U3: Industrialization

industrialization

time period when america was rapidly developing.

Edwin L Drake

used steam engine to successfully drill oil in PA. Originally used for kerosene while gasoline was thrown.

Bessemer Steel process

Henry bessemer blows air onto molten iron releasing carbon making iron into steel

first skyscrapers

chicago

Thomas Alva Edison

invented lightbulb and system for producing and distributing electrical power

effects of electricity

moved factories away from rivers (og source of power) and could now run machines without human care, streetcars provide new and cheap forms of transportation and home appliances made life easier

Christopher Sholes

typewriter

Alaxander Graham Bell

telephone

working conditions

dirty- eat, go to bathrom, sick at station. many kids worked near large machines, limbs cu off kids crushed and killed. 675 workers killed per week

pay

0.27 a day for 14 hours of labor. less than 0.02 per hour; man income: 498/year, woman: 257/year

days

steel mills- 7 day/week
seamstress- 12 hour/day, 6 day/week

Haymarket Affair

protest worker killed a day before, bomb thrown, police fired, riot, 8 convictions, 4 hung, 1 suicide, public turn on labor movement

homestead strike

carnegie’s iron and steel workers at the homestead steel plant. Pay cut/strike breakers. pinkerton police. shooting/lockout. national guard. union “busted”

pinkertons

largest private security force- used to protect the non-union workers

Andrew Carnegie

little government regulation, businesses acquired massive empires. carnegie steel: carnegie constantly lookted at costs to create a cheaper product while maintaining quality. vertical integration and bought out competition.

John D. Rockefeller

standard oil; undercut competition by lowering the price of product and was able to due to railroad deals as well as lower wages for his employees. when competition went bankrupt rockefeller would buy the stocks and merge companies

cornelius vanderbuilt

railroads

JP morgan

investment banking

vertical integration

process where business owner buys suppliers in order to control raw materials and transportation of goods

horizontal

buying out all similar competition in market to be the only one providing a good/service

social darwinism

poor were lazy and that is why they are not successful

robber baron

wiped competition out unethically; willing to take from people

trust

method to gain total control of competition in an industry. companies merge together so “trustees” controlled several businesses

sherman antitrust act

aimed to prevent trusts by making them illegal

Henry Clay Frick

played a major role in homestead strike