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33 Cards in this Set
- Front
- Back
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Cornelius Vanderbilt
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He was born at Port Richmond, Staten Island, New York, the son of a ferryman and farmer. During the War of 1812, he secured a government contract to deliver supplies to posts through the area. He was also an American entrepreneur who built his wealth on shipping and railroads. The Vanderbilt family was one of the richest Americans in history.
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New York Central Railroad
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It was a railroad operating in the Northeastern United States, Headquarters in New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, plus additional trackage in the Canadian provinces of Ontario and Quebec.
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Federal Land Grants 1865-1900
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It connected greater New York and Boston in the East with Chicago and St. Louis in the Midwest along with the intermediate cities of Albany, Buffalo, Cleveland, Cincinnati, and Detroit.
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Transcontinental Railroad
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They are a contiguous network of railroad trackage that crosses a continental land mass with terminals at different oceans or continental borders. Such networks can be via the tracks of either a single railroad, or over those owned or controlled by multiple railway companies along a continuous route.
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Jay Gould
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He was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Conde Nast Portfolio ranked Gould as the 8th worst American CEO of all time.
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Panic of 1893
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It was a serious economic depression in the United States that began in 1893. It was marked by the collapse of railroad overbuilding and shaky railroad financing which set off series of bank failures.
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J.P. Morgan
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He was an American financer, banker, and art collecter who dominated corporate finance and industrial consolidation during this time. In 1892 Morgan arranged the merger of Edison General Electric and Thompson-Houston Electric Company to form General Electric.
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Bessemer Process
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It was the first inexpensive industrial process for the mass-production of steel from molten pig iron. The process is named after its inventor, Henry Bessemer, who took out a patent on the process in 1855. The process was independently discovered in 1851 by William Kelly.
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Andrew Carnegie
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He was a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist. Carnegie was born in Dunfermline, Scotland, and migrated to the United States as a child with his parents. His first job in the United States was as a factory worker in a bobbin factory.
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Vertical Integration
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It is a style of management control. Vertically integrated companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need.
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U.S Steel
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It was an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales. It was renamed USX Corporation in 1991 and back to United States Steel Corporation in 2001 when the shareholders of USX spun off its steel-making assets following the acquisition of Marathon Oil in 1982.
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John D. Rockefeller
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He was an American oil magnate. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, he founded the Standard Oil Company and aggressively ran it until he officially retired in 1897.
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Standard Oil Trust
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It was a predominant American oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911.
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Horizontal Integration
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It was a type of ownership and control. It is a strategy used by a business or corporation that seeks to sell a type of product in numerous markets. Horizontal integration in marketing is much more common than vertical integration is in production.
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Anti- Trust Movement
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It is the body of laws that prohibits anti-competitive behavior (monopoly) and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both, or generally to violate standards of ethical behavior.
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Sherman Antitrust Act
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It requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of violating the Act. It was the first Federal statute to limit cartels and monopolies, and today still forms the basis for most antitrust litigation by the United States federal government.
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United States v. E.C. Knight
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It was also known as the "'Sugar Trust Case,'" was a United States Supreme Court case that limited the government's power to control monopolies. The case, which was the first heard by the Supreme Court concerning the Sherman Antitrust Act, was argued on October 24, 1894 and the decision was issued on January 21, 1895.
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Lassize- Faire Capitalism
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It describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
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Adam Smith
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He was a Scottish social philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations.
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Gospel of Wealth
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An essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich. The central thesis of Carnegie's essay was the peril of allowing large sums of money to be passed into the hands of persons or organizations ill-equipped mentally or emotionally to cope with them. As a result, the wealthy entrepreneur must assume the responsibility of distributing his fortune in a way that it will be put to good use, and not wasted on frivolous expenditure. In this he represented a captain of industry who had risen to power by his own hand and refused to worship wealth.
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Transatlantic Cable
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It was the first cable used for telegraph communications laid across the floor of the Atlantic Ocean. It crossed from the Telegraph Field, Foilhommerum Bay, Valentia Island, in western Ireland to Heart's Content in eastern Newfoundland. The transatlantic cable bridged North America and Europe, and expedited communication between the two.
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Alexander Graham Bell
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He was an eminent scientist, inventor, engineer and innovator who is credited with inventing the first practical telephone.
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Sear Roebuck
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He was a United States Supreme Court case which limited state law on unfair competition when it prevents the copying of an item that is not covered by a patent.
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Horatio Alger
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He was a prolific 19th-century American author, best known for his many formulaic juvenile novels about impoverished boys and their rise from humble backgrounds to lives of respectable middle-class security and comfort through hard work, determination, courage, and honesty. He initially wrote and published for adults, but a friendship with boys' author William Taylor Adams led him to writing for the young.
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Railroad Strike of 1877
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It began on July 14 in Martinsburg, West Virginia, United States and ended some 45 days later after it was put down by local and state militias, and federal troops.
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National Labor Union
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It was the first national labor federation in the United States. Founded in 1866 and dissolved in 1873, it paved the way for other organizations, such as the Knights of Labor and the AF of L (American Federation of Labor). It was led by William H. Sylvis. The National Labor Union followed the unsuccessful efforts of labor activists to form a national coalition of local trade unions.
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Knights of Labor
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It was the largest and one of the most important American labor organizations of the 1880s. Its most important leader was Terence Powderly. The Knights promoted the social and cultural uplift of the workingman, rejected Socialism and radicalism, demanded the eight-hour day, and promoted the producers ethic of republicanism.
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Terence V. Powderly
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He was born in Carbondale, Pennsylvania, the son of Irish Catholic immigrants. He was a highly visible national spokesman for the working man as head of the Knights of Labor from 1879 until 1893. Although the Knights claimed over 600,000 members at its peak in 1886, it was so poorly organized that Powderly had little power.
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Haymarket Bombing
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It was a demonstration and unrest that took place on Tuesday May 4, 1886, at the Haymarket Square[3] in Chicago. It began as a rally in support of striking workers. An unknown person threw a dynamite bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers, mostly from friendly fire, and an unknown number of civilians.
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American Federation of Labor
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It was one of the first federations of labor unions in the United States. It was founded in 1886 by an alliance of craft unions disaffected from the Knights of Labor, a national labor association. Samuel Gompers (1850–1924) was elected president of the Federation at its founding convention and was reelected every year except one until his death.
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Samuel Gompers
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He was an English-born American labor union leader and a key figure in American labor history. Gompers founded the American Federation of Labor (AFL), and served as that organization's president from 1886 to 1894 and from 1895 until his death in 1924.
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Homestead Strike 1894
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It as an industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security agents on July 6, 1892. It was one of the most serious disputes in US labor history. The dispute occurred at the Homestead Steel Works in the Pittsburgh-area town of Homestead, Pennsylvania, between the Amalgamated Association of Iron and Steel Workers (the AA) and the Carnegie Steel Company.
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Eugene V. Debs
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He was an American union leader, one of the founding members of the International Labor Union and the Industrial Workers of the World (IWW), and several times the candidate of the Socialist Party of America for President of the United States.
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