Chapter 14

Industrial Growth

Concentrated in the North due to abundant resources, while the South was recovering from the Civil War, aiming to surpass Britain as the top producer.

Factors of Production

Include physical capital (tools), human capital (knowledge and skills), and technological knowledge (used in production).

Industrialization Impact

Improved workers' living standards, reduced labor intensity, and enhanced productivity.

Oil, Steel, and Iron

Key materials in industrial growth, with innovations like the Bessemer process for steel production.

Railroads

Influenced various industries, enabling rapid growth and expansion.

Corporations

Legal entities with multiple owners, benefiting from lower costs and efficient production.

Industrial Capitalists

Vanderbilt, Carnegie, and Rockefeller consolidated industries through vertical and horizontal integration, creating monopolies.

Trusts

Legal mergers of businesses to share profits, addressing concerns about monopolies and corporate power.

Labor Unions

Organizations advocating for workers' rights, wages, and better conditions, with notable figures like Eugene Debs.

Haymarket Riot and Homestead Strike

Events reflecting labor disputes and clashes between workers and management.

Labor vs

Shift in power dynamics with the rise of labor unions, leading to collective bargaining and mediation.

Tools of Management and Labor

Strategies like scabs, boycotts, and strikes used by both sides in labor disputes.

Revolutionary Inventions

Contributions of inventors like Edison, Bell, and Sholes in shaping modern industries.

Sherman Antitrust Act

Legislation aimed at curbing monopolies and promoting fair trade practices.