Monday : Notes
Graduated Income Tax - The more money you make, the higher tax rate that you pay
Single Terms for President/Vice President - Wanted to make sure that people couldn't continue to get elected because they wanted changes in the president so they could get new views on how to do things
Secret Ballot - Important so people could vote without intimidation so they can vote for who they want to vote for
8 Hour Workday - Wanted 8 hours workday because people need downtime and would be better workers
Tuesday :
What Helped the Industrial Revolution Take Place in the US?
- tons of natural resources
- Government helped business
- cities were growing
- immigrants provided cheap labor
- growing population provided markets for manufactured goods
- oil boom
- Bessemer Process - cheap way to make steel
Wednesday :
1910's workday
Thursday :
Notes
Railroads Importance - Ability to transport tons of things a long way
Transcontinental Railroad - Railroad all the way across the US
What are monopolies? - When a company in a specific field tries to get rid of all of their competition and control as close to 100% as possible
Why are monopolies bad for consumers and small businesses?
- Can lead to higher prices due to lack of competition
- Can lead to poorer products due to lack of competition
- Less choice for the consumer
- Can drive small businesses out of business
Andrew Carnegie (1835-1919) (Carnegie Steel) - Loved and hated because of how he ran his businesses. Largest steel company in US.
John D. Rockefeller (1839-1937) (Standard Oil) - Controlled all of the oil companies and also and congress.
Cornelius Vanderbilt (1794-1877) - Made a fortune in shipping. Retired from shipping business at age 64. Then created a railroad empire. Richest person is US when he died. Would be second richest person in US history if he were still alive today. Designed Grand Central Station (NYC).
John Pierpont (JP) Morgan (1837-1913) - One of the most powerful bankers of his era. Financed railroads and helped organize US Steel, General Electric and other major corporations. Today is know as JPMorgan Chase Bank.
Friday :
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