Key Terms for Industrialization, Labor, and the Economy

Columbian Exchange

The transfer of goods, crops, and labor (including enslave people) between the Americas and Europe, laying the foundation for global trade and economic systems

Was the Columbian exchange real trade route or a concept

Concept

Encomienda System

Spanish labor system that forced Native Americans to work in exchange for protection and Christianization. Early form of exploitative labor

Mercantillism

Economic system where colonies existed to benefit the mother country through resource extranction and trade monopolies

Triangular Trade

Trade network exchanging goods and enslaved people between Europe, AFrica, and the Americas, fueling colonial economies.

Indentured Servitude

Labor system where individuals worked for a set period of time in exchange for passage to the Americas; a precursor to later labor systems

Slavery

Institution of forced labor, particularly of Africans, that becamse central to the Southern colonial economy

Navigation Acts

British laws regulating colonial trade to enforce mercantilism; sparked tensions over economic control

Salutary Neglect

British policy of loosely enforcing trade laws, allowing colonial economies to develop independently before the 1760s

First Bank of the United States date?

1791

What was the First Bank of the United States

Established by Alaxander Hamilton to stabilize the national economy and manage debt

Hamiltons Financial Plan

Included the national bank, assumption of state debts, and tariffs to promote economic growth and industrialization

Market Revolution

Shift from subsistence to market based economies, driven by transportation innovations and early industrialization

Cotton Gin developer?

Eli Whitney

When was the Cotton Gin made?

1793

What was the Cotton gin

An invention that revolutionized cotton production, boossing the Southern economy and demand for enslaved labor

Steambaots

Improved river transportation, facilitating trade and economic growth in the West and South

Erie Canal

Connected the Great Lakes to the Atlantic, enhancing trade and economic development in the Northeast

When was the Erie Canal made

1825

Lowell System

Early factory system employing young women in textile mills, marking the rise of wage labor

Factory System

Shift from artisanal to mechanized production, centralizing labor in factories

American System

Plan that promoted tariffs, infrastructure, and a national bank to foster economic independecne

Who wrote the American System

Henry Clay

Railroads

Expanded rapidly, connecting regions and facilitating industrial and agricultural growth

Telegraph

Revolutionized communication, aided business and economic coordination

Industrialization in the North

Accelerated by wartime demand, led to factories, urbanization, and wage labor

King Cotton

Dominance of cotton in the Southern economy, reliant on enslaved labor and global markets

Sharecropping

POst-Civil War labor system trapping freed African Americans and poor whites in cycles of debt

National Labor Union

Early labor organization advocating for workers rights and an eight hour workday

When was the National Labor Union created

1866

Transcontinental Railroad

Linked East and West coasts, boosting trade, migration, and economic integration

When was the Transcontinental Railroad built

1869

Vertical Integration

Business strategy controllloing all stages of production to maximize profits

What is an example of Vertical Integration

Carnegie Steel

Horizontal Integration

Business strategy of monopolizing a single industry stage/ controlling the entire market

Whats an example of Horizontal Integration

Rockefellers Standard Oil

Trusts

Large business combinations that dominated industries, reducing competition

Robber Barons

Industrialists like Carnegie and Rockefeller, criticized for exploitative practices

Gospel of Wealth

Carnegies idea that the wealthy should use their fortunes for social good

When was the Gospel of Wealth

1889

Social Darwinism

Applied survival of the fittest to economics, justifiying wealth inequality

Knights of Labor

Inclusive labor union advocating for workers rights and social reform

When was the Knights of Labor created

1869

American Federation of Labor (AFL) creation date

1886

What was the AFL

Union focused on skilled workers and practical gains like higher wages

Haymarket Riot

Labor protest in Chicago that turned violent, leading to anti-union snetiment

When was the Haymarket Riot

1886

Homestead Strike

Violent steelworkers strike against Carnegie Steel, highlighting labor tensions

Homestead Strike date

1892

Pullman Strike

Railroad workers strike that disrupted national transportation and was suppressed. by federal trools

Pullman strike date

1894

Steel Indsutry

Symbol of industrial growth and monopolositc practices

Oil Industry

Dominated by Standard Oil, exemplifying horizontal integration

Child Labor

Widespread in factories and mines, called for reform

Federal Reserve System

Created to regulate the banking system and stabilize the economy

Progressive Era Reforms

Included antitrust laws and the Federal Trade Commission to curb monopolies

War Industries Board (WWI)

Government agency coordinating production for the war effort

Roaring Twenties

Era of economic prosperity, consumer culture, and stock market speculation

Consumer Culture

Rise of advertising, credit, and mas consumption

Stock Market Crash date

October 29, 1929

Stock Market Crash

Triggered the Great Depression, leading to widespread economic collapse

Great Depression

Severe economic downturn market by unemployment, bank failtures, and povery

Hoovervilles

Shantytowns named after President Hoover, symbolizing economic hardhsip

Dust Bowl

Enviromental disaster that devastated agriculture in the Great Plains

New Deal date

1933-1939

New Deal

FDR program to provide relief recovery and reform

FDIC

Insured bank deposits

Social Security Act

Provided economic security for the elderly and unemployed

WWII Economcy

Massive government spending, rationing, and women in the workforce

Office of Price Administration

Controlled inflation through price controls and rationing during WWII

War Production Board

Directed industrial output for the war

GI Bill

Provided veterans with edcucation and housing benefits, fueling economic growth

When was the GI Bill

1944

Baby Boom

Post WWII population surge

Suburbanization

Growth of suburbs

Interstate Highway System

Facilitated trade travel, and suburban expansion

Interstate Highway System date

1956

Military-Industrial Complex

Warned by Eisenhower; the intertwining of the military and defesne iindsutries

Stagflation (1970s)

High inflation and unemplyoment

Deindustrialization

Decline of manufacturing jobs

Service Economy

Shift from manufacturing to service based industries (finance, healthcare

Enviromental Protection Agency (1970)

Regulation pollution, impacting industries and economic practices

Occupation Safety and Health Administration (OSHA) date

1970

Occupation Safety and Health Administration

Set workplace safety standards

Multinational Corporations

Expanding globally, influencing trade and labor markets

Knowledge-Based Economy

Growth of industries relying on information and technology

Reaganomics

Supply-side economic policies under Reagan, emphasizing tax cuts and deregulation

NAFTA (1994)

Trade agreemnet reducing barriers between the U.S., Canada, and Mexico, impacting job and industries

Dot-Com Boom (1990s)

Rapid growth in internet-based companies, followed by a bust in 2000

2008 Financial Crisis

Triggered by the housing market collapse, leading to widespread economic downturn

Occupy Wall Street (2011)

Protest movement against economic inequality and corporate influence

Gig Economy

Rise of short-term, freelance work facilitated by platforms like Uber and Airbnb

Affordable Care Act (2010)

Expanded healthcare access, with economic implications for employers and workers

Minimum Wage Debates

Ongoing discussions about raising the federal minimum wage to address income inequality