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