1. Aim: Review for Test on Industrialization 40 Multiple Choice Questions Extra Credit: Castlelearning- 80 or better (5 points).

2. 1. Homestead Act  160 acres of free land out west.  Farm for 5 years  Small fee  Meant to encourage development of the West.

3. 2. Corporations  Formed to finance industrial growth- pool money together.  Limited liability, bankruptcy.  Don’t lose anymore than you put in (investment)  Stock, dividend

4. 3. Sherman Anti-Trust Act  Purpose- to prevent monopolies.  “any business in combination of or in restraint of trade is illegal.”

5. 4. Definitions  Monopoly- only business in a field.  Merger- two companies join together to form one company.  Trust- form of a monopoly.

6. 5. Government contribute to industry.  Laissez faire  Protective tariffs  Supreme Court cases- ruled in favor of big business.

7. 6. Railroads  4 Transcontinental lines  Encouraged settlement of the West  Towns developed around railroads.  High rates for shipping goods  Rebates  Hurt farmers

8. 7. Results of industrialization  Positives:  Mass production- price decreased.  New technology.  New forms of business- corporation.  Negatives:  Child labor.  Unsafe working conditions.  Low wages.  No job security.  Formation of monopolies.

9. 8. Social Darwinism  “Survival of the Fittest.”  Strong businesses will survive.  Weak businesses will go bankrupt (competition).

10. 9. Laissez faire  “hands off”  Government will not interfere in businesses.  Allow businesses to regulate themselves.  Resulted in the formation of monopolies.

11. 10. Grangers/Populists  Grangers:  Farmer’s party  Social organization that developed into a 3 rd party.  Lower railroad rates.  State regulation of railroad.  “Granger Laws”  Populists:  “People’s Party”- farmers.  Wanted: graduated income tax, direct election of senators, referendum, recall, initiative and secret ballot.  Passed under Progressives

12. 11. Labor Unions  Goal- better working conditions.  Methods- picket, slow down & strike.  Reaction- banned/ illegal, workers fired.  Knights of Labor- Skilled & unskilled, minorities and women.  American Federation of Labor- craft union, skilled workers only.

13. 12. Reasons/trends  Railroads  New inventions  Agricultural improvements  Immigration  Role of government (laissez faire)

14. 13. Government’s response  Laissez faire  Sherman Anti-Trust Act- break up monopolies.  Interstate Commerce Commission- regulate railroads.