GDP- the Total Amount of Money Made in This Country

GDP- the Total Amount of Money Made in This Country


section 1

rise of the industry

  • after civil war there is a rapid industrial growth by late 1800’s U.S the largest industrialized nation

GDP- the total amount of money made in this country

why? large abundance of natural resources

lots of labor, migration, large immigration


- discovery of oil, which can be made into kerosene

Edwin Drake- drill first oil well in titusville PA.

*invention timeline*

free enterprise- start any business, trade freely, with little to no government interference.

more business —> more tax money —> more jobs

  • no worry about big delays

rely on competition/ supply and demand

- the best items, products for the best prices

capitalism- allowed to do anything for profit.

( no government inference )

free enterprise helps the economy growth GDP goes up.

- attracts people from other countries.

Section 2

railroad- transcontinental- cross the entire U.S


union pacific: greenville dodge

central pacific: leland stanford

final point where they meet promontory point, utah

spurs growth- by creating new markets

*railroads used huge amounts of steel, wood, and other materials*

time zone- 1918 government adopts the time zone

changed american society- unify the nation, people became more cultured more understanding of others.

robber barons- get rich by stealing from others.

-takes free land from the government and sell to private investors, then private investors turn around and ask the government for more free land

credit mobilier- a construction company for the union pacific.

great northern railroad- james. J hill is operator.

run correctly and shows that all the others are stealing

- this is standard-

Section 3

big business- can continue to produce and sell during recession then buy out or take over local/ small business.

business consolidation- pool, where corporation limit competition by organizing together to set prices.

corporations end up not sticking to the agreement.

vertical monopoly- andrew carnegie, while working for the railroads he starts investing in steel, using bessemer process, owned steel from ground to finish product.

horizontal monopoly- rockefeller, standard oil buys up other oil companies,

Section 4

the pullman strike- organized the american railway union (ARU) in 1893.

ARU tried to organize all employees of the railroad industry.

strike began on may 11, 1894

Rise of the AFL

- american federation of labor

  • in 1886 leaders of several national trade unions came together to create the AFL.

Deflation- rise of the value of money because of tensions between workers and companies

industrial unions- united all workers in a particular industry

IWW- inudstrial workers of the world (1905)