Chpt. 9:Industrialization Flashcards
(37 cards)
Gross national product
total value of all goods and services
what was one resource to expand the nations economy
petroleum
what policies did the fed gov introduce to help the industry
kept taxes and spending low; no regulations, nor control of wages/prices raised, tariffs and gave tracts of land in the west/ loans of the RR
how did the gov. help and hurt industrialization
helped- increased tariffs, land grants to RR, selling public lands w/ mineral resources for less
hurt- high tariffs, caused foreign countries to raise their tariffs against American goods, hurt some businesses that tried 2 compete internationally
how did new inventions,like telephone and electric bulb change american society
changed personal and buisness communication
Cornelius Vanderbilt
Consolidated 3 RR’s to form from NY central, Gand Central Station in NY, 1st direct rail service between NY and chicago
land grants
RRs seel to raise money to build RR
robber barons
RR entrepreneurs who built their wealth by creating, lying and stealing from investors, tax payers, gov. officials, etc.
what 3 causes, made the RR grow
entrepreneurs built long RR by connecting smaller ones
Time zones made trains more reliable
Land Grants
how did large railroad systems benifit the nation
shifts supplies from one side of country to other in a faster way, spurred industrial growth, stimulated econ. growth
what did the RR companies do w/ the land grants they recived from to gov.
sold grants to make money to build RR lines
Corporation
org. owned by many people but treated by law as a single person
stockholders
people who own the corporation
stock
ownership of one’s shares
Monopoly
When a single comp. achieves control of an entire market
trust
new way of merging business that didn’t violate laws aginst owning other companies.
in what 4 ways did retailing change
ads were illustrated and larger
chain stores offered goods at low prices
mail-order catalogs allowed people in rural areas to buy goods
dept. stores sold a variety of products
what DIDNT everyone have in the early 1900s
indoor plumbing
what advantage did issuing stocks offer corps.
ability to raise large amount of money to build factories and purchase supplies while spreading out financial risk
what factors led to the rise of big buisnesses in the US
lower operating costs and could produce more goods cheaply and efficiently; could cut prices , increase sales and negotiate rebates
yes and no, do u think someone,today could go from rags to riches like andrew carnegie
yes: social darwinism
no: requires capital ed/etc.
Trade union
org. of workers with the same trade or skill
industrial union
org. of common laborers and craft workers in a particular industry
blacklist
list of “trouble makers”, workers who boycotted, rioted, etc
