Chapter+17-Keneth+Snyder

THE RISE OF INDUSTRIAL AMERICA, 1865-1900 // Eastern Trunk Lines // - major route between large cities // Western Railroads // - federal land grants ·  poor construction ·  widespread corruption - transcontinental railroads ·  constructed May 10, 1869 // Competition and Consolidation // - over building - 1893 all railroad companies went into bankruptcy - Ended up with more efficient railroad system // The Steel Industry // - Andrew Carnegie ·  vertical integration ·  ^^^ company control every stage of industrial process - U.S Steel Corporation // The oil Industry // - Rockefeller and the Standard Oil Trust ·  1881 company owned 90% of oil refinery ·  Other industries emulated // Antitrust Movement // - middle class citizens feared the trusts’ unchecked power - congress passed Sherman Antitrust Act in 1890 - ^^^ federal law against monopolies - United States v. E.C. (1895) - Sherman Antitrust Act could only be applied to commerce not manufacturing // Conservative Economic Theories // - No government - Social Darwinism ·  survival of the fittest - Gospel of wealth ·  thought that god gave them wealth // Inventions // - typewriter (1867) - cash register (1879) - calculating machine (1887) - adding machine (1888) - Kodak camera (1888) - Fountain pen (1884) - Safety razor and blade (1895) // Edison and Westinghouse // - Menlo Park (1876) = first research lab - Edison = more than a thousand patented inventions - Westinghouse = more than 400 patented inventions // The Concentration of Wealth // - Horatio Alger myth ·  Hard work = success (sometimes true. MOSTLY B.S) // The Expanding middle Class // // The Wage Earners // - worked 10 hours 6 days - 12.5 million made less than $380 // Working Women // - 1 out of 5 worked // Labor discontent // - harmful jobs - performed with the clock // Industrial Warfare // - The lookout - Blacklists - Yellow dog contracts - Private guards - Injunctions - Great Railroad strike 1877 // Attempts to Organize National unions // - National Labor union - Knights of Labor - Haymarket Bombing - American federation of labor // Strikebreaking in the 1890’s // - Homestead Strike
 * 1) ** The Business of Railroads **
 * 2) nations first big business
 * 3) greatest impact on American Economic life
 * 4) encouraged mass production, consumption, and economic specialization
 * 5) creation of modern stock holder corporation
 * 1) ** Industrial Empires **
 * 1) ** Laissez-Faire Capitalism **
 * 1) ** Technology and Innovations **
 * 1) ** Impact of Industrialization **
 * 1) ** The Struggle of organized Labor **