Exonomy Flashcards
Positive effects of BB
1860-1900 eco grow 400%
New immigrants w ideas
Exploitation of natural resources
Railroads standardised time
Technology inc productivity
Bigger market
Westward expansion
More migrants- workforce
Agriculture / early 80s and 90s
Alaska Yukon
Infrastructure - urbanisation
2 ports - west coast
-Seattle
-Los Angeles
Neg effects of BB and industrialisation
Low wages, child labour - poor working conditions extreme political views- communism, archaism, socialism
Poverty- dumbbell tenements, overcrowding, cholera
Poor assimilation- little Italy , orange riots, KKK, new vs old immigrants
Over production
Railroads discriminate against farmers aswell as high tariffs
No give Loans to farmers and when did- high
Laissez faire- anti Sherman
Farmer loss of status
Hard money
Vanderbilt
5 examples of corruption in business and gov
Laissez faire
Corporations
Holding companies
Interlocking directorate
Scandals
Corruption laissez faire
Business grew rapidly but gov was naive
They didn’t have quality leadership to deal w cut throat businessmen so laissez faire
Believed business was good for economy
Didn’t know where to start w corruption
Didn’t want to stop growth
Corruption
Holding companies
One company buys assets of another
This corporations can gain control over many other businesses
Corruption
Interlocking directorate
People on board of directors of various corporations are also on the board of competing corporations
Allowed by gov hand off policy
Corruption
Scandals
Lack of regulation
Workers abused and taken advantage off
Deregulation allowed IS to become work leader in business
Corruption
Tammany Hall
1860-70s
Headquarters of democrat party in NY
Headed by Tweed
Graft bribery and rigged elections
Took $200 from city
Some money created jobs, public buildings and helped local economy
Some used for tweed to make his life comfy
Some widows
Those who objected disappeared
How was tweed taken down
Nast 1871 brought light to corruption
Cartoons damaging led to his downfall
Tammany Hall offered to pay 100,000 to stop but he didn’t
1873- Tweed fled to Spain but caught
Tilden prosecuted Tweed
Corruption in politics
Gov all levels say provider of essential services
Not welfare
Neighbourhood associations came to bridge gap between gov and what people needed
Helped new arrivals w jobs, support for small business and legal assistance etc
Did ask a price- set up system to pay them back eg w votes and they gained power
Leaders became known as bosses and got elected
Loyalty to their associations gave them success and votes - loyalty was not to their elected position - often corrupt
Machine politics
What is machine politics
Bosses who controlled votes via their associations
Corruption in business and government
Corporations
Gov made growth easier through corporations
Early in the century it was legal
By creating corporations, individual stockholders are only at risk of losing the amount of their original investment
Also made it easy to raise more capital by selling mor me stock
Allowed business to grow and develop
Corruption-
Name 2 scandals
Whiskey ring
Credit Mobilier
Explain the whiskey ring
1875
Group of whiskey distillers who conspired to defraud the federal government of taxes
Whiskey ring bribed internal revenue officials and accomplices in Washington in order to keep liquor taxes to themselves
Bestow secretary of Treasury exposed Ring- 110 convictions
Allegations were that the tax money was used in the Republican national campaign- this aroused the public
Grant was not suspected but his private secretary was, grant defended him
Explain credit mobilier
1872-73
Major stockholders in the Union Pacific Railroad formed a company - The Credit Mobilier - of America and gave it contracts to build the railroad
They sold/gave shares in the construction to influential congressmen
Industrial expansion
Impacts
America- industrial and agricultural giant
By 1894- worlds greatest manufacturing power
Created new industries faster then any other nation
Rush of immigrants provided labour
Industry and agriculture grew rapidly - railroads etc
Expand internationally
Farmers focus on single crops- providing for world
Factories specialised in few products
Railroads bonded nation together
-connect raw materials w factories
-so huge 4 time zones made to manage
Commuter trains- more workforce
Technological innovations
- 1860-1890- 40,000 patents issues
- 1876 telephone
- 1886 US telephone
- Edison - photograph and lightbulb 1879
Impacts of industrial expansion:
Technological expansion
1860-1890 - 400,000
Much technological innovation and applied science
1876 telephone
1885 US telephone and telegraph founded
Edison - many inventions - photograph and lightning (1879)
W backing of JP Morgan - Edison electric provides current to 85 customers in NYC
Over all big gov policy
Hard money
Tariff
Lack of intervention
What did gov do about soft money belief
Not adopted
1873 coinage act ended bimetellism in the US enforced by
1900 Gold Standard
‘Crime of 93’ 8:Sherman Silver Purchase Act repealed by Congress
Reinforced hard money politics
Industrialisation - changing workforce
Machines - common - unskilled labour required
Immigrants women and children part of workforce
Wage slaves - replaced if ill and low wages
Company towns - close to work as transportation is high. Many can’t afford so live in 1 house
Workers - 10 hour day at least No health and safety regulations Social issues like Delayed marriage as women work Dirty tenements Disease
Unionisation
National labour union 1866
-first national labour organisation
Supported workers rights - 8 hour day, arbitration and paper money
-ended by death of leader
Knights of labour
- Initially secret group but once ended membership increased
- Successful riot over reduced wages for workers at wellbash railroad
- one of leaders inv in Haymarket square - associated w anarchy so membership decreased
American Federation of Labour 1866
- highly successful
- unified various local unions
- advocates 8 hour days, safety, laws etc
- favoured closed shops - only union workers could be hired
- only allowed skill workers to join
Name 4 industrial worker strikes
Molly magures
Great railroad strike 1877
Homestead strike 1892
Pullman strike 1894
Explain the molly maguires strike
Coal miners in Pennsylvania restored to violent to express their frustration
Pinkerton detectives arrested 20 leaders and some were hung
Explain the Great Railroad Strike
1877
First nationwide strike
Railroad workers walked off job
Blockaded trains following pay cut
Rutherford Hayes ended strikes w federal troops