1. AIM: What do we need to study for the midterm? Do Now: List 3 topics we have studied so far. HW: Study

2. Transcontinental Railroad Opened new markets in the west and brought products of western farms and mines east.

3. Capitalism The economic system based on private initiative, competition, profit, and the private ownership of the means of producing goods and services.

4. Laissez-Faire Noninterference; has come to mean a policy by which the government minimizes its regulation of industry and the economy.

5. Free Enterprise System An economic system based on private ownership, individual enterprise, and competition.

6. Rise of Corporations After the Civil War – many businesses became corporations to raise capital for expansion.

7. Andrew Carnegie Industrialist and philanthropist who built Carnegie Steel Company, later part of US Steel

8. John D. Rockefeller Industrialist and philanthropist Founder of the Standard Oil Company

9. J.P. Morgan Banker Controlled electrical, insurance, and shipping companies Morgan bought Carnegie Steel in 1901, merged it with other companies and created the US Steel Corporation, the worlds largest.

10. Cornelius Vanderbilt Started with steamship lines Began to buy up railroad lines in NY state. Eventually bought up most of the lines between Chicago and Buffalo.

11. Monopolies Company that controls all or nearly all the business of an industry

12. Government’s Response to Big Business Interstate Commerce Commission – regulate railroads. Sherman Anti-trust Act – prohibits monopolies in “restraint of trade”

13. Interstate Commerce Act Regulates Railroads Forbade the practice of pools and rebates.

14. Sherman Anti-trust Act Prohibited trusts or other businesses from limiting competition.

15. Labor Unions Knights of Labor – Terence Powderly – open to skilled and unskilled workers American Federation of Labor – Samuel Gompers – Skilled workers in specific trade unions.

16. Urbanization A process by which more of a nation’s population becomes concentrated in its cities.

17. Strikes, Picketing, Boycotts Strikes: Union workers refuse to do their jobs. Picketing: Boycotts: refusal t buy or use a product or service

18. Child Labor Laws Knights of Labor called for end to child labor.

19. Immigration Old: up to 1850, came from northern and western Europe, especially Ireland, Germany, and Scandinavia. Some settled in the cities, but most went out west to start farms. New: 1850-924, came from southern and eastern Europe, especially Italy, Poland, and Russia. Did not assimilate well. Settled in cities – ghettos.

20. Ellis Island Receiving station – immigrants would be given a medical inspection

21. Ethnic Ghettos Urban areas that are dominated by a single ethnic group.

22. Homestead Act Provided for the settlement of western lands – gave 160 acres had to work the land for 5 years (build a well and put up a fence)

23. Causes and Results of Great Depression Stock market crash Overproduction Unequal distribution of wealth Buying on Margin/Installment buying New Deal – relief, recovery, reform End - WWII

24. Populist Party Farmers formed this party – goals were: graduated income tax, direct election of United States senators, and government ownership of railroads, telegraphs, and telephones.

25. Progressive Party Progressives supported the use of government power to bring about reform. –Secret ballot –Initiative –Referendum –Recall –Direct primary