US History ch. 12

What is a way that a corporation today could use similar tactics to weaken its competition?

A corporation could buy out its competition and incorporate their product into their own. This reduces competition and they have more power and more value than other companies.

What role did immigration play in the Second Industrial Revolution?

Chinese and Irish immigrants came to get jobs working on the railroads. Also the amount of new immigrants coming in led to a population increase.

How did corporations use vertical and horizontal integration to grow?

Corporations use vertical integration to operate two or more stages of production normally operated by separate companies. Horizontal integration is used to acquire a similar company in the same industry to take over the entire industry.

Why did workers try to form unions in the late 1800s?

Forming unions became popular in the late 1800s because life for workers in the industrial United States was difficult. Many workers performed dull, repetitive tasks in dangerous, unhealthy working conditions. Workers breathed in lint, dust, and toxic fumes. Heavy machines lacking safety devices led to injuries. Unions offered a different working environment with better pay and hours.

What are some common features of incidents of labor unrest?

Some common features of incidents of labor unrest are dangerous working conditions, unfair pay, and unequal pay among workers which led to violence that required government militias or troops to take control, and strikes only ended after the government intervened.

Why do supporters of laissez-faire economics not favor government regulation?

Supporters believe that the government should not interfere in the economy other than to protect property rights and maintain peace, and government regulation of the economy increases costs and eventually hurts society more than it helps.

Why was the United States successful at industrialization?

The US was successful at industrialization because they had many raw materials, motivated workers to push for industrialization, and businessmen to invest in companies.

How did deflation play a role in the rise of unions?

Deflation, or a rise in the value of money, added to tensions. Deflation caused prices to fall, which increased the buying power of workers' wages. Eventually, many concluded that they needed a union to bargain for higher wages and better working conditions.

How did government grants to build railroads result in large-scale corruption?

Government grants to build railroads resulted in large scale production because many of the great wealth the railroad entrepreneurs got, led to bribery and greediness. To get more grants some investors began bribing congress. This caused investors to sign contracts with themselves, railroads had to pay off the bills. This caused corruption.

What does gross national product measure?

It measures the total value of all goods and services that a country produces during a year.

What advantages do large corporations have over small businesses?

Some advantages that large corporations have over small ones is that they are known for their products so they get more consumers. They also can make things more cheaply and faster to sell things quicker.

What is the difference between a closed shop and a lockout?

The difference between a closed shop and a lockout is that a lockout is where the owners locked workers out of the property and refused to pay them. A closed shop is where companies could hire only union members.

How has the growth of railroads helped American businesses expand?

The growth of railroads heavily impacted American businesses. The businesses started to buy up land along the railroad tracks in order to easily send goods to somewhere, easily take in goods, and they have advertisement for their shop or company next to the railroad.

What do you think was the most important cause of American industrialization?

The most important cause of American industrialization was the abundance of raw materials, such as coal, iron, timber, copper, and petroleum.

How did the transcontinental railroad transform the West?

The transcontinental railroad transformed the West because it gave them easy and efficient shipping methods to exchange goods with the East, therefore allowing the West to expand and develop at a fast rat. Also it provided easy and quick transportation for people from East to West and West to East.

How do big businesses benefit from economies of scale?

With the money raised from selling stock, corporations could invest in new technologies, hire large work forces, and purchase machines. This greatly increased their efficiency. They achieved economies of scale, in which the cost of manufacturing is decreased by producing goods quickly in large quantities.