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CHAPTER 20
Economics in History
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The year is 1894. You work in a factory that is
unheated and badly lit. The machine that you operate
is dangerous. The economy is doing poorly, so the
factory has cut your wages. Some of your coworkers
have gone out on strike. They want better pay and
working conditions.
Would you join the strike? Why or why not?
• What are some risks you would be
taking if you join the strike?
• What might you gain if you take part in
the strike?
• What other methods might you use to
persuade your employer to meet your
demands?
1863 Two companies begin to build a transcontinental
railroad across the United States.
1876 Alexander Graham Bell patents the telephone.
1882 Thomas Edison installs electric lights
in New York City.
1888 Benjamin Harrison is elected president.
1892 Grover Cleveland is elected president for
the second time.
1894 Pullman Strike halts rail traffic across the nation.
1901 Oil drillers discover a huge oil field in Texas.
To World
1905 Supreme Court overturns a New York law
establishing a 60-hour workweek for bakers.
1869 Suez Canal opens in Egypt.
1889 The world’s tallest structure to date, the Eiffel
Tower in Paris, is built of iron.
1896 The Italian engineer Guglielmo Marconi patents
the radio.
1904 Russia finishes building the first Trans-Siberian
railway across Asia.
Back to U.S.
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Main Idea
The growth of industry during the years
1860 to 1914 transformed life in America.
Why It Matters Now
Modern businesses rely on many of the
inventions and products developed during
that time.
What are some of the inventions of the late 1800s?
Light bulb
Oil well
Telephone
Inventions
Generator
Typewriter
Sewing
machine
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• What factors contributed to industrial growth in
the United States?
• What is the business cycle?
• What caused the steel-making industry to boom
and why?
Recognizing Effects
How did the inventions of the late 1800s
make it easier to do business?
Think About
• electric generators and light bulbs
• the telephone
• the typewriter
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Main Idea
The railroads tied the nation together,
speeded industrial growth, and changed
U.S. life.
Why It Matters Now
The railroad first made possible our modern
system of shipping goods across the country.
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Which groups of people helped build the transcontinental
railroad?
Central Pacific
Union Pacific
Chinese
Native Americans
Civil War veterans
Freed slaves
Irish immigrants
Native Americans
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• Why did the federal government want a
transcontinental railroad built?
• How did the government encourage the building
of the railroad?
• Why was standard time created?
Recognizing Effects
Which of the trends started by railroads
are still part of the modern business
world?
Think About
• railroads’ effect on time
• the way they linked the economy
• the way they changed where people settled
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Main Idea
Business leaders guided industrial
expansion and created new ways of
doing business.
Why It Matters Now
These leaders developed the modern
corporation, which dominates business today.
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What are the similarities and differences between
Rockefeller and Carnegie?
Rockefeller
Oil industry
Created
trusts
Tried to
control all
oil refineries
Both
Started simply
Became multimillionaires and
philanthropists
Carnegie
Steel industry
Tried to make
best, cheapest
product
Tried to control
all suppliers
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• Why did the number of corporations grow in the
late 1800s?
• Who is an example of a robber baron? Why?
• Why was the South so much less industrial than
the North?
Forming and Supporting Opinions
Do you think that wealthy people have a
duty to become philanthropists? Explain
your opinion.
Think About
• Carnegie and Rockefeller
• how most wealthy people gain their money
• the differences between the rich and the poor
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Main Idea
To increase their ability to bargain with
management, workers formed labor unions.
Why It Matters Now
Many of the modern benefits that workers take
for granted were won by early unions.
What key events for workers occurred between 1870
and 1910?
1870
1877 Railroad Strike of 1877
1886 Haymarket Square protest and founding
of AFL
1892 Homestead Strike
1894 Pullman Strike
1904 AFL membership at 1.7 million
1910
• What hardships did workers face in the late 1800s?
• What happened to unions after the protest at
Haymarket Square?
• How did Carnegie’s company break the union at
Homestead mills?
Drawing Conclusions
In your opinion, was the government
more supportive of unions or business in
the late 1800s? Explain.
Think About
• the Railroad Strike of 1877
• the Homestead Strike
• the Pullman Strike
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REVIEW QUESTIONS
ANSWERS: READ AND TAKE NOTES
1 How do inventors protect their rights to what they invent?
2 What did Thomas Edison and Alexander
Graham Bell invent?
3 What geographic feature made building the
Central Pacific difficult?
4 What took place when workers connected the
Central Pacific and the Union Pacific?
5 What is a monopoly?
6 What are trusts, and why did some people think
they were bad for the country?
7 Why did writers Mark Twain and Charles
Warner name the late 1800s the Gilded Age?
8 What ideas did business leaders fear that
unions would spread?
9 How did the Pullman Strike begin and end?
10 Which unions were led by Eugene V. Debs and
Samuel Gompers?
Analyzing Causes and Recognizing Effects
Causes
Natural resources
Improved transportation
Growing population
New inventions
Investment capital
Human labor and talent
GROWTH OF INDUSTRY AND RAILROADS
Effects
Benefits of Growth
Problems of Growth
electric lighting
Native Americans lose land
increase in manufactured
goods
growth of monopolies and
trusts, which kept prices high
improved transportation
low pay and harsh conditions for
workers
settlement of West
violence resulting from strikes
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