CHAPTER 6
Jan 17, 2016
CHAPTER 6
REVIEW OF INDUSTRIALIZATION
• Caused by what?
• Science
• Resources
• Land
• Labor
• Capital
NAME SOME INNOVATIONS FROM THIS ERA
REMEMBER
• Processes were made cheaper, safer, less time consuming
• Consumers had more purchasing power
• Quality of life made better
• Life expectancy was longer
RAILROADS
• What were some effects of the Railroads
CARNEGIE
• Stock
• Charities
• Integration
• Vertical
• Horizontal
SOCIAL DARWINISM
• What is Darwin's theory of evolution
• How does this translate to business
• Used to justify no government regulation of businesses
FEWER CONTROL MORE
• Merger – one corporation bough out the stock of another
• Monopoly – bought out all its competitors and controlled industry’s production, wages, and prices.
• Holding company – a company that only buys stock in other companies
• US Steel bought Carnegie Steel to become the largest manufacturer
• Trust – turned stock over to a group of trustees, the companies were entitled to dividends on profits earned by the trust.
• Not legal, but Rockefeller did it
ROBBER BARONS
• Had an extreme amount of wealth, but did give away a lot of that wealth for charity
• Sherman Antitrust Act – 1890 illegal to from a trust that interfered with free trade between states or with other countries
• Hard to prosecute
• Boom in the north, not the south
LABOR UNIONS
• 6/7 day work weeks, not vacation, no compensation for injuries, 12 hours or more, no unemployment.
• 675 died a week from work accidents
• AFL
• Samuel Grompers, several skilled industries banned together. Use Collective bargaining and strikes to win better pay or fewer hours
• Eugene v Debs, organized skilled and unskilled Railroad workers, in the ARU.
• IWW – allowed African Americans, only won one major strike
STRIKES
• Great strike of 1877 – B & O, President Hayes intervened and troops put it down.
• Hay Market Affair – clash between police and laborers, some died because of a bomb, lost support for the labor movement
• Homestead Strike – lost because scabs were hired
• Pullman company strike – Pres. Cleveland sent in troops, Pullman fired all the workers and blacklisted them
OTHER
• Mother Jones – led 30 mil kids to Pres Roosevelt, passed child labor laws after that.
• Triangle Shirtwaist Fire – sympathy for the laborers after all the doors were locked and 146 women died, but factory owners weren’t charged with anything
• Sherman Antitrust act used against workers