Economic History Flashcards
(15 cards)
What were the key industries in US economic growth between 1890–1912?
Oil and steel were dominant; oil production began in 1901 with the Lucas Well, and Pittsburgh became the steel capital.
By 1907, which state led US oil production?
Oklahoma, producing 25% of the nation’s oil.
What percentage of US industry was controlled by 4% of companies by 1904?
57%.
What was the first billion-dollar company and who created it?
US Steel, originally Carnegie Steel, sold to J.P. Morgan in 1901.
What triggered the Depression of 1893?
The bankruptcy of the Reading Railroad and the stock market crash known as Industrial Black Friday.
What were the effects of the 1893 depression?
15,000 businesses failed, 600 banks closed, and unemployment approached 20%.
What was President Cleveland’s response to the depression?
He repealed the Silver Purchase Act and upheld the gold standard, opposing intervention in the economy.
How did the depression affect politics?
It alienated many citizens from the political system and helped fuel the rise of Progressivism.
What were the main concerns of farmers (1890–1912)?
Falling prices, high transportation costs, debt, and the power of railroads and bankers.
What were Farmers’ Alliances?
Cooperatives formed to support farmers and promote mutual self-respect, leading to support for the Populist Party.
What was the AFL and what did it do?
The American Federation of Labour, founded in 1885, campaigned for better wages and working conditions.
What happened during the Pittsburgh Steelworkers’ Strike (1892)?
Carnegie’s manager cut wages, used strike-breakers, and called in the militia, leading to the strike’s collapse.
What was the Pullman Strike (1894)?
The first national strike; caused by wage cuts but no rent reductions. It paralysed the railway system.
How did the government respond to the Pullman Strike?
Cleveland sent in troops, resulting in deaths and failure of the strike. The Omnibus Indictment Act banned strikes.
What was the broader significance of the Pullman Strike?
It demonstrated federal hostility to unions and pushed many workers toward the Populist Party’s radical ideas.
