Review: Causes of Ind. Rev.• Large supply of natural resources (forest =
lumber, whale blubber = oil/fuel)• Large population, increase of immigrants
willing to work cheap in cities• Entrepreneurs – people with money who
invest in ideas • Government – protective tariffs to keep
imports down• Electricity – power & work through the night
Review: How did people live?
• Wealthy lived very well, the majority…• Lived in tenement houses, close together,
crowded, no privacy, dirty• Forced to work long hours in dangerous
conditions – Triangle Shirt Waist Fire• Children worked to support the family(how did that keep people in poverty?)Devil in the White City…
Different Economic SystemsCapitalism – Private individual
OWNS/CONTROLS the means of production, how it is made, who works for him, how much he charges for it. This man then keeps the profits.
Different Economic SystemsSocialism – The government plays a role in the
economy with some private ownership and some government ownership: Universal Health Care
Different Economic SystemsCommunism- The government owns and
controls the means of production. The government sets the prices, hires the workers, sets the wages, and earns the profit.
Business Management
Corporation – group ownership of a business. People pool their money together and divide the profit depending on their “shares” of the company
Monopoly – a corporation controls an entire market of goods.
Why is this good and bad for the consumer?
Business Management
Cartel – A small group of businesses join together to control a market and drive out competition by controlling prices, etc.
Business Managment
Horizontal Integration – combining many different companies that produce the same product into one (done by buying stock and control of different companies)
Trust – the way a corporation tries to get around the law by assigning their stock to a board of trustees who create a new organization, run it and pay themselves from the profits.
Business ManagementVertical Integration – Buying up the companies
that produce the resources you need to make your product.
Haymarket RiotDuring the late 1800’s communism, socialism
and anarchism became popular concepts. Why do you think they gained influence?
Haymarket RiotMay 1886 – Nationwide movement for the 8
hour work day (8 hours for work, 8 hours for rest, 8 hours for what we will)
Chicago was a large city and had many German immigrants who were supportive of and promoted anarchism.
People were afraid violence would erupt
Haymarket Riot
• May 1st the nationwide strike is peaceful• May 3rd Strikers at the McCormick factory
harass scabs and are themselves attacked by the police.
• Rumors fly of a massacre (that didn’t occur) • May 4th a meeting is called at the Haymarket
Square to discuss the police issue…
Haymarket Affair
It is a peaceful meeting, even the Mayor attended, but left before the last speaker finished.
The police ordered the crowd to break up as the last man gave his speech. Someone from the crowd threw a bomb, killing a police man and injuring others.
Top Related