Podcast
Questions and Answers
What are Operating Costs?
What are Operating Costs?
Wages, shipping charges, and supplies.
What is a Trade Union?
What is a Trade Union?
Iron Molders International Union.
What is an Industrial Union?
What is an Industrial Union?
Knights of Labor.
What did the Pacific Railway Act do?
What did the Pacific Railway Act do?
What are Fixed Costs?
What are Fixed Costs?
What is the Northrop Automatic Loom known for?
What is the Northrop Automatic Loom known for?
What did Air Brakes enable?
What did Air Brakes enable?
What are Holding Companies?
What are Holding Companies?
What does Laissez-faire mean?
What does Laissez-faire mean?
What does a Trust do?
What does a Trust do?
Why was petroleum in high demand even before the invention of the automobile?
Why was petroleum in high demand even before the invention of the automobile?
Laissez-faire relies on _________ to regulate prices and wages.
Laissez-faire relies on _________ to regulate prices and wages.
Why did many members of Congress believe tariffs were necessary during the early days of industrialization?
Why did many members of Congress believe tariffs were necessary during the early days of industrialization?
What did Economies of scale result in?
What did Economies of scale result in?
What was the purpose of the government offering land to railroad companies?
What was the purpose of the government offering land to railroad companies?
From where did the Central Pacific railroad hire workers due to a shortage in California?
From where did the Central Pacific railroad hire workers due to a shortage in California?
How did railroad companies raise most of the money they needed?
How did railroad companies raise most of the money they needed?
How can corporations achieve economies of scale?
How can corporations achieve economies of scale?
Which term completes the diagram related to companies' organizational structure?
Which term completes the diagram related to companies' organizational structure?
Why did workers' buying power generally increase in the late 1800s?
Why did workers' buying power generally increase in the late 1800s?
Who was Thomas Alva?
Who was Thomas Alva?
Who was Jay Gould?
Who was Jay Gould?
What famous quote is attributed to Alexander Graham Bell?
What famous quote is attributed to Alexander Graham Bell?
What did Karl Marx state about capitalism?
What did Karl Marx state about capitalism?
What was Cornelius Vanderbilt known for?
What was Cornelius Vanderbilt known for?
What is John D. Rockefeller best known for?
What is John D. Rockefeller best known for?
Who drilled the first oil well?
Who drilled the first oil well?
What did Andrew Carnegie do?
What did Andrew Carnegie do?
Who was Eugene V. Debs?
Who was Eugene V. Debs?
What organization did Samuel Gompers help found?
What organization did Samuel Gompers help found?
What did supporters of laissez-faire believe about government intervention?
What did supporters of laissez-faire believe about government intervention?
What did measurements taken of Union soldiers during the Civil War lead to?
What did measurements taken of Union soldiers during the Civil War lead to?
Which two railroads built the transcontinental railroad?
Which two railroads built the transcontinental railroad?
What did the American Railway Association do in 1883 to improve rail service reliability?
What did the American Railway Association do in 1883 to improve rail service reliability?
How did Union Pacific investors get rich in the Credit Mobilier scandal?
How did Union Pacific investors get rich in the Credit Mobilier scandal?
Why did it make sense for big corporations to continue operating during poor economic times?
Why did it make sense for big corporations to continue operating during poor economic times?
How did department stores change the idea of shopping?
How did department stores change the idea of shopping?
What is a Lockout in the context of labor unions?
What is a Lockout in the context of labor unions?
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Study Notes
Key Terms and Concepts
- Operating Costs: Includes expenses such as wages, shipping charges, and supplies.
- Trade Union: Organizations like the Iron Molders International Union advocating for workers' rights.
- Industrial Union: Broad groups representing all workers in an industry, exemplified by the Knights of Labor.
- Pacific Railway Act: Legislation that initiated the railroad construction boom in the U.S.
- Fixed Cost: Regular expenses like loans, mortgages, and taxes that do not fluctuate with production levels.
Innovations and Technologies
- Northrop Automatic Loom: Revolutionized textile production by changing bobbins without stopping.
- Air Brakes: Enhanced train capabilities, allowing for longer and heavier trains.
Business Structures
- Holding Companies: Corporations that maintain ownership over stocks of various companies producing goods.
- Trust: A legal arrangement managing property and resources for others.
Economic Principles
- Laissez-faire: Economic philosophy advocating minimal government intervention, relying on supply and demand to regulate prices and wages.
- Economies of Scale: Achieved when corporations invest in more machines and larger facilities, resulting in lower prices and costs.
Historical Context
- Petroleum Demand: Even before automobiles, oil was sought after for its ability to be converted into kerosene.
- Early Tariffs: Congress believed tariffs were necessary to support new American industries against established European factories.
Transportation Development
- Transcontinental Railroad: Built primarily by the Union Pacific and Central Pacific railroads, facilitated by land grants from the government.
- California Workforce: The Central Pacific railroad addressed labor shortages by hiring workers from China.
- Standard Time Zones: Established by the American Railway Association in 1883 to improve railway service reliability and prevent accidents.
Major Figures in Industrialization
- Thomas Edison: Established the Menlo Park laboratory, innovating various technologies.
- Jay Gould: Notorious for engaging in insider trading practices.
- Alexander Graham Bell: Credited with inventing the telephone with the famous words "Come here Watson, I want you."
- Karl Marx: Described capitalism as driven by class struggles between workers and owners.
- Cornelius Vanderbilt: Known for creating the first direct rail service from New York City to Chicago.
- John D. Rockefeller: Founder of Standard Oil, a major player in the oil industry.
- Edwin Drake: Famous for drilling the first oil well in the U.S.
- Andrew Carnegie: Key figure in the steel industry, establishing a major company in Pittsburgh.
- Eugene V. Debs: Known for leading the American Railway Union.
- Samuel Gompers: Founder of the American Federation of Labor, advocating for organized labor.
Labor Relations
- Laissez-faire Supporters: Advocated for minimal government intervention with the intent to protect property rights and maintain peace.
- Lockout Tactic: A strategy used by companies against unions, preventing workers from accessing their jobs and withholding wages.
Consumer Culture
- Department Stores: Transformed shopping by offering a diverse range of products under one roof in an appealing environment.
Economic Strategies
- Credit Mobilier Scandal: Union Pacific investors manipulated finances to gain a monopoly on freight transportation.
- Corporate Resilience: Large corporations continued operations during economic downturns by maintaining efficient production and lowering prices to boost sales.
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