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Chapter 19

Chapter 19. Economic Change and the Crisis of the 1890s. Web. Economic Growth, 1878-1893. All sectors expanding, especially manufacturing Railroad was single most important agent of economic growth Economic power brought political influence- and corruption

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Chapter 19

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  1. Chapter 19 Economic Change and the Crisis of the 1890s Web

  2. Economic Growth, 1878-1893 • All sectors expanding, especially manufacturing • Railroad was single most important agent of economic growth • Economic power brought political influence- and corruption • Patrons of Husbandry (Grange), 1867 • To combat collective power of the railroads • Munn v. Illinois (1877) • Technology contributed mightily to economic growth

  3. ©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license. Value Added by Economic Sector, 1869-1899 (in 1879 prices)

  4. Costs of Economic Growth • Widening gap between rich and poor • Perception of inequality even greater than reality • “Conspicuous consumption” • “Robber Barons” • Emergence of antitrust movement in 1880s • Sherman Antitrust Act, 1890 • U.S. v. E.C. Knight Company (1895) • Manufacturing not connected to commerce

  5. Labor Strike • Unsafe working conditions; loss of worker autonomy • National Labor Union, 1866 • Withered away in depression of the 1870s • Molly Maguires in Pennsylvania coal mines • Great railroad strike of 1877 • Knights of Labor ,1869 • National federation of unions • Haymarket Square, 1886 • Hurt Knights of Labor

  6. Labor Strike (cont.) • American Federation of Labor, 1886 • Loosely affiliated association of trade or craft unions • Critics of the wage-labor system • Henry George, Progress and Poverty (1879) • Edward Bellamy, Looking Backward (1887) • Homestead strike, 1892 • Depression of 1893-1897 • Began with railroad collapse, spread throughout economy • Coxey’s Army, 1894 • Pullman Strike 1894

  7. Farmer’s Movements • Increased production drove down agricultural prices • Prolonged period of price deflation • Farmers blamed banks, commission merchants, railroads,the monetary system • Greenback Party • “Free Silver” movement • Bland-Allison Act 1878 • Sherman Silver Purchase Act, 1890 • Repealed in 1893 • National Farmers’ Alliance and Industrial Union, 1890 • Began as series of local/regional alliances • Developed comprehensive political agenda

  8. The People’s (Populist) Party • Nationwide farmers’ organization formed in 1892 • Ran James B. Weaver as president • Results disappointing’ • Economic crisis after 1893 boosted chances • Election of 1896 • Silver issue divided Democratic Party • Nominated William Jennings Bryan • Silver and other reform issues • Populists fused with Democrats and also nominated Bryan • Republicans nominated William McKinley • Gold standard and conservative economic platform • Campaign most impassioned and exciting in a generation • McKinley elected handily • Proved to be advance agent of prosperity

  9. ©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license. Presidential Election of 1896 Web

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