Chapter 12 US History – Flashcards
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What were the natural resources found in America?
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Timber, coal, iron, and copper. Also there was petroleum and limestone
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Explain the increase of the American workforce
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More immigrants and larger survival rate
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Major inventions during this period
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The photograph the light bulb and the electric generator by Thomas Edison Ice machine by Thadius Low The telegraph by Cyrus Field The airbrake in alternating current system by George Westinghouse The telephone by Alexander Graham Bell The refrigerated railroad car by Gustavus Swift
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Gross national product
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Value of all goods and services that a country produces
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Thomas Edison was known as
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The wizard of Merlot park
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How did Laissez Faire economics promote industrialization?
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Laissez Faire economics promoting the Industrioization by not letting the government interfere or interfering little as possible with the economic system of the country it kept taxes low while promoting private investment
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Entrepreneur
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Owns the business obtains all the risk
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Identify the companies that made the transcontinental railroad and how they were able to construct it
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The Union Pacific and Central Pacific. The Union Pacific had about 100,000 people working mainly Irish immigrants. Central Pacific had about 10,000 people working from China. The Union Pacific had four major stockholders Leland Stanford, Charlie Parker, Mark Hopkins, and Collins P Huntington.The Central Pacific laid about 688 miles of track and the Union Pacific laid about 1086 miles of track.
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Explain how the transcontinental railroad was able to unite the nation and spur industrial growth
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Unified the nations clocks, increased the market for many products
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Business
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One owner
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Corporation
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Has stockholders vote for Board of Directors.Board of Directors appoint a CEO that runs the day today operations
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Business toCorporation
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The business owner sells 49% of the stock of that business and keeps 51% so they have the majority
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Economies of scale
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When you have the operation to make large quantities cheaper
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Fixed costs
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Pay whether anyone is there or not
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Operating costs
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Only pay when people are there
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What advantages do large corporations have over small business
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Large corporations can be owned by shares of stock. They can invest in technologies, hire a large workforce come and purchase new machines. They have high fixed costs below operating costs and can produce more goods and stay open during economic hardships. Small manufactures usually have all fixed costs but high operating costs
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Discuss the business strategy of Andrew Carnegie
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Bought shares in the company he worked his way up. He began vertical integration. Vertical integration occurs when a company owns all part of the industrial process
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Discuss the business strategy of John D Rockefeller
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He pushed for horizontal integration. Horizontal integration occurs when a company grows by buying out it's competitors
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What is a trust
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A combination of corporations owned through legal agreement they reduce competition. It allows one person to manage another's property and has one specific company at 51% or more
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What is a holding company
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Doesn't produce anything itself whole industry at 51% or more
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What is investment banking
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Investment bankers sell huge bulks of stock
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What make monopolies disadvantages for the consumer
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Theoretically a monopoly can charge whatever they want for their product
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Deflation
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The rise in the value of money
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Two types of industrial workers
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Craftworkers and common laborers
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Craftworkers
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Have special skills and training
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Common laborers
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Few skills and received lower wages
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Opposition to unions
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Employers believed that they were conspiracies that interfered with property rights. Some said they were unamerican for acting that way. Some thought that they had the same radical ideas as European immigrants
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Struggling to organize
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Many workers tried to create unions but they never had much success because in many cases the confrontations led to the bloodshed and violence
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Great railroad strike
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The Baltimore and Ohio Railroad cut wages worker soon heard and walked off the job angry. Strike spread and up with some 80,000 men involved. $10 million worth of damage to the railroads
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Haymarket riot
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People gathered to the opposition a shooting on strikers that happen the day before. Someone threw a bomb, police open fired, workers shot back, injured about 170 people and killed 10 police
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Homestead strike
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The manager of Andrew Carnegie's steel mill company manage Henry Frick proposed that they cut wages by 20%. Locked up employees. Pinkertons and strict rule enforcers approach the plant the strikers resisted strike lasted for four months and left several dead and dozens injured
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Pullman strike
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The Pullman car company cut workers wages without lowering rent and prices in the company town. The American Railway Union workers refused to handle Pullman cars and the railroads ground to a near stop
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AFL
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The American Federation of labor tried to concentrate on pure and simple unionism. Three main goals. Persuade companies to recognize unions and agreed to collective-bargaining push for closed shops and promote an eight hour workday
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IWW
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The industrial workers of the world want to organize all workers recording industry without making distinctions between skilled and unskilled workers
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The role women played in organized labor
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18% of the labor force. One third domestic servants. Another third teachers nurses and sales clerks. Remaining third industrial workers. Paid less than men perform the same jobs
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The main goal of unions
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To fight for better wages better work hours and better conditions
