1. 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 , including 20 million immigrants
What advantages did America have that helped grow its economy?

2. 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?

3. 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?

4. 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?

5. 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?

7. 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?

8. 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?

9. 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?

10. 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?

11. 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?

12. 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?