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Name: _________________ December 5, 2007 Period:________________ Social Studies 8 Topic: Industry Urbanization Aim:

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Name: _________________ December 5, 2007 Period:________________ Social Studies 8 Topic: Industry Urbanization Aim:

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    4. CAPITALISM COMMUNISM SOCIALISM

    5. Created thousands of jobs Stimulated steel and lumber industries Helped the US expand Cities grew New businesses Transportation and Trade

    6. CAUSES British ideas for machines spread to the U.S. Due to the War of 1812, the U.S. was forced to manufacture its own goods. Francis Cabot Lowell built the first textile factory in the U.S. The steam engine was created

    7. EFFECTS The factory system spread throughout the northeastern U.S. Cities became more populated, but were crowded and had problems with disease. More jobs were available for people in the cities. New technology improved transportation, trade, and the manufacturing of goods.

    8. CORNELIUS VANDERBILT Railroads Used ruthless tactics to force smaller owners to sell to him Used consolidation, rebates and pooling

    12. Banking Invested in stock Adopted policies to reduce competition (planned to form a monopoly) Bought out Carnegie for $500 million=controlled 60% of the nations steel Combined the business of insurance, banking and stock into one company

    14. Oil (Standard Oil Co.) Slashed oil prices to drive out competition RR gave him rebates Created Trusts & monopoly (Standard Oil Co.) Bought out struggling businesses Horizontal Integration: owning all businesses in a certain field Considered a great Philanthropist (contributed over $550 million)

    17. Undersold competitors & drove them out of business Produced Ľ of the nations steel Paid workers low wages Forced the RR to ship steel cheaply Vertical Integration: owning the business in each step of the manufacturing process

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