The Second Industrial Revolution - Ardion (H)

What is the gilded age?

a time where America looked great on the outside but in reality was not great

What does gilded mean?

something (usually a piece of metal) covered in gold

Who coined the term gilded age?

Mark Twain and Charles Dudley

What tarnished the time period?

- emphasis on the inequalities of wealth

- corruption

- the "forgettable presidents"

When was the gilded age/second industrial revolution?

1870-1900s

What are the causes of the second American revolution?

1. natural resources

2. abundant labor supply

3. strong government policy

4. new sources of power

5. technological inventions

6. entrepreneurial class

7. infrastructure

What were the natural resources that were found in America to cause the second industrial revolution?

coal, iron, ore, copper, lead, timber, and oil

What was the abundant labor supply like?

the US had a highly skilled yet small labor supply; they were immigrants who provided unskilled labor

Why are the Americans not happy that immigrants are providing labor?

they are taking the Americans jobs because they don't need to be paid as much so America is not super happy

What is the laissez-faire belief?

that if governments leave businesses alone then the business will prosper

Where did the idea laissez-faire belief come from?

Adam Smith

Who is Adam Smith?

an economist who came up with this term in the colonial time period

What does Laissez-faire mean?

to leave alone

how long does laissez-faire last?

from now til the Great Depression because this ideas leads the country into the Great Depression

What are the new sources of power that cause the second industrial revolution?

electricity, petroleum, and steel

What were the entrepreneurial class doing?

risk takers who realized the "American Dream"

Who provided infrastructure during the antebellum period?

the federal and state governments

Who volcanized rubber(tires)?

Charles goodyear

What did Thomas Edison create?

the filament for a light bulb

Who created the typewriter?

Christopher Sholes

What did Elias Howe create?

the sewing machine

What did Samuel F.B. Morse create?

morse code from the telegraph

What did AG Bell answer the phone with?

"AHOY...AHOY"

What is vertical integration?

occurs when a company controls both the production and distribution of its products

Who is an example of vertical integration? why?

Andrew Carnegie; he had US steel, owned the factory it was made, owns the railroad it was transported on, and owned the warehouse where the steel was stored

What is horizontal integration?

it occurs when one company gains control over the companies that produce the same product

Who is an example of horizontal integration? Why?

John D. Rockefeller; he buys other companies out of business

What is a monopoly? Example?

when someone owns all parts of a business; the oil business

What is a trust?

groups of companies combine to reduce competition, specifically they rally against the monopoly of their trade

How do they celebrate success?

World's Fair Columbian Exposition 1893

What did America show at the exposition to try to beat the statue of liberty from the year before?

the Ferris wheel invented by George Ferris

Who was the serial killer at this time during the expostion?

H. H. Holmes

Who formulated railroads?

Cornelius Vanderbilt

What did vanderbilt start with before railroads?

steamboats

Why did he switch to railroads?

he was making lots of money on the steamboat but recognized that railroads were more important so he sold the steamboat business and made a railroad one instead

What was the wealthy class like in this time?

small BUT SUPER super wealthy!

What did John D. Rockefeller buy to grow his business and success?

standard oil

How much of the oil industry did Rockefeller own?

90%

What did Rockefeller start in before oil?

kerosene

When was he brought down? By who?

1911 by Roosevelt

Why was he in court later in life?

to try to save his oil business/monopoly from roosevelt

what did Roosevelt do with the oil industry whenever he won in court?

split it into 34 companies

What did Rockefeller establish? Who influenced him to do this?

the Rockefeller foundation which gave to education, public health, science, and the arts; carnegie

Who is Andrew Carnegie?

a poor immigrant who traveled in America and worked in a bobbin factory before becoming a cutthroat business man

What did Carnegie own?

Carnegie steel and eventually owned and operated all of the stages of the industrial process

Who wants to buy the business from Carnegie?

J.P. Morgan

How does Morgan compromise with Carnegie?

He sends a friend to ask for Carnegie to sell the business to Morgan for 400 million dollars

Does Morgan eventually buy the business?

yes

What is the gospel of wealth?

the belief that you should not die with your money

What did Carnegie do regarding steel?

he finds a way to mass produce steel cheaply

What does Morgan own?

electricity and steel; becomes the wealthiest man in this tme

How did Morgan help the government?

bailed the Gov. in 1892 from mini depression

What is Morgan referred to as?

King of the Merger

Why is Morgan called this name?

because he formed General Electric and United States Steel Company

What are the two names of businessmen at this time?

you were either Robber Barons or Captains of Industry

Is being called a Robber Baron a positive or negative connotation? Why?

negative; because they hold monopolies and force others to do what they want

Is being called a Captain of Industry positive or negative connotation? Why?

positive for someone who like steel because they improve America and what they bring will change things forever

What are the two government regulations of big business?

interstate commerce act and the sherman antitrust act

do these two regulations work?

no they are both just attempts

What is the interstate commerce act?

it was established to regulate the railroad industry (cars will rival railroads)

Why is the IC act a good thing?

because it regulates the charges of tickets for the railroad especially for farmers

Why does the IC act and the SA act not work?

because the commissioners there to regulate ticket prices and check trusts and monopolies were bribed

What is the Sherman Antitrust Act?

it demolished monopolies

What are the economic theories and reforms?

1- Laissez-faire conservatism

2- social Darwinism

3- Gospel of Wealth

4- social gospel

Who established social Darwinism?

herbert spencer and William Graham sumner

What is darwinism?

the idea of evolution, natural selection, only the fit will survive, and charity would slow down the process of "weeding out" society

What did they apply these theories to?

the social world

What do people believe about they wealth status when the theories of Darwinism come into play?

that they are chosen to be poor or wealthy and there is no ability to get wealthy, meaning, no aid from government

What did industrial leaders use social Darwinism to justify?

their success

What did social Darwinist believe?

that industrial and urban problems are part of natural evolutionary process that humans cannot control

What is the rich societies duty according to Carnegie?

to serve others

What is the social gospel?

that Christians have a responsibility to confront social problems

What did these Christian ministers believe that produced their passion for social gospel?

postmillennialism

what is postmillennialism?

it was the belief that we a perfect society before Jesus comes back

Who was a Christian minister who led social gospel?

walter rauchenbusch