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6 Cards in this Set
- Front
- Back
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Bessemer Process
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A cheap and efficient process for making steel, developed around 1850.
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Transcontinental Railroad
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A railroad linking the Atlantic and Pacific coasts of the United States, completed in 1869.
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Munn vs. Illinois
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Case in which the supreme court upheld states' regulation of railroads for the benefit of farmers and consumers, thus establishing the right of government to regulate private industry to serve the public interest.
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Vertical Integration
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A company's taking over its suppliers and distributors and transportation systems to gain total control over the quality and cost of its product.
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Interstate Commerce Act
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A law enacted in 1887 that established the federal government's right to supervise railroad activities and creatd a five member Interstate Commerce Commission to do so.
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Social Darwism
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An economic and social philosophy supposedly based on the biologist Charles Darwin's theory of evolution by natural selection holding that a system of unrestrained competition will ensure the survival of the fittest.
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