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Published byDelphia Bridges Modified over 9 years ago
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Aim: Review for Test on Industrialization 40 Multiple Choice Questions Extra Credit: Castlelearning- 80 or better (5 points).
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1. Homestead Act 160 acres of free land out west. Farm for 5 years Small fee Meant to encourage development of the West.
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2. Corporations Formed to finance industrial growth- pool money together. Limited liability, bankruptcy. Don’t lose anymore than you put in (investment) Stock, dividend
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3. Sherman Anti-Trust Act Purpose- to prevent monopolies. “any business in combination of or in restraint of trade is illegal.”
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4. Definitions Monopoly- only business in a field. Merger- two companies join together to form one company. Trust- form of a monopoly.
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5. Government contribute to industry. Laissez faire Protective tariffs Supreme Court cases- ruled in favor of big business.
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6. Railroads 4 Transcontinental lines Encouraged settlement of the West Towns developed around railroads. High rates for shipping goods Rebates Hurt farmers
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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.
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8. Social Darwinism “Survival of the Fittest.” Strong businesses will survive. Weak businesses will go bankrupt (competition).
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9. Laissez faire “hands off” Government will not interfere in businesses. Allow businesses to regulate themselves. Resulted in the formation of monopolies.
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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
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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.
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12. Reasons/trends Railroads New inventions Agricultural improvements Immigration Role of government (laissez faire)
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13. Government’s response Laissez faire Sherman Anti-Trust Act- break up monopolies. Interstate Commerce Commission- regulate railroads.
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