The Triumph of Industry

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Presentation transcript:

The Triumph of Industry Chapter Three Section One

A. U.S. Industrial Expansion Coal and steel production Railroads Inventions -Edison

Pro-business government B. Reasons for growth Geography Immigrants = labor Pro-business government

Industrialists also established trusts C. Corporations Amass capital Land Equipment Money Industrialists also established trusts

D. Vertical Combination = GOOD!

E. Horizontal Combination =BAD

John D. Rockefeller -oil industry

Andrew Carnegie-steel business.

F. Monopolies Single corporations controlled entire industries Sherman Anti-Trust Act,1890

G. Rise of Labor Long hours, low pay, no benefits Workers formed unions Strikes

Knights of Labor sought social reforms H. Unions Knights of Labor sought social reforms The American Federation of Labor (AFL) focused on wages, hours, and conditions

I. Defense of capitalism Social Darwinism = life is survival of fittest Gospel of Wealth (Carnegie)-wealthy should practice philanthropy ($ for Public works-not individuals)

J. Labor Unrest Workers business clash Government helped business 1886 Haymarket Riot 1892,Carnegie steel strike 1894 Pullman Strike- federal troops sent