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Unit 5: Big Business

Unit 5: Big Business

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Unit 5: Big Business

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  1. Unit 5: Big Business

  2. Day 1 The Rise of Big Business

  3. Do Now On your iPads, research this question: WHO IS ANDREW CARNEGIE?

  4. Looking Forward • Today: Unit 5: Gilded Age, Big Business

  5. Industrialization • The United States is rapidly industrializing • Samuel B. Morse: telegraph • Alexander Graham Bell: telephone • Thomas Edison: light bulb • George Westinghouse: air conditioning • Capitalism: an economic system that is characterized by private ownership of property for profit • Mass production: process of producing goods in large numbers • Natural Resources: resources formed by nature that are used to produce goods (coal, iron ore, oil, lumber, water)

  6. Giants of Industrialization • Industrialization  new opportunities and chances to make money (lots of money!) • Entrepreneurs: people who start businesses • Railroads • Robber Barons: Wealthy men, crooked morals • Oil • John D. Rockefeller and Standard Oil • Trust: business arrangement under which a number of companies unite into one system • Monopoly: Market in which there is only one supplier of a product and no market competition

  7. Monopolies • (Selling pencil activity)

  8. Monopolies • John D. Rockefeller (oil), Andrew Carnegie (steel) • Dictate prices • Eliminate competition • Control the industry • Vertical Integration • One corporation owns the company that produces the finished product AND the companies that provide the materials necessary for production • Rockefeller was determined to “pay nobody a profit” • Interlocking Directorates: allowed directors of one company to serve as directors for other companies too • Protective Tariffs: taxed foreign imports, making it easier for US business to sell products at higher prices

  9. Monopoly Political Cartoons • In the Unit 5 folder, open the “Monopolies Political Cartoon” document • Spend 5-7 minutes at each station answering the question

  10. Giants of Industrialization • Andrew Carnegie: philanthropist • “Gospel of Wealth”: responsibility of the wealthy to put their money to good use serving others • J.P. Morgan: Finance capitalist • Banker who exerted economic influence through companies’ stocks and bonds • Personal wealth: $22 billion (3x the estimated value of all real estate in NYC)

  11. Exit Ticket • What is a monopoly? • Name two giants of industrialization • Explain the name “robber baron” • Explain the concept of “vertical integration”

  12. Day 2

  13. Do Now

  14. Looking Forward

  15. Fourth Block • FIPSE strategy

  16. Urbanization • People leave their farms and migrate to cities • The rapid growth of industries (tobacco, iron, textiles) contributes to rapid growth of cities • Child labor, sweatshops, urban slums, tenements

  17. Immigration • Eastern US: mostly EuropeanWestern US: mostly Asian • Industry grows, need for labor increases • Ellis Island • Melting pot – cultural pluralism (presence of many different cultures within one society)

  18. Responses to Immigration • Many US citizens looked on immigrants negatively • Taking jobs away? • Untrustworthy? • Refusal to assimilate? • Nativism: opposition to immigration • Violence • Legal restrictions • Ethnic Ghettos: neighborhoods where immigrants from a certain region or country lived together due to common culture, language and heritage

  19. Immigration Game

  20. Political Machines • Improved police and fire departments, transportation systems, public services, sewage systems, etc. • Government = more powerful • Political machine: an unofficial entity meant to keep a certain party or group in power • Graft: the use of political power to gain wealth • Used immigrants to secure votes in exchange for political favors, financial health and promises of aid • Boss Tweed and Tammany Hall

  21. Rise of Labor Unions • Sherman Anti-Trust Law: monopolies are illegal • Union: organizations of workers formed to protect the interests of its members • Pursued social and labor reform • Used strikes, boycotts and collective bargaining • Immigrants and African Americans were recruited • South Carolina: “right to work” (little public sympathy for unions)

  22. Employer Response to Unions • HATED Unions • Scabs: replacement workers • Injunctions: court orders that forbad strikes because they violated the law or threatened public interest

  23. Remaining Class Time / Homework MAJOR STRIKES AND CONFRONTATIONS Complete the readings and the graphic organizer

  24. Day 3

  25. Do Now What are three things you learned from the Avery Institute?

  26. Looking Forward Tonight’s Homework: NONE!

  27. Thank You Notes Dear Ms. Harrell-Roye, • Why you liked spending the morning at the Avery Institute • 1-2 things you learned at the Avery Institute • Any remaining questions you have Sincerely, Your First Name ONLY

  28. Railroads • Crucial to western expansion • Allowed farmers and ranchers to ship products east • Rapid population growth • Development of Mid-Western cities • 1862: Transcontinental Railroad • Union Pacific (Eastern company) • Central Pacific (Western company) • 1:25

  29. Impact on Native Americans • Buffalo • Plains Indians cannot continue their way of life • Forced to relocate to reservations (parcels of land set aside by the federal government for the Native Americans) • Often tied to the discover of gold or a need for land • 22:00

  30. CLASH • Sometimes, Native Americans chose to resist white settlement rather than accept being moved off their land • 1890: Wounded Knee • 1887: Dawes Act • Abolished tribal organizations • Land divided into family holdings • Did not match cultural habits • Native American children: boarding • Poverty, cultural decline

  31. Scholastic Magazine

  32. White Farmers • 1870s-1880s: very expensive to be a farmer! • Mechanization: makes farming easier, increase in production • Overproduction (too many agricultural products) causes farm prices to drop • Subsidies: money paid to cover losses due to over-production • Greenbacks: paper money • Interstate Commerce Act: kept railroad prices down • Grange: local farmers pool their resources to purchase new machinery

  33. Populism and the Election of 1896 • Populism: embraced what farmers wanted • Supported greenbacks • Supported increased government regulation of business • Election of 1896 • Silver standard • Bimetallism (backing the dollar with silver) • William Jennings Bryan: “Cross of Gold” • Populism fades