CHAPTER 6

REVIEW OF INDUSTRIALIZATION Caused by what? Science Resources Land Labor Capital

NAME SOME INNOVATIONS FROM THIS ERA

REMEMBER Processes were made cheaper, safer, less time consuming Consumers had more purchasing power Quality of life made better Life expectancy was longer

RAILROADS What were some effects of the Railroads

CARNEGIE Stock Charities Integration Vertical Horizontal

SOCIAL DARWINISM What is Darwin's theory of evolution How does this translate to business Used to justify no government regulation of businesses

FEWER CONTROL MORE Merger – one corporation bough out the stock of another Monopoly – bought out all its competitors and controlled industry’s production, wages, and prices. Holding company – a company that only buys stock in other companies US Steel bought Carnegie Steel to become the largest manufacturer Trust – turned stock over to a group of trustees, the companies were entitled to dividends on profits earned by the trust. Not legal, but Rockefeller did it

ROBBER BARONS Had an extreme amount of wealth, but did give away a lot of that wealth for charity Sherman Antitrust Act – 1890 illegal to from a trust that interfered with free trade between states or with other countries Hard to prosecute Boom in the north, not the south

LABOR UNIONS 6/7 day work weeks, not vacation, no compensation for injuries, 12 hours or more, no unemployment. 675 died a week from work accidents AFL Samuel Grompers, several skilled industries banned together. Use Collective bargaining and strikes to win better pay or fewer hours Eugene v Debs, organized skilled and unskilled Railroad workers, in the ARU. IWW – allowed African Americans, only won one major strike

STRIKES Great strike of 1877 – B & O, President Hayes intervened and troops put it down. Hay Market Affair – clash between police and laborers, some died because of a bomb, lost support for the labor movement Homestead Strike – lost because scabs were hired Pullman company strike – Pres. Cleveland sent in troops, Pullman fired all the workers and blacklisted them

OTHER Mother Jones – led 30 mil kids to Pres Roosevelt, passed child labor laws after that. Triangle Shirtwaist Fire – sympathy for the laborers after all the doors were locked and 146 women died, but factory owners weren’t charged with anything Sherman Antitrust act used against workers