23 The Industrial Economy

These flashcards cover key concepts from the lecture on the rise of the American industrial economy, focusing on the transformations post-Civil War, significant figures, and economic theories.

What factors contributed to the rise of the American industrial economy after the Civil War?

Geography, Demography, and Law contributed significantly to the rise of the American industrial economy.

How did the Civil War impact the U.S. economy?

It improved the finance system by introducing a national currency and spurred industrialization through massive contracts to manufacturers.

What was the population growth of the U.S. from 1870 to 1900?

The population grew from 40 million in 1870 to 76 million by 1900.

What was a major effect of the railroads on the American economy?

Railroads increased commerce, integrated the market, allowed national brands to emerge, and introduced time zones.

Who was considered the first great robber baron and what industry was he associated with?

Cornelius Vanderbilt, associated with transportation and railroads.

What was John D. Rockefeller known for?

He was known for creating Standard Oil, which controlled 90% of the U.S. oil industry.

What are the differences between vertical integration and horizontal integration?

Vertical integration involves firms buying all aspects of production, while horizontal integration involves big firms buying smaller ones.

What was the purpose of the Knights of Labor?

The Knights of Labor aimed to unite workers and fight for their rights, including unskilled and immigrant workers.

What event damaged the reputation of the Knights of Labor?

The Haymarket Riot of 1886.

What does Social Darwinism argue?

It argues that the theory of survival of the fittest should be applied to people and that corporations are people.

How did the emergence of unions impact the American workforce?

Unions emerged to fight for better working conditions, but also faced violent repressions.

What was the American Federation of Labor focused on?

The AFL focused on moderate issues like wages, hours, and workplace safety.

What was one of the key criticisms of industrial capitalists during the era?

They often engaged in unscrupulous methods to drive competitors out of business and cared little for workers.

What impact did economic changes have on job security for workers?

Job insecurity grew due to a booming population and fluctuating economic conditions.

What was the significance of the Transcontinental Railroad?

It was vital for connecting the country and supported the economic growth of the industrial era.