the total value of all goods and services that a country produces
TRANSCRIPT
Chapter 5: Industrialization
Gross National Product (GNP)
The total value of all goods and services that a country produces
Edwin Drake
Drilled the 1st oil well in Pennsylvania.
Large Workforce:
More than 17 million immigrants arrived in the U.S. between 1870-1910.
Alexander Graham Bell:
Invented the telephone.
Thomas Edison
Invented the phonograph and the light bulb
Textiles
Automatic loom allows cloth to be made faster
Refrigeration
Allowed railroad cars to keep meat cold during transport
Laissez-faire
Policy that government should interfere as little as possible in the nation’s economy.
Entrepreneurs
One who organizes, manages and assumes the risk of a business
Transcontinental Railroad
The 1st of many lines that began crisscrossing the nation.
Cornelius Vanderbilt
One of the most successful railroad consolidators
Robber Barons
People who loot an industry and give nothing back.
Jay Gould
Corrupt railroad owner who manipulated stock
Corporation
Organization owned by many people but treated by law as though it were a person
Stock
Shares of ownership in a company
Andrew Carnegie
Steel entrepreneur
Vertical Integration
Owns all the different businesses on which it depends for its operation.
Rockefeller
Standard Oil Entrepreneur
Horizontal Integration
Combines firms in the same business into 1 large corporation
Industrial Unions
United all workers in a particular industry
The Great Railroad Strike
More than 100 people died & over $10 million in railroad property was destroyed.
The Knights of Labor
1st successful labor union
The Haymarket Riot
Strike speeches turned to violence and a bomb was thrown
The Homestead Strike
4 month strike when workers were locked out and replacement workers were brought in.
Injunction
Formal court order to end a boycott
American Federation of Labor (AFL)
The dominant union of the 1800’s
Samuel Gompers
1st president of the AFL
Industrial Workers of the World (IWW)
Group of labor radicals- many were socialists
Working Women
By 1900 women made up 18% of the workforce
The Progressive Movement
General beliefs:
Industrialization & urbanization had created many social problems
Muckrakers:
A journalist who uncovers abuses and corruption in society
Direct Primary
All party members vote for a candidate to run in the general election.
Women’s suffrage
The right to vote.
Progressives Reform Society
1. Against child labor
2. Wanted safer working conditions
3. Sherman antitrust act:
Sherman Antitrust Act
Illegal to form trusts
Trustbuster
Roosevelt used the Sherman Antitrust Act to break up monopolies
Upton Sinclair
Wrote the best selling book “The Jungle” about the meat packing industry.
Meat inspection act
Required federal inspection of meat shipped across state lines.
Pure Food and Drug Act
Prohibited the sale of impure or falsely labeled food and drugs