CH 13: The Rise of industry Pages 436-442

In the 19th century… The U.S.A had a Civil War. (1861-1865) It drastically changed EVERYTHING about the country.

How did the civil war contribute to the growth of industry? Look in your notes. Respond in 3-5 sentences.

Natural resources: Made the U.S.A. a likely place for Industrial growth. Coal, iron, oil, water, and timber were easily found, and abundantly available.

The workforce grows Post-Civil War immigration created a large and willing population of workers. These workers were willing to move to seek job opportunities. They also accepted low wages and dangerous conditions.

Government policies support business Land grants to companies for westward expansion. High protective tariffs. Patents. Laissez faire policies All of these items created an atmosphere in which businesses could thrive.

Inventions and developments Look through notes from pages 438-440. List any inventions or new developments that happened during the late 19th century… Inventions: Developments:

Extreme wealth in the 19th century The late 1800s is an era commonly referred to as “The Gilded Age.” It featured many of the richest Americans in history! Who were they? How did they gain such wealth?

Cornelius Vanderbilt Made his wealth in shipping and railroads. Created Grand Central Station in NYC. Vanderbilt University is named after him. Unbelievable sideburns. Net worth: 185 billion

ANDREW CARNEGIE Made his wealth in the steel industry. Scottish immigrant, “rags to riches” story. Carnegie-Mellon is named after him. Net worth: 310 billion.

John D. Rockefeller Made his wealth in the oil industry. Rockefeller center in NYC is named after him. Net worth: 340 billion, the richest American in history.

What strategies did corporations use to decrease costs, and increase profits? Paid workers low wages. Horizontal integration: “buying out” rival companies. Formulation of trusts: ownership of a company based on “trustees”, which are stockholders that run the company, Ex: Standard Oil Company hands over ownership to Standard Oil Trust. Vertical integration: gaining control of all the different businesses that go into the development of a product.

What arguments did people use to support or oppose big business? “ these guys have an unfair advantage, because they create these monopolies and behave ruthlessly just to gain more wealth and more power.” “Sorry man, the business world is like the jungle, survival of the fittest.” ”Business monopolies keep goods cheap, you don’t wanna over pay for things, right?” “Working class people don’t make much money and these guys have way too much of it.”

Robber barons or captains of industry? What do these terms mean? https://www.boundless.com/u-s-history/textbooks/boundless-u-s-history- textbook/the-gilded-age-1870-1900-20/the-second-industrial-revolution- 144/robber-barons-and-the-captains-of-industry-771-2148/ How do these terms reflect the arguments about the roles of big businessmen in the late 19th century?

How did the federal government attempt to regulate big business? Interstate Commerce Commission Sherman Anti-Trust Act