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Economic Growth

Economic Growth. USH-4.2 & 4.3. I. Standard of Living. Life got better for most people in the late 1800s Monopolies create lots of new products Electricity Typewriter and telephone New jobs for women Mass production lowers prices Henry Ford’s moving assembly line in 1913

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Economic Growth

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  1. Economic Growth USH-4.2 & 4.3

  2. I. Standard of Living • Life got better for most people in the late 1800s • Monopolies create lots of new products • Electricity • Typewriter and telephone • New jobs for women • Mass production lowers prices • Henry Ford’s moving assembly line in 1913 • Some farmers & factory workers still have nothing

  3. II. Robber Barons? • Were business leaders: • Robber Barons • Ripping off the public for their personal wealth • Captains of Industry • Using capitalism to make the US wealthy • Monopolies lead to the Sherman Anti-Trust Act • Limits on Big Business and breaks up monopolies

  4. II. Robber Barons? • CEO’s used cut-throat practices justified by: • Social Darwinism • Survival of the fittest for people and businesses • Laissez-faire • “Let it be” • Gov’t doesn’t touch the economy • They still wanted gov’t protection against labor

  5. II. Robber Barons? • Many became philanthropists • Gave away millions for: • Schools • Hospitals • Libraries • Theaters • Orphanages • Charities • “Buying their way into Heaven”

  6. III. Vertical Integration • Form of a monopoly where every aspect of production is controlled • Andrew Carnegie – owner of US Steel • Owned coal mines • Owned iron ore mines • Owned steel mills • Controlled steel distribution • Able to drive prices down to kill competition

  7. IV. Horizontal Integration • To entirely control one facet of production to create a monopoly • John D Rockefeller – owner of Standard Oil • Controlled almost all oil refineries in US • Undersold competition • Forced retail outlets to NOT sell competitors • Forced RR to give him sweet deals

  8. V. Railroads • Transcontinental RR; markets; opportunity; resources (USH-4.1) • Leads to the growth of other industry • Lumber – RR ties • Steel – rails & engines • Coal – for steam and transporting it • Meat packing – special cars for transporting it

  9. V. Railroads • Grow so big that when some RRs go bankrupt, the whole country goes into a depression

  10. VI. Capitalism • Economic system that has private ownership of property and it is used to make a profit • For individuals or corporations • Supports democratic ideas of freedom and opportunity • Hard work = more money • No work = no money • Corporations grow during Civil War and have greater influence

  11. VII. Growth • Congress helped railroads and regulated banking • War contracts stimulated many businesses • Gov’t provided protection for settlers • Raised tariffs • Higher wages but higher prices • Promoted open immigration to have lots of workers when needed • Chinese Exclusion Act was passed after the railroad was completed and they no longer needed them

  12. VII. Growth • Gov’t helps break up and end strikes • Helps Big Business and hurts poor workers • Surplus of goods become exports • Gov’t wants to expand (imperialism)

  13. VIII. Beginnings • US government provided environment that helped businesses • Protective tariff to help northern business • National bank provided capital and regulated lending • Westward expansion opened new markets and raw materials • Gov’t removing NAs helped

  14. VIII. Beginnings • Supreme Court helped • Dartmouth v Woodward held up contractsand protected patent laws • Gibbons v Ogden regulated interstate commerce • Steam engine • Steamboat • Railroad • Oil drilling

  15. IX. Factors • During and after Civil War the US began rapid economic growth (boom) • Factors: • Land and natural resources • Labor – workers • Capital – money • Technology • Entrepreneurship – starting businesses

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