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Chapter 14

Chapter 14. Rise of American Business, Industry, and Labor. The Civil War changed the economies of the northern and southern regions of the U.S. The Civil War stimulated economic growth in the North The South struggled to recover from the devastation of the war. Economic Development: North.

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Chapter 14

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  1. Chapter 14 Rise of American Business, Industry, and Labor

  2. The Civil War changed the economies of the northern and southern regions of the U.S. • The Civil War stimulated economic growth in the North • The South struggled to recover from the devastation of the war

  3. Economic Development: North • The industrialization that started before the war only accelerated as northern factories had to keep up with the Union’s demands for supplies • Completion of the transcontinental railroad (authorized by the Pacific Railway Act of 1862) • Opened up new markets in the west

  4. Economic Development: South • Civil War ruined the South’s economy • It ended slavery • Killing the plantation system which the south heavily relied on • Plantations were burned and factories were destroyed

  5. Key Economic Issues in the Post-Civil War Era

  6. Growth of Corporations • A business in which many investors own shares (stock). In exchange each stockholder receives part of the corporations profits • The money raised by corporations speeded the growth of American industry • Transportation (railroads, and later cars) • Building materials (steel) • Energy (coal, oil, electricity) • Communications (telephone)

  7. Business Organizations • Conglomerate • A corporation that owns a group of unrelated companies • Example: General Electric • Had acquired many different divisions through mergers • Monopoly • A company or small group of companies that had complete control over a particular field of business

  8. Business Organization • Pool • Sometimes competing companies in one field would enter into an agreement to fix prices • Railroad companies formed these kinds of pools • Trust • Corporations in the same field agreed to combine under a single board of trustees that controlled the actions of all the members • Standard Oil Trust • Later trusts were made illegal • Trusts and Pools were used by Big Businesses to limit any competition

  9. Business Organization • Holding Company • To get around the outlawing of trusts, corporations formed holding companies • The Holding company bought controlling amounts of stock in different corporations • Rather than take operations over directly like a trust did

  10. 1882- Standard Oil Trust formed 1913- Ford introduces assembly line 1868- Sholes improves typewriter 1894- Pullman Strike 1865 1870 1875 1880 1885 1890 1895 1900 1905 1910 1915 1892- Carnegie Steel formed 1876- Bell invents telephone 1900- ILGWU formed

  11. Entrepreneurs • People who take responsibility for the organization and operation of a new business venture • Often risk large sums of money • Decisions made by these men had a great impact on the lives of most Americans

  12. Robber Barons or Philanthropists • Andrew Carnegie • John D. Rockefeller • J. Pierpont Morgan • Henry Ford

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