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UCONN - HIST 1502 - HIST 1502 Exam 1 Study Guide - Study Guide

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UCONN - HIST 1502 - HIST 1502 Exam 1 Study Guide - Study Guide

School: University of Connecticut
Department: History
Course: U.S. History Since 1877
Professor: Cathy Wright
Term: Fall 2015
Tags: history
Name: HIST 1502 Exam 1 Study Guide
Description: Brief answers to essay questions
Uploaded: 02/20/2018
This preview shows pages 1 - 2 of a 4 page document. to view the rest of the content
background image History 1502 Midterm Study Guide     Question 1:   “In the Gilded Age – indeed, even long after the Gilded Age ended – members of the  new industrial upper class (entrepreneurs, captains of industry, robber barons, or 
whatever else you want to call them) continually sought to concentrate wealth into their 
own hands – one of the major results of what economic historians have termed 
“divergence.” After first explaining the concept of divergence, go on to examine how, 
during the Gilded Age, the upper class attempted both to build and then concentrate 
wealth – both their successes and their failures.  
 
What critique did capitalists like Albert Augustus Pope make of competition? 
-competition is not beneficial, it leads to many companies producing the same thing 
which in turn causes overproduction. Overproduction causes falling prices which puts companies 
out of business   
 How did they attempt to avoid competition?   - The “solution” was to temporarily use a patent which would allow one company 
to create a monopoly and not worry about competition  
What had occurred in the sewing machine industry after the original Howe patent  had expired?   - “When Howe’s patent for the sewing machine expired in 1877, production and 
sales were dominated by the four companies that joined with Howe in 1856 to 
form the Sewing Machine Combination, the first of the massive ‘trusts’ that 
dominated American – and global – industry in the late 1800s and early 1900s: A. 
B. Howe (owned by Elias’s brother, Amasa), Singer, Wheeler & Wilson (based in 
Bridgeport, CT), and Grove & Baker. The Combination also sold licenses to other 
manufacturers, but at $15 per machine the price was steep enough to discourage 
competition. Still, 36 different companies produced sewing machines in these 
years, and sales increased briskly each decade, from about 2,500 machines in 
1853, to around 50,000 in 1863, to more than 667,500 in 1873.” (
Sewing  Revolution: The Machine That Changed the World, Jamie H. Eves, Beverly L. 
York, Carol Buch, and Michele Palmer, Windham Textile and History Museum
What role did entrepreneurs think that technology played in generating wealth?  Patents? What strategies did entrepreneurs follow when their patents began to expire?   - Wealth and riches were a result of technological advances  - When patents expired, the problem of overproduction was re-introduced  - A businessman/ company went on to switch to a different product using new 
technology in hopes of gaining success again  
- “Stayed on top of the technology curve”   
background image What role did corporations play in the concentration of wealth? Trusts? Vertical  and horizontal integration? Monopoly? Oligopoly? Department stores? Chain stores? 
Company stores? Company housing? Catalog stores?  
- Corporations made it easier for wealth to be concentrated in the hands of the rich   - Conglomerates and trusts:   - Came to begin when several corporations united together to form one big 
super-sized corporations (think of octopus cartoon viewed in class)  
- Legal mechanisms to gain control of many corporations (making a 
monopoly)  
- Vertical integration: ex) Rockefeller’s Standard Oil   -  his country controlled everything from the well companies to the pipe  companies  
 - Horizontal integration: ex) 1898 American Thread Company  
- just tried to buy out all other thread companies (if they practiced vertical  integration, they would have tried to also buy the farms where the cotton was grown- 
HOWEVER, that is not horizontal integration)  
- Department stores (like Macy’s) pushed small businesses out of the picture  
-Chain stores (A&P Grocery Store Chain) 
-Catalog Stores (Sears Roebuck catalog, shopping through mail) -> today's equivalent 
would be Amazon  
By 1920, what proportion of American wealth was controlled by the upper class?” 
- The upper class consisted of businessmen including:   - John D. Rockefeller   - Andrew Carnigie   - J.P. Morgan   - Cornelius Vanderbilt (Breaker mansions in Rhode Island)   -  By 1920, 1% of Americans owned 33% of wealth  
 
Question 2:  
“Industrialization transformed American society and culture in many ways. In the  Gilded Age – during the Second Industrial Revolution – new social classes expanded and 
became typical of the new society. In 1790, America had been an agrarian society composed 
of both small family farms and sprawling plantations. As industry expanded, however, 
more and more people worked in manufacturing and commerce. The new socio-economic 
classes – upper class, middle class, and working class – had dissimilar lifestyles – which was 
one of the major results of what economic historians have termed “divergence.” After first 
explaining the concept of divergence, go on to examine the lifestyles of these expanding new 
classes, focusing primarily on the middle and working classes. 
- Divergence: gaps between the different social classes  ​grew​, as:  

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School: University of Connecticut
Department: History
Course: U.S. History Since 1877
Professor: Cathy Wright
Term: Fall 2015
Tags: history
Name: HIST 1502 Exam 1 Study Guide
Description: Brief answers to essay questions
Uploaded: 02/20/2018
4 Pages 46 Views 36 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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