Lecture 2 - American History 1302 taught by Dr. Ted Roberts PDF

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American History 1302 taught by Dr. Ted Roberts...

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Lecture 2 Entrepreneurs of the Gilded Age (All of Ch. 18 and part of Ch. 19)

Cattle and Cowboys Old cowboy techniques come from Mexico Joseph G. McCoy: pg. 620 Abilene, Kansas: pg. 620 At least 25% of cowboys, were young African Americans Joseph Glidden: pg. 621 1886-1887 worst winter in American history Late 1890s, era of the Cowboy disappeared. Idea was to create a beefier cow changing the complexion of the herds. Big money comes in from outside Texas and brings the railroad with them. In 1905, last great cattle roundup.

The Rise of Big Business The reason this occurs is because of the market entrepreneur. Market Entrepreneur: an individual who organizes and operates a business, and takes on the financial risks to do so. Political Entrepreneur: an individual who profits through government subsidies, corporate protectionism, and other favorable political arrangements with the government. Federal subsidies- money from the government Robber baron- describes the political entrepreneur

The Second Industrial Revolution

Raises the standard of living across the border of the United States Creates great urban centers in New York City, San Francisco Increase in immigration from Europe Turns United States into wealthiest nation in the world Railroads Building the Transcontinentals Pacific Railway Act of 1862: pg. 580 Union Pacific Railroad: pg. 581 Started building track westward from Omaha, Nebraska Central Pacific Railroad: pg. 581 Started building track eastward from Sacramento, California Each of the companies was given federal land grants on both ends of the line laid out in a checkerboard fashion. The two companies were given 25,600 acres per mile and companies guaranteed 30 year federal loans, dollar amounts of 30 million each paid on basis of track mileage. Promontory, Utah is where the two lines come together in 1869. Great Northern Railway: the only privately funded, successfully built, transcontinental railway in United States history. James J. Hill: CEO of the St. Paul & Pacific Railroad J. Frank Stevens: primary architect of the Great Northern Railway.

Carnegie and the Steel Industry

Andrew Carnegie: pg. 587 & A8 Immigrant from Scotland, came to U.S. in 1846 and worked on a cotton mill. Worked as a messenger boy for a local telegraph company in Pennsylvania. He teaches them how to communicate with Morse code. Tom Scott: CEO of the Pennsylvania railroad. Took Carnegie under his wing and showed him how to invest his money wisely, leading him to become a very good lieutenant for Tom Scott. United States Steel sold by Andrew Carnegie for 500 billion dollars. Rockefeller and the Oil Trust John D. Rockefeller: pg. 585 & A44 The United States’ very first billionaire. In 1884, Rockefeller provided the money to build Spelman College, and set up Rockefeller Medical Research Institute. Standard Oil Company of Ohio: pg. 585 & A49

The Working Class Toward Permanent Unions 1. Formation of Labor Union 2. Many as 25,000 immigrants from Europe come to the United States after the Civil War. Socialism and the Unions Utopian Socialism: a political doctrine that holds if business owners surrender ownership of the means of production to the government, unemployment and poverty will cease to exist leading to the creation of a utopia. Also called “Marxism.” Utopia: an imaginary world in which everything is perfect. Karl Marx: author of “The Communist Manifesto” pg. 600

“The Communist Manifesto”: the essential tenets of Marxism/Socialism. The Knights of Labor Knights of Labor: pg. 593 & A28 The Haymarket Affair Americans lose interest in the Knights of Labor. In 1886, in Chicago, people protested the 8 hour workday. In the end 60 to 70 civilians and cops were hit by the pistols. End of the Knights of Labor Gompers and the AFL Samuel Gompers: pg. 596 & A20 Works to achieve things like the 8 hour workday and minimum wage. American Federation of Labor: pg. 597 & A2 Child Labor Labor Unions got rid of child labor The Stresses of Success...