Vocab
Explain what is meant by "laissez- faire economics".
The belief that the economy functions better with little government regulation or interference.
Andrew Carnegie was known for what?
Owning the majority of the steel industry
What led to so many lives being lost at the Triangle Shirtwaist Factory?
The factory doors were locked and workers were not able to escape the fire.
What is a monopoly?
A company that controls all of an industry.
Describe the impact of industrialization on cities.
More factories, crowded tenement housing, less sanitary
What is the purpose of a labor union?
To protect the rights of workers & fight for better conditions.
John D. Rockefeller was known for what?
What were the typical hours that people worked in factories? How many hours/days?
10-12 hours a day, 6 days a week
What is the purpose of a trust?
To control prices
Describe the impact of industrialization on farming.
New machinery increased crop production
How did mass production change what life and the economy looked like in the US?
It allowed for goods to be produced quickly and cheaper, meaning people had more time to dedicate towards other things.
Thomas Edison was known for what?
Creating modern-day electricity
What was the cause of the Homestead Strike?
The factory cut workers pay.
How did monopolies threaten the free-enterprise system?
By getting rid of any competition
List at least 2 positive outcomes of industrialization.
New inventions, electricity, growth of cities, innovation
How did tariffs impact the growth of industrialization after the Civil War?
Tariffs increased foreign competition and made it more expensive to import goods from other countries. This led to the production of American-made goods.
Henry Ford was known for what?
Mass producing cars
Why did factory owners often choose to hire children to work in their factories?
They could be paid less and did not organize into unions
What effects did trusts have on the political process?
They used their wealth to buy elections and corrupt public officials.
List at least 2 negative outcomes of industrialization.
Poor working conditions, profit prioritized over workers, monopolies and corruption
List two things that led to the growth of industrialization in the US.
Tariffs, growth of railroads, laissez-faire policies, people had more money to invest after the Civil War
Samuel Gompers was known for what?
Being the leader of the American Federation of Labor
What was a long term effect of the Homestead Strike?
The union was essentially crushed.
In the political cartoon we looked at in class, what was the message the artist was trying to make?
Trusts have become too powerful and are trying to corrupt politicians
Describe the events of the Haymarket Riot.
A bomb was thrown into a crowd of protesters. It is unclear who threw it, but a group of communists were blamed.