1. Period 6:
AP US History Review

2. Key Concepts
The Rise of big business in the United States encouraged massive migrations and urbanization, sparked government and popular efforts to reshape the US economy and environment, and renewed debates over US national identity.
The emergence of an industrial culture in the United States led to both greater opportunities for, and restrictions on, immigrants, minorities, and women
The "Gilded Age" witnessed new cultural and intellectual movements in tandem with political debates over economic and social policies

3. Gilded Age
Mark Twain referred to this time period as the "Gilded Age," indicating that the prosperity on the surface covered up the corruption that lay underneath.
An essay dealing with this time period will require you to understand the causes and effects of the enormous expansion of the US Economy in the post-Civil War Period

4. Westward Expansion Policy towards Native Americans: Assimilation
The Dawes-Severalty Act

5. Rise and Development of Industrial America
US Government played a huge role in this transformation:
Imposed protective tariffs
Gave land to build railroads
Aided in the settlement of the West
Loose immigration policy that increased labor (but decreased wages)
Encouraged capital investment by leaving large-scale businesses untaxed

6. Ascendancy of Corporation resulted from...
The capitalist class's success in controlling the free market system to ensure profitability and economic growth. This was accomplished by:
Regulating production
Creating stable markets
Setting prices and wages

7. Huge labor force of men, women, and children
Factors that brought about the enormous production of enormous production of industrial commodities
New technological developments, such as the steam engine, conveyer belt, and better construction materials (steel)
Huge labor force of men, women, and children
Large scale factories and production centers
An enormous amount of capital

8. Capitalist Class Andrew Carnegie (steel industry)
John D. Rockefeller (Standard Oil)
Gilliam H. Vanderbilt (Railroad industry)
J. P. Morgan (Investment Banker)

9. Era of rapid Capital Accumulation
Capitalists were influenced by British economist Adam Smith's book The Wealth of Nations
Smith favored limited government intervention (laissez-faire). Prices and wages and supply and demand were already regulated, not by the government, but by the "invisible hand"

10. Government-Business Relationship
After the Civil War, US government aided industrial capitalism by protecting it from these that wanted regulation
Relationship took on two forms:
State and federal court systems were used to prevent regulation of business by state legislatures.
Trade Unions were suppressed.
Outcome: Many industries were not fair and equal competition, but monopolies

11. Advocates of Laissez-faire argued the following views:
Social Darwinism: societies "fittest" (wealthy) should be protected because it was this class through its development of business and as financial contributions to education and cultural institutions that was improving the species (human race)
Horatio Alger: self-sacrifice, determination, and hard work can overcome anything. The "American Dream"
Russell Conwell- "It is your duty to get rich. It is wrong to be poor."
Carnegie's "Gospel of Wealth"- Duty of the wealthy to contribute to society and give to philanthropic programs. Wealthy, not the government, was society's benefactor

12. Labor Unions and Strikes
Workers, outraged by their poverty wages formed labor unions
National Labor Union (first labor union; more wages and 8 hour workday )
Knight of Labor (arbitration)
American Federation of Labor (skilled workers only; used its membership numbers to win concessions)
Industrial Workers of the World (Radical. Wanted more than increased wages. Wanted to own the means of production (socialism))
Strikes
Railroad Strike of 1877
Haymarket Square (Chicago) Riot of 1886
The Homestead (Pennsylvania) Strike of 1892
The Pullman Strike of 1894

13. Legislation to protect workers
The Sherman Antitrust Act- "any combination or condition which is in restraint of trade is illegal"
United States v. E. C. Knight Company

14. Politics During the Gilded Age
Republican presidents dominated the postwar era and tended to support big business

15. Presidents
Ulysses S. Grant- Corrupt presidency. Honest himself but surrounded by corrupt officials and friends.
Grover Cleveland was the only Democrat elected until 1912 (W. Wilson)

16. "Billion Dollar Congress"
The McKinley Tariff of 1890
The Sherman Silver Purchase Act of 1890
The Sherman Anti-Trust Act of 1890
The Wilson-Gorman Act of 1894, which increased the tariff

17. Debate over the Money Supply: Decrease or Increase the Money Supply?
Included expectant capitalists; debtors; and farmers
Borrow Money at lower interest rates
Pay-off their loans faster and easier with inflated dollar
Increase prices for the commodities they produced
Decrease
Included bankers, entrenched capitalists, creditors, and investors
To allow currency to hold its value, since gold-backed money is less susceptible to inflationary instabilities
To increase the value of gold as the the population expanded

18. Farmers
America switched from agrarian to manufacturing, and many farmers were left behind
Faced higher taxes and had limited land (railroads paid fewer taxes and was given a lot of land)
Prices for wheat, corn, and cotton dwindled
Organized the Populist Party but was not very successful

19. Any Questions? Have a great and productive Spring Break!!