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Ch 14 Sec 1-3

Ch 14 Sec 1-3. Gilded Age. Ch 14 Sec 2. Realizing that railroads were critical to the settlement of the West and the development of the nation, the federal government made huge land grants and loans to the railroad companies. . The Age of the Railroads. Benefits. Drawbacks.

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Ch 14 Sec 1-3

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  1. Ch 14 Sec 1-3 Gilded Age

  2. Ch 14 Sec 2 Realizing that railroads were critical to the settlement of the West and the development of the nation, the federal government made huge land grants and loans to the railroad companies.

  3. The Age of the Railroads Benefits Drawbacks The unchecked power and greed of the railroad companies led to widespread corruption and abuse of power • The railroad companiesbuilt transcontinental and local lines. • transformed country from collection of regions into a united nation • Railroad time became the nation’s standard time

  4. The Age of the Railroads Which problems did employees of the railroad companies face What was it like to live as a Pullman employee in the town of Pullman? A clean safe environment, but too controlling, since residents had no say in the town rules • Life-threatening working conditions, low pay, and discrimination (Chinese Exclusion Act)

  5. The Age of the Railroads Who was involved in Credit Mobilier, and what was the purpose of this company? In what ways did the railroad companies use their power to hurt farmers? Sold land grants to other businesses instead of settlers Fixed prices to keep farmers in debt to them • Railroad magnates, stockholders, and federal officials in the Union Pacific Railroad siphoned off railroad profits for themselves

  6. The Age of the Railroads Why didn’t the decision in the Munn v. Illinois case succeed in checking the power of the railroads? Why didn’t the Interstate Commerce Act immediately limit the power of the railroads? ICC was hampered by long legal battles from the railroads Supreme Court ruled that the ICC couldn’t set limits on rates • Ruled that a state could not set rates on interstate commerce (ICC is created)

  7. Fun Facts • Ice Cream is Chinese food! • It takes a drop of ocean water more than 1,000 years to circulate around the world. • Check your map! Virginia extends farther west than West Virginia. • The water of the Antarctica is so cold that nothing can rot there.

  8. Big Business and Labor Ch 14 Sec 3

  9. “Rights and interests of the laboring man will be protected and cared for ------ not by the agitators, but by the Christian men to whom God has given control of the property interests of the country” George F. Baer President of a mining company “I regard my workers as I regard my machinery. So long as they do my work for what I choose to pay them, I keep them, getting out of them all I can” Factory Owner Industrialism Quotes

  10. Capitalism What is the difference between a “mom and pop” business and “big business”

  11. Vertical Integration What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Gave a company total power over the quality and cost of its product and helped to create Monopolies • The process by which a company buys out all its suppliers

  12. Horizontal Integration What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Gave a company control over its competition and helped create a Monopoly • The process in which a company buys out, or merges with, its competitors

  13. Social Darwinism What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Glorified big business and tycoons Discouraged government interference with big business To fight against big business, workers created unions like An example is the AFL (for only skilled laborers) • An economic theory based on Darwin’s theory of biological evolution • It asserted that free competition would ensure success or failure in business

  14. Monopoly What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Eliminated a company’s competition allowing it to increase profits • Complete control over an industry’s production, quality, wages, and prices

  15. Holding Company What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Helped get control of companies and create monopolies • A corporation that does nothing but buy out stock of other companies

  16. Trust What is it? How did it help businesses such as U.S. Steel and Andrew Carnegie? Helped create monopolies (This is how Rockefeller gained control of Standard Oil) • A large corporation made up of many companies that receive certificates entitling them to dividends on profits earned by all the companies combined

  17. How did it harm businesses such as Standard Oil and tycoons like John D. Rockefeller • The perception of tycoons as “Robber Barons” • Put tycoons on the defensive • Turned public opinion against them and their businesses • Encouraged government regulation

  18. How did it harm businesses such as Standard Oil and tycoons like John D. Rockefeller • Sherman Antitrust Act • Made trusts (and monopolies) illegal in interstate and international trade • Made it possible (but not easy) to prosecute companies • To promote fair industrial competition

  19. Standard Oil P.C.

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