Regents ReviewRegents Review

IndustrializationIndustrialization

America IndustrializesAmerica Industrializes

Also known as the “Gilded Age”because of Also known as the “Gilded Age”because of lavish lifestyle of those who became rich.lavish lifestyle of those who became rich.

Reasons for IndustrializationReasons for Industrialization

Expansion of railroadsExpansion of railroads Government policy of Laissez faire.Government policy of Laissez faire. New technologyNew technology EntrepreneurEntrepreneur

New InventionsNew Inventions

Bessemer- steel processBessemer- steel process Bell- telephoneBell- telephone

Impact of Big BusinessImpact of Big Business

Low wages, unsafe conditions, child laborLow wages, unsafe conditions, child labor Goods cheaperGoods cheaper

Labor UnionsLabor Unions

AFL- 1881- Samuel Gompers. Only skilled AFL- 1881- Samuel Gompers. Only skilled workers. No women or minorities.workers. No women or minorities.

Knights of Labor- 1861- Terrence Powderly Knights of Labor- 1861- Terrence Powderly allowed skilled and unskilled workers.allowed skilled and unskilled workers.

Methods by unions: picket, slow down, Methods by unions: picket, slow down, strikestrike

Methods by management: closed shop, Methods by management: closed shop, yellow dog contract, lock outyellow dog contract, lock out

““Robber Barons” & “Captain of Robber Barons” & “Captain of Industry”Industry”

Robber Baron- uses ruthless business Robber Baron- uses ruthless business tactics.tactics.

Captain of Industry- Smart business man, Captain of Industry- Smart business man, makes charitable contributions.makes charitable contributions.

Rockefeller- Standard Oil TrustRockefeller- Standard Oil Trust Carnegie- U.S. SteelCarnegie- U.S. Steel

New Forms of BusinessNew Forms of Business

Corporation- pool money together. Own Corporation- pool money together. Own stock, receive dividends.stock, receive dividends.

Merger- two companies join together.Merger- two companies join together. Monopoly/Trust- complete control over a Monopoly/Trust- complete control over a

field.field. Conglomerate- own several unrelated Conglomerate- own several unrelated

companies.companies.