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23 Cards in this Set

  • Front
  • Back
Bessemer Process
a method of faster, cheaper steel production developed in 1850's
George Westinghouse
improved air brakes
George Pullman
developed elegant sleeping cars in trains
Cornelius Vanderbilt
began buying small companies to produce one big company
Charles and Frank Duryea
used a gasoline engiene to build the first automobile
Orville and Wilbur Wright
built first plane
exclusive rights to maufacture or sell inventions
Thomas A Edison
Alexander Grahm Bell
Second Industrial Revolution
a period of explosive growth in manufacturing and industry in the late 1800's
Free Enterprise
economic system in which there is a competition between buisinesses with little government control
Laissez-faire capitalism
government does not reulate buisinesses
people who start new buisinesses
companies that sell shares of ownership called stocks to investors in order to raise money
Vertical integration
ownership of buisinesses involved in each step of a manufacturing process
horizontal integration
ownership of all buisinesses in a particular field
sole economic control of a buisiness or product
legal arrangement grouping several companies under one board of directors to eliminate competition and to regulate production
Sherman Antitrust Act 1890
law that made it illegal to create trusts that restrained trade
Gospel of Wealth
blah blah blah
Social Darwinism
blah blah blah
John D. Reckefeller
blah blah blah
Andrew Carnegie
Blah blah blah