period 6 pt 2

Mining boom impact

Gold and silver currency crisis; environmental damage

New South vision

Self-sufficient economy built on modern capitalism

Henry Grady coined what term?

"New South"; promoted economic diversity and laissez-faire capitalism

Who profited most from Southern industries?

Northern banks and financiers

Southern workers vs. other regions

Earned less, worked longer hours

What system kept Southern farmers in debt?

Sharecropping and tenant farming

Railroad loan consequence

Hasty construction and federal corruption

What happened to railroads in 1893?

Went bankrupt; bankers consolidated them

Consolidation effect on railroads

Made them more efficient

Law addressing trust power

Sherman Antitrust Act

Laissez-Faire Capitalism

Government not involved in economy

Social Darwinism

Darwin's ideas applied to business competition

Gospel of Wealth

Justified wealth and philanthropy using religion (Rockefeller)

How did management respond to unions?

Used strategies to defeat unions and strikes

Great Railroad Strike

Wage cut strike across 11 states; crushed by federal troops

National Labor Union

First to organize all workers; won 8-hour day

NLU reform goals

Equal rights, monetary reform, worker cooperatives

Why Knights of Labor lost support

Blamed for Haymarket anarchist bombing

AFL (American Federation of Labor) goal

Higher wages and better working conditions

Homestead Strike

Wage cuts and lockout; setback for steel unions

Pullman Strike ruling

Court allowed injunctions to break unions