Unit 4 Forging and Industrial Society

UNIT 4 – FORGING AND INDUSTRIAL SOCIETY PERIOD 6: 1865 - 1898 CHAPTER 24 “INDUSTRY COMES OF AGE” (1865-1900) (13TH EDITION ONLY)

THE OVER-ARCHING THEME OF CHAPTER 24 “INDUSTRY COMES OF AGE” IS THAT AMERICA’S ECONOMY TURNS FROM AGRICULTURAL AND HANDIWORK TO INDUSTRIAL AND MACHINE WORK.

LEARNING OBJECTIVES – AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO: 1. …explain how the transcontinental railroad network provided the basis for the great post- Civil War industrial transformation.

2. …identify the abuses in the railroad industry and discuss how these led to the first efforts at industrial regulation by the federal government.

3. …describe how the economy came to be dominated by giant "trusts," such as those headed by Carnegie and Rockefeller in the steel and oil industries.

4. …discuss the growing class conflict caused by industrial growth and combination, and the early efforts to alleviate it.

5. …explain why the South was generally excluded from industrial development and fell into a "third world" economic dependency.

6. …analyze the social changes brought by industrialization, particularly the altered position of working men and women.

7. …explain the failures of the Knights of Labor and the modest success of the American Federation of Labor.

IDENTIFY THE HISTORICAL SIGNIFICANCE OF THE FOLLOWING – 1. Leland Stanford 6. Alexander Graham 11. Terence V. 2. Collis P. Huntington Bell Powderly 3. James J. Hill 7. Thomas Edison 12. John P. Altgeld 4. Cornelius 8. Andrew Carnegie 13. Samuel Gompers Vanderbilt 9. John D. Rockefeller 5. Jay Gould 10. J. Pierpont Morgan 14. 15. DEFINE THE HISTORICAL SIGNIFICANCE OF THE FOLLOWING – 16. land grant 20. vertical integration 23. interlocking 17. stock watering 21. horizontal directorate 18. pool integration 24. capital goods 19. rebate 22. trust 25. plutocracy 26. injunction 27. 28. DESCRIBE THE HISTORICAL SIGNIFICANCE OF THE FOLLOWING – 29. Union Pacific 32. Wabash case 36. William Graham Railroad 33. Bessemer Process Sumner 30. Central Pacific 34. United States Steel 37. New South Railroad 35. Gospel of Wealth 38. yellow dog contract 31. Grange 39. National Labor 40. Haymarket Riot 41. American Union Federation of Labor 42. 43. 44. See page 2 for Glossary 45. To build your social science vocabulary, familiarize yourself with the following terms. 1. pool - In business, an agreement to divide a given market in order to avoid competition 2. rebate - A return of a portion of the amount paid for goods or service 3. free enterprise - an economic system that permits unrestricted entrepreneurial business activity; capitalism 4. regulatory - commission In American government, any of the agencies established to control a special sphere of business or other activity; members are usually appointed by the president and confirmed by Congress 5. trust - combination of corporations, usually in the same industry, in which stockholders trade their stock to a central board in exchange for trust certificates 6. syndicate - an association of financiers organized to carry out projects requiring very large amounts of capital 7. patrician - characterized by noble or high social standing 8. plutocracy - government by the wealthy 9. third world - the noncommunist and non-Western nations of the world, most of them formerly under colonial rule and still economically poor and dependent 10. socialist - one who believes in the ownership and control of the major means of production by the whole community rather than by individuals or corporations 11. radical - one who believes in fundamental change in the political, economic, or social system 12. lockout - the refusal by an employer to allow employees to work unless they agree to his or her terms 13. yellow dog contract - labor contract in which an employee must agree not to join a union as a condition of holding the job 14. cooperative - an organization for producing, marketing, or consuming goods in which the members share the benefits 15. anarchist - one who believes that formal, coercive government is wrong in principle 46.