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60 Cards in this Set
- Front
- Back
cornelius vanderbilt
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used his money earned from steamboat business to make NY cent.rlrd
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NY cent.railroad
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merged local railrds into NY cent.rr which ran from NY to Ch.
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trunk line
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major route btwn lrg cities;smaller branch lines connect.the trunk line w/outlying towns
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fed.land grants
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subsidies given to companies in prospect of land settlement.1)promoted hasty poor construction &2)led to widespread corruption in all levels of gvmnt
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transcontinental railroads
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tied Ca to rest of union
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union & cent.pacific
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both helped in making trans.cont railroad.Union buit west.across Great plains & Cent.built across mts.
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jay gould
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went into rlrd business for quick profits & made millions by selling off assets & watering stocks
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watered stocks;pools
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inflating value of corp's assets & profits before selling to public;companies agreed to fix rates & share traffic
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rebates
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discounts
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panic 1893
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financial panic forced 1/4 rlrds to bankrupt.banker J.P morgan took control of rlrds & created regional monopolies
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interlocking directories
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same directors ran competing companies.creating regional monopolies
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will vanderbilt
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inherited his father's transport.empire
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2nd indust.rev
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growth in heavy industry adn production of steel,petroleum, electric pwr,industry machinery
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bessemer process
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process to make lrg.qntty of steel(more durable than iron)by blasting air through molten iron by henry bessemer of Eng.
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andrew carnegie
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leader of growing steel indust. produced > steel than all Brit.
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vertical integration
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company would control evry stage of indust.process from mining to transport.
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U.S steel
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sold by carnegie to j.p morgan for $400 mill.1st bill $ comp.,lrgst enterprise in world,control >3/5 nation's steel business
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John D.Rockefeller
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took control of oil refinery business by applying latest tech.& efficient practices
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horizontal integration
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former compete companies brought under single corp umbrella
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standard oil trust
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rockefeller's company name,controlled 90% oil refinery business.
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antitrust mvmnt
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midd.class pple and urban elite(old wealth)feard unchecked pwr of trusts & ^ influence of rich
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sherman antitrust act 1890
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prohibit any contract,combo,in the form of trusts or conspiracy in restraint of trade or commerce
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U.S v.E.C knight
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supreme crt ruled that sherman anittrust act could ony apply to commerce,not manufacturing.
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laissez-faire capitalism
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business would be motivated by self interests to offer improved goods &services at low prices,if gvnmnt wuld not interfere
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adam smith
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argued that business shuld be reuglated by law of supply & demand,not by gvnmnt.
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social darwinism
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$ shuld be hands of fit and rich alone to benefit the whole as a law of nature
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herbert spencer
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concluded that $ be concetrated in hands of "fit" as benefit to human races
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gospel of wealth
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idea that everybody had duty to be rich and carry out civic projects to benefit society. justified $ of rich bankers/industrialists
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russel conwell
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Rev.said evryone had duty to become rich & do civic projects to benefit society
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protestant work ethic
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hard work and material success are signs of God's favor"
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samuel F.B morse
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invented telegraph that changed speed of communication
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transatlantic cable
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invented by cyrus fields,culd send mmsg across the sea instant
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alexander graham bell
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invented telephone
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thomas edison;research lab
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greatest inventor 0f 19th cent.
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george westinghouse
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devlped air brakes for railroads & transformer to produce high voltage alternating current
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sears,roebuck &montogomery ward
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2 lrg mail order companies used rail system to ship consumer goods to rural customers
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concentration of $
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by 1890 richest 10% of pop.controlled 9/10 of nations $. caused by industrialism
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horatio alger
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wrote novels of poor young men working their way up to become rich thru hard work,honesty and good luck
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upward mobility
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mvmnt into higher $ position
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white collar workers/midd class
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workers who usually did not do manual labor.industry expand midd class by offering jobs.
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david ricardo;iron law of wages
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justified low wages;said that raising wages arbitrarily would increase the working pop.and would cause wages to fall
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railroad strike of 1877
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rlrd companies cut wages during $ depression to reduce costs.workers strike spread to 11 STsmshut dwn 2/3 of rail tracks.
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nat'l labor union
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1st attempt to organize all workers in STs.won 8 hr day for fed.employees
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knights of labor
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2nd nat'l labor union,1st as secret society to avoid detection by employers,went public under terence powderly
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terence V.powderly
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leader of knights of labor.advocated 1)to make man his own employer 2)abolish child labor 3)abolish trusts/monopolies
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haymarket bombing
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anarchist bombing of meeting of knights of labor in Ch.
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american fed of labor
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concentrated on getting practical $ goals. assc.of 25 craft unions
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samuel gompers
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led Am.F of L.went after ^ wages & better conditions.
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homestead strike
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henry flick cut wages 20 %.frick used weapons ro defeat workers.the failure set back union mvmnt
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pullman strike
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george pullman cut wages & fired leaders of workers delegation.workers appealed to Am.rlrd union,led by eugene Debs.the boycott tied up train-transport across U.S
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david ricardo;iron law of wages
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justified low wages;said that raising wages arbitrarily would increase the working pop.and would cause wages to fall
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railroad strike of 1877
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rlrd companies cut wages during $ depression to reduce costs.workers strike spread to 11 STsmshut dwn 2/3 of rail tracks.
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nat'l labor union
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1st attempt to organize all workers in STs.won 8 hr day for fed.employees
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knights of labor
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2nd nat'l labor union,1st as secret society to avoid detection by employers,went public under terence powderly
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terence V.powderly
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leader of knights of labor.advocated 1)to make man his own employer 2)abolish child labor 3)abolish trusts/monopolies
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haymarket bombing
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anarchist bombing of meeting of knights of labor in Ch.
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american fed of labor
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concentrated on getting practical $ goals. assc.of 25 craft unions
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samuel gompers
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led Am.F of L.went after ^ wages & better conditions.
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homestead strike
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henry flick cut wages 20 %.frick used weapons ro defeat workers.the failure set back union mvmnt
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pullman strike
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george pullman cut wages & fired leaders of workers delegation.workers appealed to Am.rlrd union,led by eugene Debs.the boycott tied up train-transport across U.S
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