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Period: to
American Industrial Revolution
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Traditional Economy
Cottage industry made enough food just for the family to survive and trade things just to survive. Before the Industrial Revolution, America was based on traditional economy when Industrial Revolution the economy went to market economy. -
Eli Whintey
Eli Whitney made the Cotton Gin which made the production of cotton faster. Impact Great Britain and the textile industry. -
Laissez Fair
The goverment is not allowed to get invole with economy unless a law has been broken. -
Tenement
Tenements was a building that could hold many people but since it is an aparment many people was put into one room. The building was horrible conditions no plumbing, water, and others also diesease was everywhere the Industrial Revolution had many of these buildings in cities and this affected made in today to have basic housing standards. -
Urbinization
Population rising and the cities expand. Urbinization in the Industrial Revolution helped with the popluation and production. -
Market economy
No government control on the economy, the Industrial Revolution had many economies switch tho this. Amercia in early Industrial Revolution had this, near the end we set up laws and that turn into mixed economy. Started early 1800s in America. -
Means of production
Raw materials and labor used in the production. Means of production have rapidly grown in the Industrial Revolution -
Enterprise
A project that needs energy and willingness to go throught. The Industrial Revolution seen many enterprises such as the first car is an example. -
Communism
Communism is no social classes and economy controlled by government. This is one type government that America hated since it made all pay equal and the brutality. The man who made it Karl Marx was during the Industrial Revolution and the Soviet Union took this form of government. -
Socialism
Socialism people own property and may operate how they want it. People in the Industrial Revolution see labor unions as a group of socialists, and many people did not like it for that equal pay and all wold be counted as equal. -
Bessemer process
Bessemer process is making steel from iron. This help produce many items such as trains which speed communication. The Industrial Revolution was greatly helped by Bessemer process because steel was mass produced by this process. -
Capital
Wealth, in many terms such as money or property. The Industrial Revolution was when the word first was used and it have been with the term of gain. -
Monopoly
Monoply is a company owning total control of a good. At the Industrial Revolution many companies owned monoplys and no other buisness could compete now there is laws to have a monoply. -
Entrepreneur
A person takes risk in order to gain a higher profit. The Industrial Revolution Andrew Carnegie was an entrepreneur. -
Andrew Carnegie
Made the largest steel company and had many plants country wide. This steel tychoon helped the Industrial Revolution by building the rail roads before he left and formed the largest steel company. -
Eugene V. Debs
Eugene V. Debs was union leader and a socialist. Many people thought that labor unions were socialists and he since he was, a leader that made people think that. -
Labor Unions
People together to help improve work conditions and make fair pay. This helped improve conditions and hours of modern factories, the industrial revolution was the start of modern unions. -
Knights of Labor
Knights of labor wanted organize workers, and wanted social changes. This was a famous labor union was for every worker and itDuring the Industrial Revolution they supported the pay and number of hours we see today. -
Thomas Edison
Thomas Edison made the first electric light bulb causing lighting without the need of gas. This saves money for industries so they don't have to pay for gas. -
John D Rockefeller
John D Rockefeller had a near monopoly on all oil production. In Idustrial Revolution he cause laws to pass that do not allow agressive buisness practice, he also made the Standard Oil Company. -
American Federation of Labor
American Federation of Labor was made from skilled workers in trades. They asked for small changes not large social changes. They were also a labor union and how they affected the Industrial Revolution was aiding other labors. -
Haymarket Square Riot
Labor protest, workers walked out in a strike and ended in vilonce. A bomb exploded killing people and the police fired into the crowed. This scene in the Industrial Revolution made the public to think labor unions was bad. -
Mixed Economy
The people allowed to have private property but the government have some control on economy. The United States in the Industrial Revolution is more mixed since we do have regulations on the economy. -
Interstate Commerce Commision
Federal agency that monitors buisness. Formed during 1887 to see railroad procedures. This affected Industrial Revolution because the commision have to have right pay. -
Sherman Antitrust Act
Law banning any trust that restrained interstate trade or commerce. The goverment was unable to restrain commerce, this brought more trade. -
Mass Production
Made items quicker and able to keep up with demand. This is means it can be cheaper. For the Industrial Revolution it did make items quicker. -
Command Economy
The government owned and controlled the market. In the Industrial Revolution many people wish for America to not adopt this economy since government then have control.
