aim: review for test on industrialization 40 multiple choice questions extra credit: castlelearning-...
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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, dividendTRANSCRIPT
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Aim: Review for Test on Industrialization
40 Multiple Choice QuestionsExtra Credit:• Castlelearning- 80 or better (5
points).
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1. Homestead Act160 acres of free land out west.Farm for 5 yearsSmall feeMeant to encourage development of the
West.
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2. CorporationsFormed 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 ActPurpose- to prevent monopolies. “any business in combination of or in
restraint of trade is illegal.”
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4. DefinitionsMonopoly- 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 faireProtective tariffsSupreme Court cases- ruled in favor of
big business.
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6. Railroads4 Transcontinental linesEncouraged settlement of the WestTowns developed around railroads.High rates for shipping goodsRebatesHurt 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 3rd 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 UnionsGoal- 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/trendsRailroadsNew inventionsAgricultural improvements ImmigrationRole of government (laissez faire)
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13. Government’s responseLaissez faireSherman Anti-Trust Act- break up
monopolies. Interstate Commerce Commission-
regulate railroads.