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46 Cards in this Set

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An American financier who backed the first telegraph cable across the Atlantic. After four failed attempts in 1857, 1858 and 1865, a submarine cable was successfully laid between Newfoundland and Ireland in July, 1866.
Cyrus Field
1876 - Invented the telephone.
Alexander Graham Bell
One of the most prolific inventors in U.S. history. He invented the phonograph, light bulb, electric battery, mimeograph and moving picture.
Thomas A. Edison
Bessemer invented a process for removing air pockets from iron, and thus allowed steel to be made. This made skyscrapers possible, advances in shipbuilding, construction, etc.
Bessemer Process
Founded by John D. Rockefeller. Largest unit in the American oil industry in 1881. Known as A.D. Trust, it was outlawed by the Supreme Court of Ohio in 1899.
Standard Oil
developed the mass-produced Model-T car, which sold at an affordable price. It pioneered the use of the assembly line. Also greatly increased his workers wages and instituted many modern concepts of regular work hours and job benefits. Sloan, an American industrialist, helped found project.
Henry Ford
A railroad baron, he controlled the New York Central Railroad
Cornelius Vanderbilt
Business tycoon, made money in the steel industry. Philanthropist.
Andrew Carnegie
Financier who arranged the merger which created the U.S. Steel Corporation, the world's first billion dollar corporation. Everyone involved in the merger became rich. (Vertical consolidation)
J.P. Morgan
A form of monopoly that occurs when one person or company gains control of one aspect of an entire industry or manufacturing process, such as a monopoly on auto assembly lines or on coal mining, for example.
Horizontal Integration
A form of monopoly that occurs when one person or company gains control of every step of the manufacturing process for a single product, such as an auto maker that also owns its own steel mills, rubber plantations, and other companies that supply its parts. This allows the company to lower its costs of production and drive its competition out of business
Vertical Integration
Joined his brother William in the formation of the Standard Oil Company in 1870 and became very wealthy
John D. Rockefeller
Companies that hold a majority of another company's stock in order to control the management of that company. Can be used to establish a monopoly.
holding company
British, developed a system of philosophy based on the theory of evolution, believed in the primacy of personal freedom and reasoned thinking. Sought to develop a system whereby all human endeavours could be explained rationally and scientifically.
Herbert Spencer
Promoted laissez-faire, free-market economy, and supply-and-demand economics. Wrote wealth of nations
Adam Smith
Carnegie wrote it and argued that the wealthy have an obligation to give something back to society
Gospel of Wealth
A theory that the economy does better without government intervention in business
Laissez-faire
author of "Looking Backward"
Edward Bellamy
Said that poverty was the inevitable side-effect of progress in "Progress and Poverty"
Henry George
Denied citizenship to Chinese in the U.S. and forbid further immigration of Chinese. Supported by American workers who worried about losing their jobs to Chinese immagrants who would work for less pay.
Chinese Exclusion Act
Established 1866, and headed by William Sylvis and Richard Trevellick, it concentrated on producer cooperation to achieve goals.
National Labor Union
a militant and violent labor organization in the anthracite coal region of Pennsylvania
Mollie Maguires
America's first major, national labor strike. A large number of railroad workers went on strike because of wage cuts. After a month of strikes, President Hayes sent troops to stop the rioting. The worst railroad violence was in Pittsburgh, with over 40 people killed by militia men.
Great Railroad Strike-1877
An American labor union originally established as a secret fraternal order and noted as the first union of all workers. It was founded in 1869 in Philadelphia by Uriah Stephens and a number of fellow workers
Knights of Labor
the first major effort to create a genuinely national labor organization was the founding in 1869 of the the Noble Order of the Knights of Labor, under the leadership of ...
Uriah Stephens
wrote "rags to riches" novels
Horatio Alger
led the Knights of Labor during their most successful years in the 1870s and 1880s
Terence Powderly
Began in 1886 with about 140,000 members; by 1917 it had 2.5 million members. It is a federation of different unions.
American Federation of Labor (AFL)
from 1886 to 1924 was the president of the AFL in all but one year
Samuel Gompers
A bomb exploded, killing or injuring many of the police. The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.
Haymarket riot
the steel strike that took place in 1892
Homestead Strike
Darwin's theory of evolution as applied to the business world is called...
Social Darwinism
Started by enraged workers who were part of George Pullman's "model town", it began when Pullman fired three workers on a committee. Pullman refused to negotiate and troops were brought in to ensure that trains would continue to run. When orders for Pullman cars slacked off, Pullman cut wages, but did not cut rents or store prices.
Pullman Strike
leader of the American Railway Union
Eugene V. Debs
A federal law that committed the American government to opposing monopolies, it prohibits contracts, combinations and conspiracies in restraint of trade.
Sherman Antitrust Act
The Supreme Court ruled that since the Knight Company's monopoly over the production of sugar had no direct effect on commerce, the company couldn't be controlled by the government. It also ruled that mining and manufacturing weren't affected by interstate commerce laws and were beyond the regulatory power of Congress.
U.S. v E.C. Knight Company
industrialist...is often considered the father of the American oil industry
George Bissell
is the name of the approach to management and industrial and organizational psychology initiated by Frederick Winslow Taylor in his 1911 monograph The Principles of Scientific Management
Taylorism
exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices
monopoly
any large industrial or commercial corporation or combination having a monopolistic or semimonopolistic control over the production of some commodity or service
trust
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations
capitalism
The merger of two or more commercial interests or corporations.
consolidation
an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members
corporation
the administration of a business or industry based on experimental studies of efficiency; the application of the principles of the scientific method to managing a business or industry
scientific management
a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner
limited liability
the exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years.
Patents