unit 6 Flashcards
social darwinism
some people are more adapted to the changing economy. the more adapted deserve support from the government.
jim fisk and jay gould
personal corruption. got rich by manipulating the gold market. they bribe gov officials so it works and they make a ton of money until the president finds out.
boss tweed
city and state corruption. runs nyc with tammany hall as if he is mayor through rigged elections and bribes. revealed that he is behind corruption but nothing can be done because he is bribing so many people. attorney general not being bribed puts him in jail. organized the needs of everyone in the community, effectively indebting them and making them vote for him. also stole millions from taxpayers. overall he was good for them and it was a beneficial relationship for both.
bloody shirt
politicians used the civil war to campaign and support their case.
credit moblier
national corruption. executives in railroad were meant to build a large section of the transcontinental railroad with money from the gov but they just take the money. bribed a ton of money, even the vp.
pendelton act
ends spoils system partly. what you know, not who you know.
hard vs soft money
should dollars be backed by gold/silver or nothing?
resumption act of 1875
get money printed in civil war out of circulation because it is not backed. panic of 1873 led to this.
billion dollar congress
spending the surplus money made from tariffs.
mickinley tariff of 1890
highest tariff ever.
sherman silver purchase act of 1890
allowed for silver backed dollars.
panic and depression of 1893
one of the longest and worst depressions. 20-25% unemployment, harsh winters.
jp morgan
bails the gov out of debt twice. also buys carnagie steel, making it US steel, the number one steel produce for many years.
vanderbilt
focuses on railroads in the northeast which has many people making him very successful. first to switch to steel.
hill
focuses on railroads in the north. connects duluth to seattle, making it a major trading port.
robberbarons
negative view of monopolists, willing to do anything it takes to make money.
captains of industry
positive view of monopolists, changing the economy for good by taking risks.
interstate commerce commission (icc)
made railroad rates reasonable and fair and created a federal commission to oversee this. created to regulate commercial activity because businessmen had too much power. first federal regulatory board like this.
bessemer process
creates steel (better than iron as it is harder). removes iron impurities and makes it stronger.
vertical integration
own all parts of business steps. used by andrew carnagie.
sherman anit-trust act
keep competition alive and reduce monopolies. ineffective because businessmen can fight it with money and courts are siding with business.
national labor union
bring together all workers for political reform. both skilled and unskilled workers.
knights of labor
focused on work day length and shutting down child labor and monopolies. wanted 8 8 8. included blacks and women. don’t like strike because they think they are barbarous, laborers do it anyway. a riot turns the country against them and they end.
american federation of labor (afl)
focus on skilled labor to start. focus on resasonable goals like increasing wages and improving workplace safety. led by samuel gompers.