Thursday, September 29th

[6CarlyN]

Today did presentations today on 6-2 and 6-3Ch. 6.2:-What impact did railroads have on the US?pros: increased trade, boomtowns, lower employment, quicker travel, safer than wagons, comfort for passengers.then there were a lot of cons too like construction costs.Railroad Jobs-Why were many people upset with the railroads?expensive, engines, would break,-What did the Grangers or government do to regulate the railroads?They fought back against the rich railroad companys.In 1871, Illinois authorised a commission "to establish maximum freight and passenger rates and prohibit discrimination.Interstate Commerce Act, In 1887, it established the right of the federal government to supervise the railroads activities and 5 members of Interstate Commerce Commission.Ch. 6.3:-Tell me about Andrew Carnegie.He worked for the Pennsylvania RailroadStarted Carnegie Steel Companymost powerful steel companyHe was one of the firsts to do Accounting and offered stocks-Tell me about John D. Rockefeller.He was an owner of an oil companyhe started to buy out small companies to eliminate competionOne of the richest men in the world at the time-What was Social Darwinism and how did it apply to business?the success and failure in business were governed by natural law and no one had the right to interveneThe Sherman Antitrust Act-Explain how companies formed monopolies(vertical/horizontal integration, trusts).Refer to page 242big companies buy out small companys to eliminate competion-How did the government try to regulate business?The Sherman Antitrust Act-What are labor unions and what is their purpose?Were created for keeping the workers from being over worked and under paid.They were workers in the factories to make a higher wages.Were labor unions successful in achieving their goals? Explain/Give examples.