Aim: Review for Test on Industrialization

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Aim Review for Test on Industrialization

• Bring a 2 pencil and a pen.
• Essay Topic (3 parts).
• Reasons for industrialization
• Results- positive/negative
• Role/ Reaction of government

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1. Homestead Act

• 160 acres of free land out west.
• Farm for 5 years
• Small fee
• Meant to encourage development of the West.

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2. Corporations

• Formed to finance industrial growth- pool money
  together.
• Limited liability, bankruptcy.
• Dont lose anymore than you put in (investment)
• Stock, dividend

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3. Sherman Anti-Trust Act

• Purpose- to prevent monopolies.
• any business in combination of or in restraint
  of trade is illegal.

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4. Definitions

• Monopoly- only business in a field.
• Merger- two companies join together to form one
  company.
• Trust- form of a monopoly.

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5. Government contribute to industry.

• Laissez faire
• Protective tariffs
• Supreme Court cases- ruled in favor of big
  business.

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6. Railroads

• 4 Transcontinental lines
• Encouraged settlement of the West
• Towns developed around railroads.
• High rates for shipping goods
• Rebates
• Hurt farmers

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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.

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8. Social Darwinism

• Survival of the Fittest.
• Strong businesses will survive.
• Weak businesses will go bankrupt (competition).

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9. Laissez faire

• hands off
• Government will not interfere in businesses.
• Allow businesses to regulate themselves.
• Resulted in the formation of monopolies.

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10. Grangers/Populists

• Grangers
• Farmers party
• Social organization that developed into a 3rd
  party.
• Lower railroad rates.
• State regulation of railroad.
• Granger Laws

• Populists
• Peoples Party- farmers.
• Wanted graduated income tax, direct election of
  senators, referendum, recall, initiative and
  secret ballot.
• Passed under Progressives

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11. Labor Unions

• Goal- 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.

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12. Reasons/trends

• Railroads
• New inventions
• Agricultural improvements
• Immigration
• Role of government (laissez faire)

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13. Governments response

• Laissez faire
• Sherman Anti-Trust Act- break up monopolies.
• Interstate Commerce Commission- regulate
  railroads.