Posted by 8Brittany on September 29, 2011 at 10:34am
Ch. 6.2:-What impact did railroads have on the US?Large increase in trade, quicker travel, boom town, lower unemployment rate, safer than wagons, comfort for passengers.Trade grew like iron, coal, steel, lumber, and glass. Towns grew, small stops became big towns.-Why were many people upset with the railroads?Construction cost, engines break down, more settlement out west decreases room for native americans, risks for workers. Misuse of government land grants-which railroads sold to other businesses. Fix prices, which helped keep farmers in their debt. Demanded more for short hauls than they did for long hauls.Charged a lot to use railroads.-What did the Grangers or government do to regulate the railroads?Grange-farmers organization founded by Oliver Hudson in 1867. Demanded control over the railroad industry, by mid-1870 almost every state had at least one branch. 1871 Illinois authorized a commission to establish mazimum freight and passenger rates and prohibit discrimination. Congress passed the Interstate Commerce Act in 1887- established the right of the federal government to supervise the railroads activities and 5 members of Interstate Commerce Commision(ICC).Ch. 6.3:-Tell me about Andrew Carnegie.Came to the US with his parents from Scottland. Worked at the Pennsylvania Railroad. Started the Carnegie Steel Company. Most powerful steel company in 1809. New machinery and techniques, accounting, offer stocks, liked competition. Created Carnegie Hall for the arts. Hated rich people and before he died he gave most his money. Refer to page 242. Horizontal intergration- big company buys out small company. Veritcal intergration-oil companies would buy out railroads, stores.-Tell me about John D. Rockefeller.Owned the Standard oil company. Created a monopoly-when one company has complete control over the production of a product and they can control the market of that product. Low wages, low price, no more competitors. They were called Robber Barons-powerful business man or banker.-What was Social Darwinism and how did it apply to business?Social Darwinism-success and failure in business were governed by natural laws and no one has the right to intervene. It is natural for big businesses to take over small businesses.-Explain how companies formed monopolies(vertical/horizontal integration, trusts).Horizontal intergration-big company buys out small company. Verital intergration-oil companies would buy out railroads,stores. Trust-an agreement between a company, a monopoly trying to take over.-How did the government try to regulate business?Sherman Antitrust Act-governments attempt to stop monoplies,wasn't clear,was easy to find loopholes.-What are labor unions and what is their purpose?Were created for keeping workers from being over worked and under paid. Were workers in the factories to make a higher wage. Workers were not allowed to leave because of sickness, vacation, injury. Injuries were common because of poor ventilation.-Were labor unions successful in achieving their goals? Explain/Give examples.
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