Capital and Labor (Henretta Ch. 17)

Capital and Labor (Henretta Ch. 17) - Diablo Valley College...

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Diablo Valley College History 121 Dr. Kent Haldan Lecture for Henretta Chapter 17: Capital and Labor in the Age of Enterprise, 1877-1900
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1877 Q1 . Ch. 17 begins with a discussion of events in 1877. What are these events and why are they important? How are they significant to the themes of the chapter?
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A. End of Reconstruction. ..Twice removed from pre-Civil War when North and West depended on Cottton exports as economic stimulus in an economy based on an interregional division of labor. East manufactured goods. West (Oh., Ind.,Ill ) grain and livestock. South cotton kingdom. Provided economic stimulus. B: Period of Economic Depression: cyclical nature of American economy: incredible increase during Civil War and during Reconstruction. Then nose dived.
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C. Pullman Strike: in the economically and militarily strategic industry of RR. Moreover, strategically important for public safety: need transportation during natural disaster, etc. D. Society on verge of revolution. Widespread support of strike. E. Willingness of government to use force in favor of Capital again Labor.
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F. Ties in with key themes in chapter: Struggle between Capital and Labor: who will control production process. G. The resiliency of the American Economy: recovery came quickly. (Compare to 1980s v 90s. 1877-1892 Economy grew 150%). Central to this expansion was the capital goods sector which underwent a revolution in steel production and railroad construction.
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Andrew Carnegie & American Steel 1.In 1856 Henry Bessemer designed the Bessemer converter that refined raw iron into a new product: steel which was stronger than iron and cheaper since it did not required less labor. 2.In 1872 Carnegie built a huge steel mill near Pittsburgh using the Bessemer converter as its centerpiece.
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In 1856 British engineer Henry Bessemer discovered a process to make steel in one-twentieth of the time it had previously taken.
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Bessemer Converter
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Bessemer Converter 1891
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Bessemer converter Today
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Andrew Carnegie
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Carnegie's First Plant
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Andrew Carnegie & American Steel The bessemer converter enabled Carnegie to break a bottle-neck in in refining steel building larger blast furnaces and faster rolling mills. He designed an integrated plant that operated continuously: Iron ore entered the blast furnace at one end and came out the other as finish steel rails.
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Impact on other industires: 1. The U.S., with rich coal deposits stretching from Penn. to Alabama, doubled its coal production every decade after 1870 and surpassed 400 million tons by 1910.
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2. How did the funding of the railroads differ from the funding of canals? Canal financed by Public sector V.
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Capital and Labor (Henretta Ch. 17) - Diablo Valley College...

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