west and industrialization. identification (3 points) 1.central pacific railroad
TRANSCRIPT
West and Industrialization
Identification (3 Points)
• 1.Central Pacific Railroad
Answer One
• Central Pacific Railroad was one of the two major railroads connecting the Midwest and the west. It began in Sacramento and ran east.
Identification (3 Points)
• 2.Union Pacific Railroad
Answer Two
• Union Pacific Railroad was one of the two major railroads connecting the Midwest and the west. It began in Omaha and ran west.
Identification (3 Points)
• 3.Wounded Knee
Answer Three
• Wounded Knee was where the final battle between the Army and the Indians occurred. This took place in South Dakota and 190 unarmed Indians were killed.
Identification (3 Points)
• 4.Dawes Act
Answer Four
• Dawes Act broke up the Indian Nations. It gave each Indian 160 acres of land and the promise of eventual full citizenship
Identification (3 Points)
• 5.“Long Drive”
Answer Five
• “Long Drive” was the route used by cattle farmers to bring their steer to market. This drive was very difficult and long as the ranchers had to go from Texas to Missouri and Kansas.
Identification (3 Points)
• 6.Homestead Act
Answer Six
• Homestead Act was a law that stated that the head of a family would be entitled to purchase 160 acres of land for $10. This law was passed to encourage settlers to move west to seek their fortunes.
Identification (3 Points)
• 7.Laissez Faire
Answer Seven
• Laissez Faire comes from a French term meaning “let alone”. It was used to describe the governments’ attitude towards business. Government during the period of industrialization had few restraints on business practices.
Identification (3 Points)
• 8.Thomas Alva Edison
Answer Eight
• Thomas Alva Edison was a great innovator who improved existing inventions such as the telephone, electric power and the light bulb.
Identification (3 Points)
• 9.Economies of Scale
Young John RockefellerFounder of Standard Oil
Answer Nine
• Economies of Scale is another term used for mass production. By employing the techniques of mass production, business could produce products more efficiently and pass the savings along to the consumer
Identification (3 Points)
• 10.Jay Gould
Answer Ten
• Jay Gould was a businessman who bought and sold small railroads. He sold these to the big railroad companies at a huge profit as the large railroads were seeking to consolidate and employ the principle of economies of scale.
Identification (3 Points)
• 11.Cornelius Vanderbilt
Answer Eleven
• Cornelius Vanderbilt was a consolidator of railroads in the east. He made many improvements on his line which was based in New York but later extended to Chicago.
Identification (3 Points)
• 12.Corporation
New York Stock Exchange
Answer Twelve
• Corporation is a company formed by a group of investors who receive a share of the company in proportion to the amount they have invested. Corporations allowed the risk of business owning to be shared and stimulated the growth of industry in the United States.
Identification (3 Points)
• 13.Holding Company
Answer Thirteen
• Holding Company was a company created to hold the stock of other companies. They manufactured nothing yet allowed wealthy capitalists to own controlling interests in many businesses.
Identification (3 Points)
• 14.Horizontal Integration
Answer Fourteen
• Horizontal Integration exists when several firms engaged in the same kind of business are joined together. If a horizontally integrated business becomes large enough, it could achieve a monopoly of that industry.
Identification (3 Points)
• 15.Vertical Integration
Answer Fifteen
• Vertical Integration is when businesses engaged in different but related businesses are joined. In a typical example of vertical integration, a company would own the businesses which provide raw materials which are used in the finished product produced by the company.
Identification (3 Points)
• 16.Standard Oil
Answer Sixteen
• Standard Oil controlled 90% of the oil business in the United States. Later, the US government decided that Standard Oil was a monopoly abusing its’ powers and broke the company up into several smaller oil companies.
Identification (3 Points)
• 17.John D. Rockefeller
Answer Seventeen
• John D. Rockefeller was the founder of Standard Oil who was accused by many people of being a brutal and shrewd businessman. He made Standard Oil into an efficient stable company. Later in his life he gave away millions of dollars to charity.
Identification (3 Points)
• 18.Rebate
Answer Eighteen
• Rebate is a discount. Standard Oil received a discount of 25 to 50 percent on its’ shipping when they agreed to use certain railroads. This gave Standard Oil an unfair advantage over its’ smaller competitors.
Identification (3 Points)
• 19.Andrew Carnegie
Answer Nineteen
• Andrew Carnegie was the founder of US Steel. He created an efficient, vertically integrated business which gave him a near total monopoly of the steel industry. He was based in Pittsburgh, Pennsylvania.
Identification (3 Points)
• 20.Philanthropy
Answer Twenty
• Philanthropy are actions which benefit society. Rockefeller and Carnegie both gave away huge parts of their fortunes to charity.
Short Answer One
• Who benefited from the expansion of the railroads and who did not? Be sure to back up your answer with reasons for the benefits and losses for each group you identify.
Ticket on the Central Pacific
Answer
• Benefited – Steel Industry - Railroad Cars / Track– Lumber Industry - Houses / Ties– Farmers - Land/ Markets– Settlers - Land /Transportation– Government - Increased the value of the land
• Lost– Indians - Land/ Lives– Buffalo - Wiped Out– Smaller Independent Lines - Bought up by bigger
Lines (Economies of Scale)
Short Answer Two
• What role did the railroads play in the settlement of the Great Plains?
Railroads
Answer
• Railroads opened up routes of transportation into previously unsettled land. This allowed settlers to go there to farm while being assured that they could get their products to market. Railroads also called on the army to subdue the Indians which made the Great Plains safer for settlement.
Short Answer Three
• What were the reasons for the growth of American Industry after the Civil War?
Child Laborer
Answer• 1. Natural resources• a. coal- Appalachians and Pennsylvania• b. iron ore- Michigan and Wisconsin• c. petroleum-Pennsylvania and Texas• 2. Human resources• a. between 1860 and 1890- population doubled• b. 14 million immigrants in this period• c. males looking for work
1. kept labor prices down
• 3. Government Policies• a. few governmental restraints-laissez faire (let be)• b. business got special favors from congress• c. liberal immigration policies• 1. cheap labor• d. federal government helped• 1. sold resources laden land cheap to industry• 2. cheap land to railroads• e. Investment- business seen as a good thing
Short Answer Four
• How did the evolution of corporations help to spur growth during the period of industrialization?
New York Stock Exchange
Answer
• Corporations allowed for the spreading of risk, pooling of risk, limited liability, and the raising of capital. Corporations also allowed smaller investors to “pool” their money in order to make an investment in a company.
Short Answer Five
• Define the “Sherman Anti-Trust Act” and explain why it was enacted.
Trust Busting
Answer
• The Sherman Anti-Trust Act wrote into law the principle that private monopolies which led to artificial restraints on trade or unfair trade practices were wrong. This law was enacted in order to address abuses by some big businesses who abused their status as monopolies such as Standard Oil and the American Sugar Refining Company. This law remains important even today as Microsoft has been taken to court in violation of this law recently.