Chapter 17 - Industrial Revolution TEST 2

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Chapter 17 - Industrial Revolution TEST 2
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AMH 2020 CH17 TEST 2
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  1. Factors That Generated Industrialism?
    Abundant natural resources—rich agricultural lands, vast forests, deposits of gold, silver, minerals, coal, iron, petroleum

    Advances in science and technology 

    Capital for investment

    Cheap immigrant labor

    The coming of the railroads
  2. The inequality of the roaring capitalism of the late nineteenth century was not without critics. Farmers, workers, middle-class businessmen, and many others considered the new capitalism to be?
    A threat to their own destinies
  3. Built a powerful defense for the new corporate economy?
    The industrial titans
  4. Importance of the Railroads
    • America’s first big business
    • Generated huge demand for iron and steel Linked raw materials and factories
    • Linked factories with markets
    • Generated thousands of jobs and technological advances
  5. Function:The Construction of the Trans-Continental railroads
    • America’s first big business
    • Generated huge demand for iron and steel
    • Linked raw materials and factories
    • Linked factories with markets
    • Generated thousands of jobs and technological advances
  6. Prohibited rebates (kickbacks to shippers in return for steady traffic) and pools (agreements to divide business to avoid competition and share the profits)

    Set up Interstate Commerce Commission to enforce legislation


    Not very effective
    Interstate Commerce Act 1887
  7. Inventions and Technological Advances
    Alexander Graham Bell

    Thomas Edison
  8. Alexander Graham Bell?
    The telephone
  9. Thomas Edison?
    The electric utility industry
  10. The Captains of Industry?
    Known as the “Robber Barons”
    • Andrew Carnegie
    • John D. Rockefeller
    • J.P. Morgan
  11. John D. Rockefeller?
    Oil
  12. J.P. Morgan?
    Banking
  13. Steel Company dominates steel industry by 1890

    Vertical Integration: eliminate competition by controlling every phase of an industry

    The Gospel of Wealth: philanthropy
    Andrew Carnegie: Steel
  14. Provided funds for higher education, libraries

    Endowment For International Peace

    Foundation for the Advancement of Teaching

    Institution: research in science and humanities
    Andrew Carnegie: Philanthropy
  15. Miserly

    Standard Oil Company formed 1870 Trusts

    Horizontal Integration/Vertical Integration
    John D. Rockefeller: Oil
  16. Foundation: granted funds to universities, research institutes

    University of Chicago 1892

    Rockefeller Institute for Medical Research
    John D. Rockefeller: Philanthropy
  17. Consolidated banking rivals by creating interlocking directorates

    Bought out Carnegie’s U.S. Steel Corporation for $400 million

    1895 bailed out U.S. government with $65 million loan in gold
    J.P. Morgan: Banking
  18. Forbade combinations which restrained trade

    Ineffective because of legal loopholes
    Sherman Anti-Trust Act 1890
  19. Anarchists

    Marxist Socialists

    Haymarket Square Bombing 1886

    Social Gospel “Christian Socialism”
    Radical Critics of Industrial Capitalism
  20. Social DarwinismHerbert Spencer

    Laissez Faire Economics

    The Gospel of Success
    Defenders of Industrial Capitalism
  21. Low-paid, low skilled, but purchasing power increased moderately

    Long hours—66 hour work weeks, 12 hour work days

    Little attention to safety, many deadly accidents

    Child labor widely used
    Emergence of the Industrial Working Class
  22. Abundant cheap labor

    American Tobacco Company 1890

    1880s Cotton mills built in South

    South remains overwhelmingly rural, agricultural
    Industrialization in the South
  23. National Labor Union 1866Won 8 hours workday for federal employees

    Knights of Labor 1869Sought to include all industrial workers in one big unionCampaigned for 8 hour workday, health and safety codesRuined by Haymarket Square bombing
    Formation of Labor Unions
  24. A national umbrella of labor unions

    Composed only of skilled workers

    Used strikes—work stoppages

    Demanded better wages, safety laws, 8 hour work day
    American Federation of Labor 1886
  25. Critics say the “Captains of Industry” were “robber barons” who brutalized workers


    Defenders point out that in long run working class it standard of living

    Eventually social welfare legislation created a safety net—minimum wage, unemployment insurance

    Trusts broken up in early 20th century
    Evaluating Industrial Capitalism

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