1865-1890 Economy

How was agriculture throughout this time period?

• Over half the population lived in rural areas

• North and East benefitted from the expanding markets in towns

• South has less access to railroads so the farmers struggle and economically lagged

• West- Homestead Act accelerated settlers driving up agriculture

What boosted agriculture?

• New railroads helped distribute products

• New technology made farming easier

What was the Oklahoma Land Rush 1889?

• Free land given to people meaning thousands of settlers moved West

• Western farmers were reliant on loans due to harsh climate conditions

How was Urbanisation 1865-1890?

• New York grew from 1.2 million to 2.5 million

• Number of cities grew to 1,700

• Industrialization, mass immigration and transport accelerated industrialisation

What caused rapid industrialisation?

• End of the Civil war

• Population growth

• Transport developments

• technological developments

What was Laissez Faire?

Minimal government intervention in big businesses and the economy

What was Social Darwinism?

The belief that there were superior human beings. Used as a way to justify why big business men were superior

Who was Cornelius Vanderbuilt?

• A railway Tycoon

• He bought out competition

• Fortune became $100 million

Who was Andrew Carnegie?

• Dominated the steel industry monopolising it via vertical integration

• Utilised the Bessemer CoNverter

• Made donations to universities (philanthropist)

Who was John D Rockefeller?

• Owner of Standard Oil, he bought 22/26 of his main competitors

• World’s first billionaire

• Donated $550 million to charity (philanthropist)

How did the railroads boost the economy?

• Powerhouse of economic growth as it connected American industry

• Forefront of steel and oil dominance

• Others who dominated it were Jay Gould and James Fisk

How did steel and oil boost the economy?

• Pittsburgh became the hub of the American steel industry

• Carnegie created the Carnegie Steel Industry by buying out competitors

• Standard Oil controlled 90% of the world’s oil production

Who were the Knights of Labour?

• The first trade union

• advocated for and 8 hour working day and restrictions on child labour

How did the Haymarket bomb outrage damage the Knights of Labour?

• They were associated with it

• Membership halved within a decade

• Ruined any negotiations regarding the 8 hour working day

What was the National Railroad Strike 1877?

• Workers from Baltimore and Ohio went on strike after the fourth pay cut was announced

• Other people from other industries joined in

• $10 million damage

Who were the American Federation of Labour?

• Led by Samuel Gompers

• wanted to avoids the KoL mistakes

• Supported unions winning recognition and securing agreements by collective bargaining and striking when needed