1. Regents Review Industrialization

2. America Industrializes Also known as the “Gilded Age”because of lavish lifestyle of those who became rich. Also known as the “Gilded Age”because of lavish lifestyle of those who became rich.

3. Reasons for Industrialization Expansion of railroads Expansion of railroads Government policy of Laissez faire. Government policy of Laissez faire. New technology New technology Entrepreneur Entrepreneur

4. New Inventions Bessemer- steel process Bessemer- steel process Bell- telephone Bell- telephone

5. Impact of Big Business Low wages, unsafe conditions, child labor Low wages, unsafe conditions, child labor Goods cheaper Goods cheaper

6. Labor Unions AFL- 1881- Samuel Gompers. Only skilled workers. No women or minorities. AFL- 1881- Samuel Gompers. Only skilled workers. No women or minorities. Knights of Labor- 1861- Terrence Powderly allowed skilled and unskilled workers. Knights of Labor- 1861- Terrence Powderly allowed skilled and unskilled workers. Methods by unions: picket, slow down, strike Methods by unions: picket, slow down, strike Methods by management: closed shop, yellow dog contract, lock out Methods by management: closed shop, yellow dog contract, lock out

7. “Robber Barons” & “Captain of Industry” Robber Baron- uses ruthless business tactics. Robber Baron- uses ruthless business tactics. Captain of Industry- Smart business man, makes charitable contributions. Captain of Industry- Smart business man, makes charitable contributions. Rockefeller- Standard Oil Trust Rockefeller- Standard Oil Trust Carnegie- U.S. Steel Carnegie- U.S. Steel

8. New Forms of Business Corporation- pool money together. Own stock, receive dividends. Corporation- pool money together. Own stock, receive dividends. Merger- two companies join together. Merger- two companies join together. Monopoly/Trust- complete control over a field. Monopoly/Trust- complete control over a field. Conglomerate- own several unrelated companies. Conglomerate- own several unrelated companies.