The Triumph of Industry Chapter 4

Late 1800s became known as the second Industrial Revolution. America embraced technology to expand business.

Who made up the workforce after the civil war? Asian and European Immigrants Who made up the workforce after the civil war?

What are Push/Pull Factors? Push Factors Something that drives you away Pull Factors Something that attracts you What are Push/Pull Factors?

What pull immigrants to America? Economic opportunities Religious Freedom What pull immigrants to America?

Why did employers Choose Immigrant Workers over American workers? Immigrants were willing to work for low wages Willing to move for economic opportunities Why did employers Choose Immigrant Workers over American workers?

An economic system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Private businesses make independent decision about prices, production and distribution of goods resulting. What is Capitalism?

A person who organizes and operates a business or businesses. They take on greater than normal financial risks in order to do so. What is a entrepreneur

What government policies contributed to industrial growth? Protective Tariffs Taxes that made imported goods cost more than those made locally. Laissez faire Polices – allowed businesses to operate with minimal government regulation. What government policies contributed to industrial growth?

Steel transforms America Bessemer Process – developed by Henry Bessemer develop a process for stronger and light weight steel By 1890 USA was out producing steel manufacturers Innovations that due to steel: Skyscrapers and Suspension Bridges Steel transforms America

Why did people begin to move during the industrial revolution? Many farms became mechanized leaving farm workers jobless Many out of work farmers moved to urban areas to find factory jobs Why did people begin to move during the industrial revolution?

The rise of Big business Chapter 4 section 2

A number of people share ownership of a business What is a corporation?

Paid workers very little Advertising Created research labs (inventors could experiment with new products) How did corporations maximize profit and decrease cost during the industrialization?

A corporation has Complete control of a product or service A corporation must buy out his competitors or drive them out of business What is a Monopoly?

When several companies unify and drive out competition to increase profits by decreasing cost What are Trust?

Why are monopolies/trust bad for consumers? There are no other choices for product or service (little to no competition) Company is free to set their own prices Why are monopolies/trust bad for consumers?

Ways to create a monopoly Horizontal integration – When a business acquires/buys many companies within the same industry Vertical integration- when a business gains control or buys many different businesses that make up all phases of production of a product. Ways to create a monopoly

Captains of Industry

What are Captains of industry? A Positive Nickname given to business leaders during Industrialization Provided Jobs Supported technological growth Were philanthropist What are Captains of industry?

A Negative Nickname given to Businessmen During the Industrial Revolution Squeezed out competition Harmed consumers with high prices Took advantage of the poor What are Robber Barons?

What is natural Selection ? Charles Darwin developed the theory of Natural Selection Only the Fittest Survive to reproduce What is natural Selection ?

What is Social Darwinism The belief that those that have wealth are the most “fit” to have it People who supported social Darwinism were call social Darwinist They believed the government should not interfere with private business nor use public funds to help the poor What is Social Darwinism

How Did the Federal Government Begin to Regulate corporations? Interstate Commerce Commission Sherman Anti-Trust Act How Did the Federal Government Begin to Regulate corporations?

What is ICC & Sherman Anti-Trust Act? Interstate Commerce Commission – oversees railroad operations Sherman Anti –Trust Act- outlawed trust (but was rarely enforced) What is ICC & Sherman Anti-Trust Act?

Problems Factory workers Faced Low wages 12 hour + days (6 days a week) Dangerous working conditions Child Labor Problems Factory workers Faced

An organized association of workers, formed to protect and further the rights and interests of workers. What are labor Unions?

Major labor unions AFL – American Federation of Labor Samuel Gompers (founder) Included skilled and unskilled workers Excluded women and African Americans as members Set high dues for membership Later merged with the CIO (Congress of Industrial Organizations) to form AFL-CIO in 1955. Knights of Labor Uriah Smith (founder) Women and members of all races Major labor unions

Tactics labor unions used Collective Bargaining – negotiating as a group for higher wages Strike – Cease working Tactics labor unions used