Butler Us History Goal 5

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Bessemer Process (Henry Bessemer)

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A cheap method of mass producing steel

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Oil Drake (Edwin Drake)

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A steam engine to drill and pump oil in ground

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Incandescent light bulb (Thomas Alva Edison)

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Replaced kerosene as a light source

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Telephone (Alexander Graham Bell)

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Replaced telegraphs and the worldwide communication network

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Skyscrapers (Louis Sullivan)

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Cities grew UP and OUT because of these

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Thomas Alva Edison

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The most important inventor of the Industrial age because he established Menlo Park where thousands of inventions were born

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John D. Rockefeller

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Oil Refining; gave away $500,000,000 to establish the <last name> foundation, University of Chicago, medical institute

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Horizontal consolidation

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Effort to eliminate competition by merging companies that produce similar products; Monopolies (John D. Rockefeller)

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Andrew Carnegie

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Steel; Gave away $350,000,000 to establish &lt;last> foundation, libraries, colleges and universities

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Vertical consolidation

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Effort to cut costs by owning mines, farms, oil wells and railroads - control raw materials and transportation. (Andrew Carnegie)

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William and Cornelius Vanderbilt

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Railroad industry

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J.P. Morgan

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Finance/Banking; Bought out Carnegie Steel

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Corporations

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Capital intensive businesses require large sums of money; Stockholders pool together; "economies of scale": higher profits from mass production, lower costs, and less competition

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Combination/Consolidation/Integration

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The combination of smaller businesses into larger ones to reduce competition; mergers and buy-outs

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Trusts

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Competing companies that agree not to compete; turn stock over to Board of Trustees who separate companies as one corporation

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Holding Companies

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Corporation that buys up stock of competing companies until it owns majority of the share of all companies. (J.P. Morgan and U.S. Steel bought out Carnegie Steel)

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Robber Barons

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Business owners were often called this because they took home huge profits while their paying their workers low wages

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Social Darwinism

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Extension of Charles Darwin's "survival of the fittest" theory of evolution; if left alone by the government the best businesses will survive (natural selection); justification for laissez-faire economy.

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"Gospel of Wealth"

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Wealth was a sign God's favor, those who had it had a Christian duty to share it; give back to society; charity

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Bill Gates

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<last name> foundation promotes world health research and education

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Railroad

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This industry led the way in American Industrial growth in the late 1800s

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Sherman Anti-Trust Act

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The purpose of this was to stop the growth of monopolies

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Haymarket Square Riot

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The long-term effect of this on the labor movement was that the general public turned against labor organizations

Front 24

Skilled Craftsmen

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The first labor unions included this group of people

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Susan B. Anthony

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Associated with the Woman's Suffrage reform movement

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Booker T. Washington

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The African American leader who called for his people to be patient and work hard to improve themselves economically, and that political equality would eventually follow

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Protective Tariffs

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The government often passed these to protect American industries from foreign competition

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Labor Unions

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Used strategies such as collective bargaining, arbitration, and stoppage of work to get their demands met

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Socialists

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This group of people hoped to change the American capitalist economic system by getting the government to take over the major corporations and treat workers better

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Mass Transportation

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The primary factor that led to the rapid growth of suburbs outside of cities in the late 1800's and early 1900's was the improvement of this

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Eugene V. Debs

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Leader of the United Railway Workers

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Terence Powderly

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Leader of the Knights of Labor

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Samuel Gompers

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Leader of the American Federation of Labor

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William "Big Bill" Haywood

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Leader of the Industrial Workers of the World

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Nativists

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People who favor native-born Americans over immigrants

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Pendleton Civil Service Act

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This changed the way appointments to federal government jobs are made by creating a merit system based on candidates performance on an examination

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Free Trade

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Monopolies and Trusts are dangerous for the economy because they can destroy this

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Chinese

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The United States government passed its first restriction on immigration against this group of people

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Tenements

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The buildings put in urban areas during the 1800's to house the large numbers of immigrants moving into urban areas