Period 6 The Industrial Economy: Crash Course Flashcards
How did the Civil War lead to the industrial boom of the second half of the 19th century?
It improved the finance system by forcing a national currency and supported industrialization by giving massive contracts to arms and clothing manufacturers.
-It boomed the telegraph, which improved communication
and gave birth to the transcontinental railway via the pacific railway act of 1862 which increased efficiency and productivity in the industry.
How did the geography of the United States make it ready for the industrial boom of the second half of the 19th century?
It gave all the resources necessary for an industrial boom. Items with coal,iron, later oil. We had water to power our factories, later replaced by coal. We also had amber away of grain to feed the growing population leading to Demography.
How did the demography of the United States make it ready for the industrial boom of the second half of the 19th century?
The population grew from 40 million in 1870 to 76 million in 1900. ⅓ of that was caused by
Immigration. Immigration was good for the economy, they flood the burgeoning cities of America as they were once from farming to urban.
How did the laws of the United States make it ready for the industrial boom of the second half of the 19th century?
In law, the american government had an effect on its economic growing by higher taxes, especially steal, giving massive land grants to railroads and by putting native americans on reservations.
How can railroads be considered the first modern corporations?
bc the companies were large and they had many workers, spanding the country, which meant that they need to invent organizational methods, including the placements in jobs like middle manager, supervisor, to supervise supervisors.
What did the railroads to government and Industry?
The railroad created a partnership between the national government and industry bc it wouldn’t have existed if it were for laws, federal land grants, and government sponsored bond issues.
What did railroads bring to economic society?
Railroads increased commerce and integrated the American market, which allowed national brands to emerge like ivory soap and A&P grocery stores. They also gave us other things like time zones, which were created by the major railroads companies to make shipping and passenger transport more standard.
“captains of industry”
refers to business leaders who were seen as positive forces in society. They were known for their innovation, philanthropy, and contributions to economic growth.
Key Figures the in category of “captains of industry”.
Andrew Carnegie, John D. Rockefeller, and J.P. Morgan
“robber barons.”
a more critical term used to describe industrialists who were accused of unethical business practices and exploiting workers. These individuals were often criticized for their ruthless tactics, monopolistic control, and disregard for the well-being of their employees.
Key Figures the in category of “robber barons.”
Cornelius Vanderbilt.
vertical integration in corporate structure.
the combining of manufacturing operations with source of materials and/or channels of distribution under a single ownership or management especially to maximize profits.
horizontal integration in corporate structure
merged with their competitors and smaller companies from the same niche to gain a bigger market share. to grow their existing business or prevent a competitor from gaining market share.
experiences and concerns of the working class.
Job insecurities bc of growing population within workers.
Struggles lead to depressions in the 1870s and 1890s that hurt worst to the poor workers.
Laborers worked about 60 hours a week without pensions or injury compensations.
How did the working class respond to the Industrial Revolution?
In response to poor working conditions, labor movements organized alliances known as unions and pushed for reforms
