Timber, coal, water, iron, metals Petroleum (oil) Natural resources Timber, coal, water, iron, metals Petroleum (oil) Kerosene in lamps and stoves Growing workforce Population triples between 1860-1910, including 20 million immigrants What advantages did America have that helped grow its economy?

Laissez-faire economics Government policies Laissez-faire economics Let people do as they choose (without gov’t interference) Lower taxes but high tariffs Fewer regulations Freedom for entrepreneurs Risk money to invest in or start businesses What advantages did America have that helped grow its economy?

Bell Telephone Company  AT&T Edison versus Tesla DC versus AC Bell & the telephone, 1876 Bell Telephone Company  AT&T Edison versus Tesla DC versus AC General Electric, 1889 Chicago World Fair, 1893 Refrigeration Clothing & shoes Mass produced How did inventions spur the development of American businesses?

Transcontinental Railroad Land Grants Pacific Railway Act Public land for rail companies Sold to settlers Union Pacific versus Central Pacific Push to connect America’s oceans Hired immigrants, veterans, and struggling miners Faced very tough conditions How did the American railway system develop?

Railroad consolidation Linked independent railways Cornelius Vanderbilt Made a fortune in shipping (on steamboats) Bought three rail companies in Eastern US Time zones No longer used the sun How did the American railway system develop?

How did businesses organize them- selves to make more money? Corporations Owned by many people (stockholders), treated as 1 person Can sue (& be sued), own property Vertical integration Company owns all different aspects it depends on for operation Horizontal integration Combining different companies in the same industry into one large corporation Monopolies Controlling an entire market How did businesses organize them- selves to make more money?

Companies needed new markets to sell products to Selling the product Companies needed new markets to sell products to Department stores, chain stores New forms of advertising Billboards, newspaper and magazine ads Mail order catalogues Sears, Roebuck How did businesses sell their new products?

Craft worker unions: special skills and higher wages Unions: association of workers formed to protect rights and further interests Craft worker unions: special skills and higher wages Common labor unions: Fewer skills and lower wages Trade unions: Craft worker and common labor unions combined How did the formation of unions affect American industry?

Causes of unions Horrible working conditions Long work days and low wages Lack of safety regulation Unequal pay for women Child labor Inequality of wealth Deflation: rise in value of money; owners respond with wage cuts How did the formation of unions affect American industry?

How did the formation of unions affect American industry? Union strategies Different types of strikes Work stoppage Negotiations Closed shops A company that may only hire union members Arbitration Process in which an impartial third party mediates an argument between workers and management How did the formation of unions affect American industry?

Resistance towards unions Pledges to not join Blacklists Lockouts: replacing union workers with “scabs” Courts refused to workers’ rights to organize Perception that unions were Marxist Wanted to overthrow the gov’t? How did the formation of unions affect American industry?