my blog didnt save yesterday so i had to copy someones notes.
Ch. 6.1:
-What caused the Industrial revolution to really take off in the late 1800's?
the finding of "black gold" which is oil, and also coal and iron.
-What were some new inventions in the late 1800's and what affect did they have on people's lives?
bessemer steel, gasoline, barbed wire, plow, lightbulbs, type writer
Ch. 6.2:
-What impact did railroads have on the US?
made it possible to travel west, empolyed many people, many employees died while building railroads. brought the country together, transported goods, brought down native american tribes, created 4 time zones.
-Why were many people upset with the railroads?
really high prices, sectioned out the fields and upset animals, changed property lines.
-What did the Grangers or government do to regulate the railroads?
interstate commerce act of 1887, requires railroads to be reasonabe with their prices and rates. the grange was a farmers organization to fight back against the railroads- came before the interstate commerce act- made sure the railroads were being fair to the farmers.
Ch. 6.3:
-Tell me about Andrew Carnegie.
scottish immigrant, became rich once he moved to the US in the steel business, carnegie steel co., first billion dollar company in the US, gave away a lot of his money
-Tell me about John D. Rockefeller.
drove people out of business by under selling then brought the prices back up. similar to andrew carnegie. started out not very wealthy, made money from oil. richest person in the world at the time of his death. gave away a lot of his money
-What was Social Darwinism and how did it apply to business?
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
monopoly- where a company has a lot of control over a certain product. trust= monopoly
horizontal integration- where one company would buy out other companies of the same category in order to make more money
verticle integration- companies buy out companies of other categories in order to not pay for the supplies that they need from those companies. so one business owns everything from production to shipping to sales and didnt have to pay fees for those things.
-How did the government try to regulate business?
sherman anti trust act- tried to break up monopolies and big businesses. brought down standard oil.
-What are labor unions and what is their purpose?
Were labor unions successful in achieving their goals? Explain/Give examples.
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