Populist Movement- Omaha Platform - 1890's
Get farmers out of debt
Give people a greater voice in government
Increase money supply in circulation
Graduated income tax
Direct election of U.S. senators
Single term for president/vice president
Secret ballot
8 hour work day
Restriction on immigration
Industrial Revolution
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
Various inventions
Railroads
Monopolies
One industry controls all of a specific market
Can lead to higher prices due to lack of competition
Less choice for the consumer
Poorer products due to lack of competition
Can put smaller businesses out of business
Andrew Carnegie
Carnegie Steel
Irish Immigrant
1835-1919
Reduced Wages
Increased Hours
John D. Rockefeller
Standard Oil
Purchased Carnegie Steel for $1 billion
1839-1937
Would be worth $660 billion today
Sherman Anti-Trust Act 1890
Made monopolies illegal
Cornelius Vanderbilt
Made a fortune in shipping
Retired form shipping at age 64
Then created a railroad empire
Richest person in the US when he died in 1877
Would be worth $200 billion today
Designed Grand Central Station (NYC)
John Pierpont (JP) Morgan
Most powerful banker of his era
financed railroads, U.S. Steel, General Electric, and other major corporations
JPMorgan and Chase
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