ECONOMY
This economic philosophy argued that the government should not interfere with business.
What is the Laissez Faire?
Large business combinations where multiple companies were controlled by a single board of trustees.
What are trusts?
AT LEAST Two Factors for rapid industrialization
Abundant Natural Resources
Large Labor Force
Technological Innovations
Government Support of Laissez-faire policies, protective tariffs, and railroad subsidies
This amendment granted women the right to vote.
The movement for women’s voting rights
What is the suffrage movement?
This major financial market grew rapidly after the Civil War as investors funded new industries.
What is the New York Stock Exchange?
This powerful banker helped stabilize the economy during the Panic of 1893 by restoring confidence in U.S. gold reserves.
Who is J. P. Morgan?
Cons of rapid industrialization on economy.
Income Inequality: Wealth concentrated among industrialists, while workers struggled.
Urban Overcrowding: Rapid migration led to poor living conditions in tenements.
Environmental Damage: Deforestation, pollution, and depletion of natural resources.
Congress passed these taxes on foreign goods to protect American industries.
What are protective tariffs?
Name two major labor strikes
Great Railroad Strike
Haymarket Riot
Pullman Strike
Homestead Strike
During the Panic of 1893, around this many Americans were unemployed by 1894.
13 Million.
Name 4 “Rober Barons” and what they were known for
Andrew Carnegie: Steel
John D. Rockerfeller: Standard Oil
Cornelius Vanderbilt: Railroads
JP Morgan: Banking
Rapid industrialization: effects on farmers
Prices for farm produce dropped, and many farmers borrowed against crops
Laws that separated blacks & whites in schools, parks, public buildings, hospitals, transportation, public toilets, movie theaters & many other places
What are Jim Crow laws?
Goals of labor strikes
8-hour workday, end child labor, worker cooperatives, against wage cuts.
Reasons for The Panic of 1873
Railroad company's projects failed, companies went bankrupt & could not repay loans, and panic spread.
Local depositors demanded their money back, in cash.
New York banks were unable to return cash to the local banks.
This system used by Andrew Carnegie involved controlling every stage of production from raw materials to distribution.
What is vertical integration?
This 1862 law helped begin the transcontinental railroad by giving land grants to railroad companies.
What is the Pacific Railway Act?
Former slaves and poor whites farmed landowners' land for a share of crops, mantained racial and economic inequality in the South.
What is Sharecropping?
Journalist and activist: Led an anti-lynching campaign in the late 1800s.
Co-founder of NAACP: Fought for civil rights and women's suffrage.
Published Southern Horrors (1892): Exposed the horrors of lynching in the South.
Who is Ida B. Wells?
Excessive building of railroad tracks without real demand contributed to this economic crisis.
What is the Panic of 1873?
Reasons for the Panic of 1907
speculation was the cause of the problem.
Banks usually had to keep about 25% of their depositors’ money in cash or gold reserves so that if customers needed their money back cash available to give to them.
AT LEAST two major impacts of Railroads.
Economic Growth: Expanded national markets, boosted steel and coal industries.Urbanization: Encouraged westward expansion and the rise of cities along rail lines.Monopolies & Corruption: Led to unfair pricing, rebates for big businesses, and land scandals.
First federal law to prohibit monopolies and anti-competitive business practices. Initially weak due to vague wording and courts siding with businesses. Later used effectively by Theodore Roosevelt’s “trust-busting” policies in the Progressive Era.
What is Sherman Antitrust Act?
Applied Charles Darwin’s “survival of the fittest” to society, justifying economic inequality. Used to justify laissez-faire capitalism, monopolies, and opposition to welfare programs.
What is Social Darwinism?