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First Industrial Revolution Great Britain Coal and steam-powered engines (boats and locomotives) led this new , mechanized revolution
Second Industrial Revolution Late 1800s Rise in steel, chemicals, electricity, and petroleum Our gross national product was growing exponentially. LOTS of natural resources
7 Fundamentals For a Free Market System Private Property, Limited Government Involvement, Voluntary Exchange, Profit, Competition, Consumer Sovereignty
laissez-faire a policy that government should interfere as little as possible in the nation’s economy.
Disadvantages of the Free Market System pure market economies focus on the good of the individual - no mechanism for providing public goods and services (like education, national defense, etc) ,pure markets cannot provide security to people who, because of sickness, age, disability, etc, cannot
Edison First patent for electric vote recorder First research lab was Newark, New Jersey Phonograph recorded and reproduced sound First commercial power system Head of the Naval consulting board, brought together scientists and inventors to help with the war
Field Translatlantic Cable North America and Europe
Graham Bell Telephone (also a device to find a bullet to save President Garfield)
Westinghouse He invented and patented a compressed-air brake system to replace the standard manuel braking system It enabled ac to travel long distances while still being able to work properly
Robber Baron reference to prominent US businessmen in the late 19th century).
Captain of Industry a business leader whose means of amassing a personal fortune contributed positively to the country in some way. This may have been through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy.
Andrew Carnegie Born in Dunfermline, Scotland, United Kingdom. Made his money from the steel industry, Captain of Industry
John D Rockefeller Born in Richford, New York, Made money from an oil company, Robber baron,
Horizontal Integration Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain.
Monopoly the exclusive possession or control of the supply or trade in a commodity or service.
Child Labor & A Cry From the Ghetto Children had to work many hours for very little money to help pay for food for their family. This made children have no childhood because they were always working
Advantages of a Free Market System
-Congressional act that authorized the construction of the transcontinental railroad Pacific Railway Act of 1862
the two companies in charge of building the transcontinental railroad Union Pacific and Central Pacific
type of workers used by the Union Pacific Railroad Civil War veterans, Irish immigrants, miners, farmers, cooks, adventurers, and ex-convicts.
type of workers used by the Central Pacific Railroad much of the same workers as the Union Pacific + 10,000 Chinese laborers (paid less than $__1_ per day, given the most dangerous jobs)
the five (5) main ways the transcontinental railroad affected the economic health and growth of American industry faster, decrease in production costs, a national market, new methods of management to handle large numbers of people or products, stimulation and growth of other industries
# of time zones in the Continental US, names of the time zones 4, Pacific Time, Mountain Time, Central Time, Eastern Time
founders of the theory of Communism Karl Marx, Friedrich Engles
major immigrant population (regionally) pre-1900 nearly 25 million Europeans immigrated to the United States.
major immigrant population (regionally) post-190o
New Colossus Written by Emma Lazarus, written to help raise money for the Statue of Liberty's pedestal construction, called "Mother of Exiles", Emma wants to help immigrants, Lady Liberty represents a beacon for immigrants
Banning Chinese Immigration the the U.S. Written by the United States House of Representatives, Chinese restriction Act was renewed, targeted towards the Chinese, the author is upset because the immigrants don't participate in our culture
Individualism Anyone can rise in society no matter how humble their origins
Social Gospel Movement It was created to make city conditions better based on aspects of charity and justice found in the bible. The two major charities were the Salvation Army and Young Men's Christian Association
Settlement Homes Gave the poor a place to stay
Created by: adennowell