Gilded Age

Makenzie Birkey Hour 6

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Monopolies

Who: John Rockefeller and Andrew Carnegie both owned companies that were monopolies. (Standard Oil Company and Carnegie Steel).


Where: Monopolies were common in the 19th century when the economy of America was on the rise.


When: Monopolies were outlawed in 1887 with the Interstate Commerce Act.


What: A monopoly is when a company buys out the rest of the competition in the industry so then you have no choice but to buy the product from them.


Why: It is important that we outlawed monopolies and trusts because otherwise they wouldn't have any need to improve the product and they would just keep on raising the price.

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Henry Bessemer

Who: Henry Bessemer came up with an invention/process that allowed America to be building stronger buildings, bridges, and railroads with steel.


What: Henry Bessemer invented the Bessemer Converter which was able to make 30 tons of steel in an hour from using molten iron.


Where: Henry Bessemer founded Henry Bessemer & Co. where he sold steel which he produced with his invention.


Why: He changed the way cities looked by allowing steel to give the buildings stronger frames.


When: In 1856 Henry Bessemer patented the Bessemer Converter.

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Pullman Strike

Where: The main manufacturing plants were located in the Chicago area which is where the strike took place.


When: The Pullman strike occurred in 1894.


Who: The Pullman Strike was organized by the America Railway Union which was led by Eugene Debs.


What: The Pullman Strike was one of the many strikes for labor improvements and salary raises.


Why: The workers struck because of the cut of over 2,000 workers and the drop on salary by about 25%.

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Union Pacific Railroad

Who: Dr. Thomas Durant had all of the authority in the business.


Where: The Union Pacific was building westward from the Missouri River.


What: The Union Pacific Railroad Company was one of the two companies hired to build the transcontinental railroad.


When: They started building in December of 1863 and finished in early 1869.


Why: They wanted to build the transcontinental railroad because it was a quicker and safer way to travel across the country.

Citation

Transcontinental Railroad. no author. History. history.com. 2/6/14

Pullman Strike. no author. ehistory. ehistory.osu.edu. 2/6/14

Inventor of the week: Henry Bessemer. no author. Lemelson-MIT. http://web.mit.edu/invent/iow/bessemer.html. 2/6/14

Monopoly. by George J. Stigler. Library of Economics and Liberty. econlib.org. 2/5/14