1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nordsb [41]
2 years ago
11

Many other Americans have followed Carnegie’s lead and done the same thing, for example

History
1 answer:
adell [148]2 years ago
3 0

Answer:

By the end of this section, you will be able to:

Explain how the inventions of the late nineteenth century contributed directly to industrial growth in America

Identify the contributions of Andrew Carnegie, John Rockefeller, and J. P. Morgan to the new industrial order emerging in the late nineteenth century

Describe the visions, philosophies, and business methods of the leaders of the new industrial order

As discussed previously, new processes in steel refining, along with inventions in the fields of communications and electricity, transformed the business landscape of the nineteenth century. The exploitation of these new technologies provided opportunities for tremendous growth, and business entrepreneurs with financial backing and the right mix of business acumen and ambition could make their fortunes. Some of these new millionaires were known in their day as robber barons, a negative term that connoted the belief that they exploited workers and bent laws to succeed. Regardless of how they were perceived, these businessmen and the companies they created revolutionized American industry.

RAILROADS AND ROBBER BARONS

Earlier in the nineteenth century, the first transcontinental railroad and subsequent spur lines paved the way for rapid and explosive railway growth, as well as stimulated growth in the iron, wood, coal, and other related industries. The railroad industry quickly became the nation’s first “big business.” A powerful, inexpensive, and consistent form of transportation, railroads accelerated the development of virtually every other industry in the country. By 1890, railroad lines covered nearly every corner of the United States, bringing raw materials to industrial factories and finished goods to consumer markets. The amount of track grew from 35,000 miles at the end of the Civil War to over 200,000 miles by the close of the century. Inventions such as car couplers, air brakes, and Pullman passenger cars allowed the volume of both freight and people to increase steadily. From 1877 to 1890, both the amount of goods and the number of passengers traveling the rails tripled.

Financing for all of this growth came through a combination of private capital and government loans and grants. Federal and state loans of cash and land grants totaled $150 million and 185 million acres of public land, respectively. Railroads also listed their stocks and bonds on the New York Stock Exchange to attract investors from both within the United States and Europe. Individual investors consolidated their power as railroads merged and companies grew in size and power. These individuals became some of the wealthiest Americans the country had ever known. Midwest farmers, angry at large railroad owners for their exploitative business practices, came to refer to them as “robber barons,” as their business dealings were frequently shady and exploitative. Among their highly questionable tactics was the practice of differential shipping rates, in which larger business enterprises received discounted rates to transport their goods, as opposed to local producers and farmers whose higher rates essentially subsidized the discounts.

Jay Gould was perhaps the first prominent railroad magnate to be tarred with the “robber baron” brush. He bought older, smaller, rundown railroads, offered minimal improvements, and then capitalized on factory owners’ desires to ship their goods on this increasingly popular and more cost-efficient form of transportation. His work with the Erie Railroad was notorious among other investors, as he drove the company to near ruin in a failed attempt to attract foreign investors during a takeover attempt. His model worked better in the American West, where the railroads were still widely scattered across the country, forcing farmers and businesses to pay whatever prices Gould demanded in order to use his trains. In addition to owning the Union Pacific Railroad that helped to construct the original transcontinental railroad line, Gould came to control over ten thousand miles of track across the United States, accounting for 15 percent of all railroad transportation. When he died in 1892, Gould had a personal worth of over $100 million, although he was a deeply unpopular figure.

You might be interested in
Which of these was an effect of U.S. government policies during the 1920s? (5 points)
Gekata [30.6K]

The correct answer is B) US free trade increased.

An effect of US government policies during the 1920s was that US free trade increased.

The 1920s represented a time of great prosperity for the United States. Indeed, there is a term that identifies these years in America called "the Roaring 1920s." The US industry was running smoothly, people had money or credit, so they could buy many necessary or unnecessary things and this meant more income for the US companies. Those years were the beginning of Mass Culture.  

7 0
3 years ago
Read 2 more answers
Why are the some of the people in manifest destiny picture looking back?​
JulijaS [17]

Answer: "The painting serves as an allegory for Manifest Destiny and American westward expansion. ... The figure of Progress is ushering an era of modernization, development, and advancement to the West, which in the painting is portrayed as a dark and savage place, especially when compared to the eastern side of the painting."

    If you have any questions please comment on my answer. Thank you.

3 0
3 years ago
In writing the Declaration of Independence, Thomas Jefferson was influenced most by John Locke’s idea of *
Radda [10]

Answer:

In writing the Declaration of Independence, Thomas Jefferson was influenced most by John Locke’s idea of *

Explanation:

Thomas Jefferson used the thoughts first penned by John Locke while writing the Declaration of Independence. The phrase "life, liberty, and pursuit of happiness," was an idea first considered by Locke in his Two Treatises on Government

5 0
3 years ago
According to this quote the U.S should ?? PLEASE HELP IM BEGGING.
Alla [95]

Answer:

C

Explanation:

The US should intervene when needed to keep the peace

6 0
3 years ago
Which of the following was NOT a resolution proposed by Henry Clay?<br> a
Damm [24]
I think the answer is <span>The land acquired in the Mexican cession should be established as free states. </span>
4 0
3 years ago
Other questions:
  • List the successes Americans had in the west
    10·2 answers
  • What U.S. state first let women vote?
    11·2 answers
  • Why was Jomo Kenyatta an important figure to Africa?
    11·2 answers
  • Which statement was in an early draft of the Declaration of Independence, but not in the final version?
    13·1 answer
  • What were the main factors that led to the rise of rome ?
    13·1 answer
  • The___ was a secret weapon developed in part at the Hanford site in eastern Washington
    11·1 answer
  • How did Alice coachman contribute to woman’s rights ? HELPPP ASSAAAPP !!!
    14·2 answers
  • How did geography influence what Sumerian and Babylonian grew
    12·2 answers
  • Define massacres of sikhs
    14·1 answer
  • Please fill in this form in able to help me<br> https://forms.gle/KqFShi7Cg5axKCPA8
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!