2.10 US H1 by Dylan School Acc

The Panic of 1873

dylandetienneschool — 2022-06-26 21:48:44 UTC

WHO:
Jay Cooke Bank Firm.

WHAT:
Economic collapse that chained other collapses.

WHEN:
1873

WHERE:
Philadelphia, Pennsylvania; where Jay Cooke bank firm was located.

WHY:
Too many people invested into railroads. Too much money was given to build railroads. There was suck a risk in doing this, and it happened. Jay Cooke bank firm was the governments 'go-to' bank, and the government was the only people able to give money to the railroads, so the bank was very important. The value of the American dollar fell, which made all sorts of investments in the railroad plunge. The bank went bankrupt. When the bank fell, it triggered a panic. Other banks fell with them, and the railroad investments were destroyed, causing an economic collapse. 89 railroads out of 364 railroads in America went bankrupt because of this.

Scientific Management

dylandetienneschool — 2022-06-27 02:17:45 UTC

WHO:
Frederic W. Taylor

WHAT:
Taylor's 'scientific management' that led to an increased amount of productivity in the work force. His scientific management started out as him trying to find the perfect productivity in shoveling sand; when was the shovel going to be the most effective and why. Productivity went up by 200-400% because of his findings when he implemented the idea into factories.

WHEN:
1909, when his book, The Principles of Scientific Management was published.

WHERE:
Implemented into factories across the US.

WHY:
He, like many others, were trying to find ways to have people be more productive. He took a shovel to find when it was most effective for shoveling things. He took off weight every day and found when the shovel was more productive, picking up more sand, and used that theory to help with production in factories and jobs.

The Working Class

dylandetienneschool — 2022-06-27 02:26:40 UTC

WHO:
People who were laborers were given the term 'working class'. The system went working class < middle class < upper class.

WHAT:
The working class, a group of wage workers who were poor.

WHEN:
Industrialization around 1850.

WHERE:
All across the US.

WHY:
These people were poor who had no opportunities for other jobs. Unlike the middle class, the man wasn't the only one working. This often led to child labor, which many children were put in dangerous jobs and conditions, all for the extra income.

The New Consumer Culture

dylandetienneschool — 2022-06-27 02:35:47 UTC

WHO:
The population and their increasing demand for products, and the new never seen before chains of stores.

WHAT:
People having access to retail stores to purchase the things that they want, and stores keeping up with heavy demand.

WHEN:
1870-1900

WHERE:
Stores all throughout the US

WHY:
The population never had access to stores unless you were the rich elites. But now they did, which led to an extreme demand of products and goods. Thanks to the scientific management, productivity was at an all time high, and the stores were able to stay with the demand. Competition got greater and greater the more time progressed. By the 1900 companies had spent $100 million every year to out compete their competitors.

Knights of Labor

dylandetienneschool — 2022-06-27 02:44:26 UTC

WHO:
Knights of Labor

WHAT:
An organization of people that tried to get people to work.

WHEN:
1873, after the panic of 1873

WHERE:
Philadelphia

WHY:
There was the NLU who tried to get people to work the 8 hour a day, and who tried to allow women and African Americans to be able to work. The panic of 1873 shut them down. The Knights of Labor was created and was more effective. They wanted equal pay for all people. They wanted all people to be able to work. After the Haymarket Affair, their reputation was destroyed.

The American Federation of Labor

dylandetienneschool — 2022-06-27 02:53:24 UTC

WHO:
The American Federation of Labor.

WHAT:
They are another group for unionized labor. They were the 'official' group.

WHEN:
1886

WHERE:
All across the US

WHY:
They replaced the KOL (Knights of Labor). They were taking a different approach. They stayed out of politics, and only engaged when necessary. They focused on economic gain. That proved successful. By 1920, they had over 4 million workers with it; more than any other of these organizations.