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HIST 309
History of Modern Business
| Term | Definition |
|---|---|
| Henry Clay (Congressman) | He proposes that the gov. invest in transportation |
| Steam Boats | -Robert Fulton created the first steam boat & controlled the Erie canal from Buffalo to Albany & the Hudson river to NYC -Cornelius Vanderbilt challenges Fulton and transports people from NJ to NYC |
| 1861, Union blockades Southern ports | -To starve the South of income -The British could not get the cotton they needed -The North knew they could not fight Great Britain and South -The British Empire agreed not to attack the North if they would abolish slavery |
| John Rockefeller | -had a monopoly on refined oil -first billionaire -he tapped out the US market so he invested in China's market |
| Labor after the Civil War | -Immigrants from Europe increased labor -Immigrants had to prove they were healthy & would not be a burden on US -Immigrants were looking for jobs -Wages were so low families needed children to work -Less workers on farms because of Tech advances |
| Technology in the 1800s | -1840s the Telegraph is invented and AT&T is created - Bessemer creates the first steam oven (used on trains) -Railroad won the Civil War |
| Role of Government in the late 1800s | -small role -high terrifies on American goods so Americans would buy American goods -national currency after the Civil War -$1 paper money backed by $1 worth of gold -Homestead Act |
| Working vs. Fixed Capital | -Working Capital: The cost to run the day to day operations of your business -Fixed Capital: Cost of goods that can't move |
| National Equity Market | -Local equity stock markets before Civil War - NY Stock Exchange emerges creating a national stock market - Reasons for NYSE: telegraph, acct. practices get better, foreign investment, $ backed by gold -Firms offer both stocks and bonds |
| Horizontal Integration | Buying firms that make the same goods as you |
| Vertical Integration | Merger of firms producing different goods but on the same plane -Ex: a car company buying a paint company so they don't have to pay someone else to make paint |
| Incorporating in Delaware | -DE was the only state to keep the court of equity after the Civil War - Incorporation is all done on paper & is tax free except for what you sell in DE -Court of Chancellery to deal with arguments not in SCJ & business disputes could be settled |
| American Ferderation of Labor (AFL), 1886 - | -made up of skilled laborers that are hard to replace, so employees are morel likely to give you what you want -Knights of Labor was the first labor union, & their jobs are easily dispensable so the union failed |
| Election of 1900, WJB & WM | -WM has Teddy Roosevelt running as VP - Roosevelt was a veteran of the Spanish American War & he hated being VP - McKinley is assassinated in 1901 & Roosevelt becomes president |
| Progressive Reforms | -Teddy Roosevelt pledges he will be antitrust buster -Pure Food & Drug Act - regulatory agents that oversee major industries -income tax establish, targeted at the wealthy |
| Sherman Antitrust Act | Firms that operate in collusion with one-another would be illegal |
| DuPont in the early 20th century | -created gun powder & blasting powder -declared a monopoly, but was allowed to keep a monopoly on smokeless gunpowder for national security -DuPont supplies both sides in WWI who bought on credit |
| Consumer Revolution takes off in the US in the 1920s | -Idea of convincing people that their lives would be better if they buy this product - Electricity creates a new avenue for products to be created -Radio comes about in the 1920s |
| What do you need to sustain a consumer economy? | -higher wages -standardize mass production -outlet to sell your goods -catalogs for rural American, Ex: Sears Catalog |
| Why did life expectancy increase in the 1920s? | -Improved healthcare -Improved urban life (farm wast, water) -FDA improves -Increased life span of children |
| Stock Market before the Crash | -Investors bought on margins & only put 5% down -Firms that traded stock did not have to disclose information -Banks led money based on stocks & invested their money in the stock market |
| 1929 Stock Market Crash | -Stock Market loses half its value -If your bank closed you lost everything in the bank -People bought goods on credit so they cut back on buying -US stopped being a major supplier of food to Europe |
| Election of 1928, Hubert Hoover (Republican) vs. Smith | -Hoover was a rich engineer -Smith was the governor of NY & the first Roman Catholic Candidate -Hoover wins election & the stock market crashes 1 month after he's in office |
| 3 ways the Fed could of improved the economy during the Depression - Ways the Fed could of put money in the economy | 1. Lower the discount rate (the interest rate charged to local banks) 2. Open Market Operations -Feb buys debt from states and buys bonds 3. Lowered the Lost-Reserve Ratio (amount of money banks are required to keep on hand) |
| Hoover's Treatment of the Depression | -AMA created to buy up excess demand of food -RFC created to put money into week industries to hire them - Calls on farmers to grow less food so that food prices would go up & Businesses were to keep hiring and expanding (did not happen) |
| FDR's New Deal | -Presented at the 1932 Democratic convention -FDR flew from NY to Chicago -First candidate to speak at a convention -Said: "We have nothing to fear but fear itself." |
| 3 big categories of the New Deal | 1. Relief Programs 2. Recovery - larger programs 3. Reform - things to stop a depression from happening again: -SEC, FDIC, Social Security |
| Neutrality act of 1935, 1936, 1937 | -U.S. is isolated from foreign a fairs -Nye Comity hearings, during the 1930s, said WWI took businesses into the war |
| Lend-Lease with Great Britain | -Churchill and FDR agree to terms that Great Britain would return unused goods & pay over time for used goods -The U.S. was thinking that if Great Britain was taken the U.S. will be next -1940 U.S. begins to industrialize |
| Embargo of Japan | -U.S. is selling scrap metal & oil to Japan (has no oil) -U.S. embargoes scrap metal because Japan is turning them into vehicles & weapons, later embargoes oil -This angers Japan to attack the U.S. -FDR was able to get a declaration of war easily |
| Government Co-ordination | -Companies were told what to build for the war or the company would be taken over by the gov. -U.S. navy had to be rebuild in the pacific -Men lie about their age to be in the army -Unemployed people find work |
| Office of Price Administration (OPA) | -they were worried about inflation at the time -price were frozen at the time |
| National Wage Labor Board (NWLB) | -Wages were frozen to stop inflation -Overtime wages were not regulated, so higher overtime pay was given to better workers -The gov. did not offer benefits, so companies offered benefits as an incentive for you to work for them |
| Government spending put the country into debt. How does the government fix this problem? | -Gov. passes a war time measure to withhold taxes instead of taking the taxes all at once -Half of the war debt payed by taxes -The rest of the war debt was payed by bonds were the money would come back to you after 5 or 10 years after the war |
| Immigration during WWII | -People move to the city were the jobs and factories are -African Americans and Women get jobs in the factories that they previous didn't have -Women lose their factory job when men return from the war |
| Social Consequences during WWII | -Not socially except able for men to go to college during the war -Executive order 9066 send the Japanese to prison camps -Japanese Americans could not serve in the U.S. army, but the Italians and German Americans could |
| Atomic Bomb / Manhattan project | -Jewish European Scientists and top university students were brought together -Only a small number of people knew what the whole project was -1st of 3 bombs was test in New Mexico |
| Why did the U.S. bomb Hiroshima & Nagasaki? | -Most industrial cities were bombed -Tokyo was bombed flat by 1945 -Hiroshima was at the cross point of two rivers making it an easy target from the air -Nagasaki was an island in a river -Kyoto wasn't bombed because Stimson like the way it looked |
| Truman Doctrine | -Kennan warns the U.S. that Russia wants to expand, that for communism to work it must be globally, and advocates a policy of containment which starts Cold War -Truman announced that he will protect any country that is being threaten by communism |
| G. I. Bill | -Service Men Readjustment Act -52-20 says that for 52 weeks you will be payed $20 a week after service -Provides benefits to eligible veterans that served at least 6 months |
| G. I. Bill - Education | -Provides education benefits to veterans -Use benefits to go to any school you could get into -Each veteran was given $500 and living expenses -Colleges didn't have to worry about people defaulting on loans |
| G. I. Bill - Housing | -Provided money to pay for housing if it was under $100 a month -Suburbs are created and roads are built -Veterans administration did not discriminate, but local neighborhoods could discriminate |
| G. I. Bill - Business | -Veterans could take out a subsidize loan |
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NickUD
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