Amsco APUSH Chapter 16 Latest 2023 Already Passed

Amsco APUSH Chapter 16 Latest 2023 Already Passed nation's first big buisness Railroads Cornelius Vanderbilt used his $$$ from steamboat business to merge local railroads into the New York Central Railroad (1867) 4,500 miles of track Eastern trunk lines A trunk line was the major route between cities; w/ smaller branches reaching w/ outlying towns (result of diff. gauges pre-civil war) -Vanderbilt capitalized on connecting these transcontinental railroads Railroads connecting the west and east coasts of the continental US Union and Central Pacific -Union Pacific (UP) Omaha Nebraska → Great Plains -Central Pacific (Cali→East) Led by Charles Crocker 6,000 Chinese immigrants (UNSAFE+DANGEROUS) American Railroad Association created "standard time" for timezones Railroads and Timezones They needed to run on a consistent schedule so in 1884 four time zones were created (i.e Standard time by American Railroad Association) Speculation and overbuilding caused the Financial Panic of 1893 Jay Gould, watering stock entered RR business for quick profits (made millions) by ,inflating the value of a company's assets + profits before selling its stock to the public rebates and pools RR companies would discount shipping for favored large companies and then charge large amounts to small farmers Competing companies secretly agree to fix rates on goods and share traffic bankcrupcy of railroads Panic of 1893 J.P. Morgan and other bankers capitalized on this Panic of 1893 forced ¼ of RR's to go bankrupt J.P Morgan + other bankers took of these RR's By 1900, 7 GIANT systems controlled 2/3's of national RR's MADE SYSTEM MORE EFFICIENT RR Monopolies!!! causes of industrial growth -Treasure-House of raw materials (coal, iron ore, copper, lead, timber, + oil) -Abundant supply of labor (immigrants) -↑ population + advanced transportation = US largest market IN WORLD for industrial goods -Capital=plentiful (MANY investors; US and European) -↑ Labor saving technology (444,000 patents from ) -Business friendly gov. policies, loans, grants,+ protective tariffs Talented entrepreneurs= build vast empires Andrew Carnegie -steel monopoly had vertical integration verticle integration practice in which a single manufacturer controls all of the steps used to change a raw material into a finished product "Andrew Carnegie" U.S. Steel - Carngegie sells company for $400 million to J.P. Morgan's company United States Steel -1st billion dollar company -Largest enterprise in the world (employing 168,000 people + controling 3/5ths of nation's steel business) John D. Rockefeller -lower prices of his standard oil kerosene=rivals sold out -Standard Oil Trust owned 90% of oil refinery business -horizontal integration -$900million fortune by retirement horizontal integration Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level "John D. Rockefeller" Standard Oil Trust Rockefeller's company, in 1881, owned 90 percent of the oil refinery business, with a board of trustees at the head interlocking directorates members of the board of directors of one corporation who also sit on the board(s) of other corporations J.P. Morgan he and other bankers took control of bankrupt RR's (from Financial Panic) and made 7 huge RR systems that controled 2/3's of the countries RR "Railroad Monopolies" leading industrial power the US was the worlds __________ at this time Second Industrial Revolution -Technological Revolution -began w Bessemer's process -included electrification, mass production, production line -US is now #1 Bessemer Process A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. transatlantic cable Cyrus W. Field: (1866) made it possible to send messages overseas in just minutes Alexander Graham Bell 1876 - Invented the telephone. telephone Invented by Alexander Graham Bell Thomas Edison -1st invention: machine for recording votes (1869) -Menlo Park : research lab in NJ -introduced concept of machines + engineers working as a team and not singularly -INCANDESCENT LAMP / light bulb (1879) -DC / DIRECT CURRENT Menlo Park research laboratory -NJ , Edison's Lab -introduced concept of machines + engineers working as a team and not singularly Electric power; lighting Edison and his lab mates at Menlo Park worked together to create.... George Westinghouse -400 patents -Airbrake for RR's (1869) -Transformer for high voltage alternating current (1885) -AC/ ALTERNATING CURRENT (made lighting of cities, electric streetcars, subway , + electric power machinery + appliances possible) Eastman's Kodak camera 1888 invention for taking pictures! large department stores R.H. Macy in NY + Marshall Field in Chicago:made the large department store the place to shop in urban areas R.H. Macy department store NY urban shopping mail-order companies Sears Roebuck + Montgomery Ward ; catalogs/ "wish books" so big that people would tear out pages and use them at toilet paper Sears, Roebuck Retailer who dominated the mailorder industry and by 1907 had become one of the largest business enterprises in the nation; the Sears catalog helped create a truly national market. packaged foods capitalized by Kellogg + Post refridgeration; canning invented by Gustavus Swift Gustavus Swift In the 1800s he enlarged fresh meat markets through branch slaughterhouses and refrigeration. He monopolized the meat industry. advertising created consumer economy consumer economy created through advertising shopping now became a favorite pastime among Americans federal land grants and loans -Gov. gave 80 RR companies 170 million acres of public land (3x more than given for Homestead Act) -Gov. expected RR would sell land along to grow cities (Westward Expansion) "Caused corruption" fraud and corruption, Credit Mobilier ... Interstate Commerce Act of 1886 this Act tried to regulate corrupt RR's but didnt work anti-trust movement People scared of absolute power of the newly wealthy Sherman Antitrust Act of 1890 prohibited any "contract, combination, in the form of trust or otherwise, or conspiracy in restraint of trade or commerce." federal courts, U.S. v E.C. Knight ruled Sherman Act could ONLY be applied to commerce not manufacturing causes of labor discontent -Factory work= dissatisfying doing the same thing repeatedly for no meaning -tyranny of the clock -dangerous= mining + RR's (many jobs exposed people to harmful chemicals) "iron law of wages" David Ricardo's theory that justified low wages -raising wages would only increase the working population, + availability of men workers would in turn cause wages to fall. -Would create cycle of misery and starvation anti-union tactics -lockouts -blacklists -yellow dog contracts -private guards and militia -court injunctions railroad strike of 1877 - during economic depression, RR companies cut wages to reduce costs (Strikes on Ohio and Baltimore RR spread across 11 states and shut down 2/3's of country's tracks) -RR workers + 500,000 industrial workers striked on national scale -Hayes used fed. troops to end labor violence (100 people killed) Knights of Labor Secret labor union society formed by Terence V. Powderly (open to everyone even blacks + women) w/ various reforms such as 1. worker cooperatives "to make each man his own employer" 2. abolition of child labor 3. abolition of trusts and monopolies Haymarket bombing -1886 protest rally in Chicago turned into a riot when someone threw a bomb at the police -at least 8 people were killed American Federation of Labor - Founded in 1886 as an association of 25 craft unions led by Samuel Gompers -focused on higher wages + improved working conditions -organized walk outs at work places until employed would negotiate -nations largest union by 1901 (1 million members) Samuel Gompers Founded the American Federation of Labor in 1886 and led an association of 25 craft unions Pullman Strike -1894 Nationwide railroad strike -American Railway Union (ARU) vs. ____ company, main railroads, + fed gov under president Cleveland Eugene Debs leader of the Pullman Strike + American RR Union leader railroad workers: Chinese, irish, veterans built the Central Pacific , and Union Pacific RR's horrible conditions , and low wages old rich vs. new rich ... white-collar workers salaried workers whose jobs generally did not involve manual labor expanding middle class -manufacturing and having the industry booming resulted in more jobs being available as the owners were rich, and the workers now earned a steady wage, now creating the middle class factory wage earners 2/3's of workers worked for wages Immigrants commonly worked here receiving barely enough $ for the bare necessities women and children factory workers a single income could not keep a family alive so ______ and _______ had to work in _______ for long hours and low wages women clerical workers women moved into men's positions , and "feminized" the jobs which in turn caused the professions to receive lower wages and decline in status Protestant work ethic Hard work + material success = signs of goods favor Adam Smith He created the concept of ... "wealth of nations" advocated the idea of laissez faire; or government not involving themselves in the economy. laissez-faire capitalism an economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference concentration of wealth 10% controlled 90% of the nation's wealth Social Darwinism Survival of the fittest in the market helping poor was wrong bc it interfered w/ laws of nature and would weaken species + gene pool by preserving the unfit LED TO RACIAL INTOLERANCE William Graham Sumner -laissez faire sociologist -taught at Yale -argued that ^ was supported by Darwin's law of evolution -wrote a lot of essay about the golden standard for Am. currency + absolute liberty survival of the fittest Social Darwinism Gospel of Wealth using religion to justify wealth Hard work + material success = signs of goods favor John D. Rockefeller: "God gave me my riches." If wealthy , philanthropy (charity) was god given duty to carry out him giving you all the wealth Horatio Alger stories wrote novel that portrayed myth that you could go from rags to riches like Carnegie and Edison had "this idea was virtually impossible for the common man" "self-made man" -rags -- riches (Carnegie + Edison" -portrayed in the Horatio Alger stories -wouldn't really happen unless you were Protestant , white male who already had some $ or a father in banking