest man in American history Henry Ford Railroads were influential to the Gilded Age, but came with downsides. Industrialist Founded Ford Motor Company Main achievement-
use of the assembly line Conspicuous Consumption Purchase of goods to display
economic power Coined by Thorstein Veblen Philanthropy Rich look to give back Often spent on arts, education Too many people flock to cities Not enough housing Overcrowding Slums Tenements Poor living conditions lead to poor health Disease everywhere No sanitation measures Tammany Hall New York Political organization Founded in 1786, inc. May 12,1789 Controlled New York City Graft Form of political corruption Negative use of a politician's
authority for personal gain Positive Effects of
Urbanization Philosophies Theories of Immigration Oil English Engineer Inventor of the new process
for the manufacturing
of steel Businessman American Phonograph Motion picture
camera Long lasting
practical light bulb American Single wire
telegraph system Morse Code Scientist Engineer First Practical