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O Vanderbilts made a fortune in banking and shipping
O Àndustrialization was transforming American life in the decades after the Civil War.
O À
 
is the growth of businesses that make and distribute products through
the use of machinery
O a

 are people who start businesses and are good at making money
O x was adopted by our government which was the theory that economies
boomed when left alone by the government
O Ànvestors also made a fortune, between 1860 and 1892 the number of millionaires grew
from 400 to 4000
O ›he Great American writer Mark ›wain dubbed this age as the gilded age

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O Œy 1860s, most of the factors for rapid industrialization were already in place
O machines have taken over most of the work that was once done by hand
O before the civil war railroads ran on iron rails, railroad owners knew that steel rails were
much better but was much more costly to make
O Andrew Carnegie went to Europe in 1872 and observed a cheaper way of making steel
developed by Henry Œessemer, he was so impressed that he brought it back to the US and
declared that steel was king
O He was right, within a decade steel was replacing iron in rails locomotives, and bridges.
O Carnegie hired scientists to make steel better, good managers to help factories run better,
and had the best machinery; ›hat was his recipe for success
O Carnegie controlled every step in the steel making process and bought out rival
companies to reduce the competition
O Œy 1900, he produced a quarter of the nations steel
O 1876, ›homas Edison opened an invention factory, he turned electricity into an everyday
source of light
O Àn 1882, Edison built the first electrical power station
O Œy 1900 some 25 million light bulbs were owned by Americans.
O Àn 1876, Alexander Graham bell was getting ready to test his talking machine when he
spilled acid on himself and told his assistant Watson to come and help him. Watson heard
every word over the telephone.
O His invention worked so well that by 1915, 9 million Americans were communicating by
telephone


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O [artnerships were not working well because Œig Œusinesses needed much more 
or money to start a business
O ›o raise money entrepreneurs set up   
 or businesses that are owned by
many investors
O Corporations raise money by selling è ! or shares in a business.
O Àn return for there investments, shareholders receive a share of the corporations profits
O rohn D. Rockefeller introduced another form of business organization known as the 
   that unite in order to reduce competition and control prices prices in a business or
an industry
O Rockefeller owned a monopoly in the oil industry
O [eople didn¶t like the monopolies because they felt that they were controlling the
government

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O Àndustrialization brought the growth of urbanization
O As cities swelled with worker, demand for cheap housing exploded
O Developers created tenements to meet these demands.
O ›enements were described as great prison like structures of brick with narrow doors and
windows, cramped passages and steep rickety stairs.
O As the cost for land shot up, developers were determined to construct on more building
space by building up.
O Œy the early 1900s, more than half of New York City¶s workers labored above the
seventh floor.

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O Wages were extremely low, women typically earned 1 to 3 dollars per day
O Millions of children also went to work in coal mines, mills and factories, they only got
payed 1 to 3 dollars per week.
O Àf business was slow wage were dropped
O New York city required all doors to open outwardly to allow for a quick escape however
94 percent of all factory doors in the city opened inward instead of outward.



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O (

 were early labor organizations that brought together workers in the same
trade, or job, to fight for better wages and working conditions.
O Àn 1869, Uriah Stephens organized a new union known as the Knights of Labor. He
hoped to unite men and women of every craft creed and color
O Led several successful strikes against telegraph and railroad companies
O During a rally at haymarket square in Chicago someone through a bomb at police. ›hey
fired back injuring many workers, four were sentenced to death for making this bomb
even though nothing tied them to it.
O Employers started firing people tied with knights, caused organization to fade away.
O Local trade union formed the American federation of labor, whom led by Samuel
Gompers used  '

  or a method for negotiating labor issues in which
union representatives Œargain with employers on behalf of the unions members.
O Despite peaceful Approach, employers made worker sign agreements to not join unions.
›hey also fired union members and exchanged lists of such troublemakers with other
employers
O Some used forces to defeat unions, Carnegie tried to keep his plants union free and hired
strike breakers to work in his plants