UNIT 1 TEST REVIEW POWER POINT. SETTLEMENT OF THE FRONTIER. By the end of the Civil War, American settlers occupied the Mid-Western prairies and had a foothold along the Pacific Coast.
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The period in which wealthy businessmen expanded the industrial economy in the United States
In 1873, America experienced a depression. Larger corporations began driving smaller companies out of business, hoping to establish monopolies.
At first government did little to regulate big business
Believed in laissez-faire (gov’t. should not interfere in the free market). This idea was embraced by Social Darwinists
Even under laissez-faire, gov’t. protects property, enforces contracts, issues patents, and enacts tariffs
Reformers called for legislation to remedy some of the anti-competitive practices of big business
Andrew Carnegie – worked his way up from a penniless Scottish immigrant to one of America’s riches and most powerful men. As a boy, he worked in a cotton mill and later became a telegraph operator for the railroad. He became friends with the president of the railroad, who promoted him and advised him on investments.
After the Civil War, Carnegie invested in ironworks and build a steel mill in Pittsburgh. With profits made from selling iron to the railroad, he bought other mills and founded the Carnegie Steel Corporation in 1892. He undercut the competition, bought ore fields, mines, and ships so he could mine his own ore and ship it to his mills. He paid workers low wages and required them to work long hours, while crushing their attempts to for labor unions.
He spent his later life in acts of philanthropy, giving away $350 million to build libraries and endow universities as charities.
John D. Rockefeller – made his fortune in the oil industry. He started a successful company selling produce and used his profits to build an early oil refinery in Cleveland, OH. Oil in his day was mainly used to make kerosene to burn in lamps in place of whale oil. Rockefeller formed the Standard Oil Company in 1870, and by 1779 controlled 90% of the oil refining in the U.S. By 1882, his company became a “trust” in which he controlled the largest proportion of shares.
His company continued to grow and became a virtual monopoly. He forced railroads to give him special, secret rates for shipping
In 1892, the government forced Rockefeller to dissolve Standard Oil, which was divided into 20 smaller companies. Despite the breakup, the leaders of Standard Oil remained the main shareholders of the new companies. Rockefeller also gave millions of his fortune away to education and science, such as the University of Chicago and Rockefeller Foundation.
The notion that Americans stand together is expressed in the motto of the Great Seal of the U.S. “E Pluribus Unum” (out of many comes one) –America has emerged from many races, ethnicities, and religions
Our national motto “In God We Trust” has been used on coins since 1864.
Separation of Powers:
Checks and Balances
THIS IS YOUR EXTRA CREDIT QUESTION: List and briefly explain the constitutional principles.