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The Industrial Revolution

The American System was an economic plan that played an important role in American policy during the first half of the 19th century (1800s); 3 parts to plan: a protective tariff, internal improvements to U.S. transportation, and a strong National Bank
The Chinese Exclusion Act was a United States federal law signed by Chester A. Arthur on May 6, 1882, following revisions made in 1880 to the Burlingame Treaty of 1868. Those revisions allowed the U.S. to suspend Chinese immigration, a ban that was intended to last 10 years.
factory system a new way of organizing labor, made necessary by the development of machines which were too large to house in a worker's cottage; often times workers lived in housing provided by the factory and bought supplies from factory store; a way of life
James Hargreaves invented the spinning jenny in 1764; he was a weaver in Great Britain, which was known for its production of textile cloth. The spinning jenny could make clothes faster and easier by making multiple spools of yarn at a time.
Alexander Graham Bell a great man who dabbled in many areas as a scientist, engineer and inventor. Most people associate him with creating the first practical telephone.
tenement overpriced and poorly run rental properties shared by multiple families, they are usually located in poor sections of a large city
Laissez-Faire Economics an economic theory in which business between private parties is free from tariffs, government subsidies, and enforced monopolies; The phrase is French and means "leave it alone".
monopoly a company who is the only supplier for its industry; can typically raise prices on the product because no other competing company exists to level out prices
Andrew Carnegie led the enormous expansion of the American steel industry in the late 19th century (1800s); his company controlled the iron and coal mines and owned railroads and steam ships; his company forced out competition from other companies to create a monopoly
textile any cloth or goods produced by weaving, knitting, or felting; the spinning jenny and flying shuttle made the production of cloth faster and more efficient
Ten Hours Bill of 1847 restricted the working hours of women and children in British factories to effectively 10 hours per day
Guild associations of skilled craftsmen; have existed since the medieval time period; protected the work of the craftsman
The Wealth of Nations book by Adam Smith, had an important effect on economics, promoting a hands-off approach to private enterprise with little political regulation or interference.
Cornelius Vanderbilt owned the New York Central Railroad along with his son; created a monopoly in shipping and railroad industries; provided the first rail service between New York and Chicago; had earned the largest fortune accumulated in the U.S. at that time.
Samuel F. B. Morse known as the inventor of the telegraph
Emergency Quota Act allowed only a certain amount of people from each country to enter the U.S. per year, to stop the tide of immigrants from southern and eastern Europe, only 3% from each nationality allowed to enter U.S. ; 1921
robber barrons during the Industrial Revolution, a few people in the U.S., acquired their wealth due to questionable business practices; became extremely rich because they could set their product's price where they liked, had a monopoly on the product
Cyrus West Field a merchant and financier whose efforts led to the first telegraph cable beneath the Atlantic Ocean in 1866. This transatlantic cable allowed the United States to hear of developments in Europe through telegraph messages.
Horatio Alger was known for his juvenile novels about poor boys and their rise from poverty and humble backgrounds to the middle class through hard work. His children’s stories greatly influenced the business culture, people gain wealth through hard work and diligence.
Combination Acts outlawed and hindered the growth of unions in Great Britain during the Industrial Revolution
Gugielmo Marconi invented the radio in 1895. In 1907 he created the first transatlantic commercial service.
Gilded Age The period in the U.S. 1870–1898, characterized by a greatly expanding economy;associated with the conspicuous wealth and power of the wealthy industrialists of this era.
Created by: mrswilliamsgov