HIST 1312 1st Edition Lecture 8 Outline of Last Lecture I. Protective TariffsII. Andrew CarnegieA. SteelB. Definition of a Vertical MonopolyIII. John D. RockefellerA. OilB. Definition of a Horizontal MonopolyIV. J.P. MorganA. BankingV. RailroadsOutline of Current Lecture I. Supply and DemandA. Henry FordB. CapitalismC. SocialismD. AnarchismII. ImmigrationA. Dennis KearneyB. Jacob RiisC. Jane AddamsIII. LaborA. Molly McGuiresB. Haymarket Square RiotC. Homestead StrikeCurrent Lecturel.A. The economy in the early 1900’s and the late 1800’s was based on supply and demand. When supply was up demand was stable and wages were down, when supply was down demand went up and wages went up as well. In 1920 Henry Ford was making one automobile a day. When he created the assembly line he could produce one car per These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.minute. However all the rich people who could buy his car would stop eventually because they would all have one. So he raised the wages of his workers so they could also buy his cars on an installment plan. B. America became the first country to successfully run on Capitalism. Capitalism is good when the economy’s good, however, the poor people don’t benefit from this system so most were Anarchists or Socialists.C. Socialists believe workers who are put in the labor force should share in the profits they make. Socialism is a government controlled economy that can be strict.D. Anarchism started in Southern Europe, and they believe in no rules and no authority, so that they can rule over themselves. They believe in no government.ll.A. Chinese and Irish workers who worked on the railroad moved to San Francisco afterward. They competed for jobs and Chinese workers would usually get them becausethey would work for less. Dennis Kearney, and Irishman, went to San Francisco and witnessed this so he went to Congress to pass an act that prohibited Chinese immigrantsfrom moving to California for a 10 year period and then it would be made permanent; this act was called the Chinese Exclusion Act and it was the first immigration restriction act.B. Jacob Riis wrote a book called How the Other Half Lives. This book talked about the immigrants and how they had to live in America, he even included pictures of the immigrants living in dirty, small tenements. He helped raise awareness of what the immigrants lived through.C. Jane Addams was a wealthy woman whose driver took a wrong turn so she saw the South side of Chicago where the immigrants lived and couldn’t believe it. They were living in filth and in very harsh conditions. So instead of getting married she used her dowry to create Hull House, which was where she could provide immigrants with knowledge and safety.lll.A. Molly McGuires were Irish coal miners in Pennsylvania who went on strike. They went onstrike because they had to work 12 hour days and the last two hours of these days consisted of many accidents because they were more tired. So they wanted 12 hours cutdown to 10 hours and the same pay. Management says no so they go on strike and damage the mine’s property and kill people who don’t support them. Because of this labor starts to get a bad reputation.B. In the Haymarket Square Riot, picketers rally outside of the square and polic beat them back. A lot of violence ensues and later the picketers come back to mourn the ones they’ve lost. Someone throws a homemade bomb and the cops and people startshooting at each other. With 8 cops dead, Unions are now considered cop killers and dangerous.C. The Homestead Strike occurred at the Homestead Plant that Andrew Carnegie was in charge of. Union members wanted less hours so they talked to the person next in charge,Mr. Frick. Mr. Frick didn’t have that kind of authority so he went a cable to Andrew Carnegie asking if they could do this. Carnegie responds to the people with a talk to Mr. Frick and he tells Mr. Frick no. So the Union members have a sit-in, and when the Pinkerton Agency can’t stop them they call in the National Guard who were able to remove them. One of the workers goes back and tries to kill Mr. Frick so he sends another cable to Carnegie saying they better change what they’re doing or the workers will rise up. Since Carnegie wants to help the majority not just individuals he funds libraries where people can check out books for