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Aim: Review for Test on Industrialization
Bring a #2 pencil and a pen.
Essay Topic: (3 parts).
1. Reasons for industrialization
2. Results- positive/negative
3. Role/ Reaction of government
1. Homestead Act160 acres of free land out west.Farm for 5 yearsSmall feeMeant to encourage development of the
West.
2. CorporationsFormed to finance industrial growth-
pool money together.Limited liability, bankruptcy.Don’t lose anymore than you put in
(investment)Stock, dividend
3. Sherman Anti-Trust ActPurpose- to prevent monopolies. “any business in combination of or in
restraint of trade is illegal.”
4. DefinitionsMonopoly- only business in a field.Merger- two companies join together to
form one company.Trust- form of a monopoly.
5. Government contribute to industry.
Laissez faireProtective tariffsSupreme Court cases- ruled in favor of
big business.
6. Railroads4 Transcontinental linesEncouraged settlement of the WestTowns developed around railroads.High rates for shipping goodsRebatesHurt farmers
7. Results of industrialization Positives: Mass production-
price decreased. New technology. New forms of
business- corporation.
Negatives: Child labor. Unsafe working
conditions. Low wages. No job security. Formation of
monopolies.
8. Social Darwinism “Survival of the Fittest.”Strong businesses will survive. Weak businesses will go bankrupt
(competition).
9. Laissez faire “hands off”Government will not interfere in
businesses.Allow businesses to regulate
themselves.Resulted in the formation of
monopolies.
10. Grangers/Populists Grangers: Farmer’s party Social organization that
developed into a 3rd party.
Lower railroad rates. State regulation of
railroad. “Granger Laws”
Populists: “People’s Party”-
farmers. Wanted: graduated
income tax, direct election of senators, referendum, recall, initiative and secret ballot.
Passed under Progressives
11. Labor UnionsGoal- better working conditions.Methods- picket, slow down & strike.Reaction- banned/ illegal, workers fired.Knights of Labor- Skilled & unskilled,
minorities and women.American Federation of Labor- craft
union, skilled workers only.
12. Reasons/trendsRailroadsNew inventionsAgricultural improvements ImmigrationRole of government (laissez faire)
13. Government’s responseLaissez faireSherman Anti-Trust Act- break up
monopolies. Interstate Commerce Commission-
regulate railroads.