Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
33 Cards in this Set
- Front
- Back
|
Who was Cornelius Vanderbilt?
|
American entrepreneur. He built his wealth in shipping and railroads, and steamboats and was the patriarch of the Vanderbilt family and one of the richest Americans in history
|
|
|
What was the New York Central Railroad?
|
- railroad operating in the Northeastern United States. Headquartered in New York, the railroad served most of the Northeast, including extensive trackage in the states of New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, plus additional trackage in the Canadian provinces of Ontario and Quebec
- owned by vanderbilt for a number of years |
|
|
What were Federal land Grants 1865-1900?
|
- grant of federal western land in order to promote migration west, as well as settlement and development
- much of the land was acquired by railroad companies |
|
|
What was the Transcontinental Railroad?
|
- Railroad that crossed the enitirty of the US. it embodied manifest destiny ideals and made transportation easier and faster and cheaper
|
|
|
Who was Jay Gould?
|
- railroad developer & speculator
- the ninth richest American in history - involved in Tweed Ring (they made tweed director of a railroad and he in return arranged favorable legislation for them), and subject of many political cartoons |
|
|
What was the Panic of 1893?
|
economic depression caused by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply (relative to silver), because of the long-established American policy of Bimetalism
|
|
|
Who was J.P. Morgan?
|
- American financier, banker and art collector who dominated corporate finance and industrial consolidation
- he merged many companies to create monopolies |
|
|
What is the Bessemer Process?
|
- first inexpensive industrial process for the mass-production of steel from molten pig iron
- named after Henry Bessemer - removal of impurities from the iron by oxidation with air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten |
|
|
Who was Andrew Carnegie?
|
was a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist
- developed many companies (steel most importantly) - used used money to build stuff for the arts & donated cash -introcuced vertical integration |
|
|
What is Vertical Integration?
|
- companies in a supply chain united by a common owner. each member produces a different product or (market-specific) service, and the products combine to satisfy a common need
- introduced by andrew carnegie |
|
|
What was U.S. Steel?
|
- world's first billion-dollar corporation
- combined Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company - hello monopolies :) |
|
|
Who was John D. Rockefeller?
|
- American oil magnate, revolutionized the petroleum industry and defined the structure of modern philanthropy
- founded the Standard Oil |
|
|
What was the Standard Oil Trust?
|
- oil company owned by John D. Rockefeller
|
|
|
What is Horizontal Integration?
|
- opposite of Vertical Integration
- a firm is being taken over by, or merged with, another firm which is in the same industry and in the same stage of production as the merged firm, e.g. a car manufacturer merging with another car manufacturer - called a buy out |
|
|
What was the Anti Trust Movement?
|
- Progressive movement where monopolies were volleyed against
- laws such as the Sherman Antitrust Act 1890 were later passed prohibiting such trusts |
|
|
What was the Sherman Antitrust Act 1890?
|
requires the federal government to investigate/pursue trusts/companies/organizations suspected of violating the Act.
- first Federal statute to limit cartels and monopolies - result of Anti Trust Movement |
|
|
What was the case United States v. E.C. Knight Co?
|
- Knight Co = sugar refining monopoly
- "'Sugar Trust Case,'" the government's power to control monopolies - ruled that any action against manufacturing monopolies would need to be taken by individual states, making such regulation extremely difficult with regards to out-of-state monopolies because states are prohibited from discriminating against out-of-state goods - ruling remained unil 1930s when court took different stance |
|
|
What was Laissez – Faire Capitalism?
|
environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
The phrase laissez-faire is French and literally means "let do", but it broadly implies "let it be", or "leave it alone." |
|
|
Who was Adam Smith?
|
- Scottish social philosopher and a pioneer of political economy
- wrote Wealth of Nations - defined modern economy - belief that when an individual pursues his self-interest, he indirectly promotes the good of society --- supply & demand |
|
|
What was the Gospel of Wealth?
|
- essay written by Andrew Carnegie 1889[3]
- described responsibility of philanthropy by new upper class of self-made rich. central thesis was the peril of allowing large sums of money to be passed into the hands of persons/organizations ill-equipped mentally/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 |
|
|
What was the Transatlantic Cable?
|
- 3 attempts made at laying unerwater cable between Europe & Us
- 3rd times the charm, layed in 1866 and sped up communication |
|
|
Who was Alexander Graham Bell?
|
- inventor, eminent scientist, engineer and innovator
- telephone |
|
|
What was Sears Roebuck?
|
American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century. Formerly a component of the Dow Jones Industrial Average, Sears[2] merged with Kmart in early 2005, creating the Sears Holdings Corporation.
|
|
|
Who was Horatio Alger?
|
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
|
|
|
What was the Railroad Strike of 1877?
|
- aft civil war railroad production skyrocketed
- In the wake of the Panic of 1873, a bitter antagonism between workers and the leaders of industry developed. By 1877, 10% wage cuts, distrust of capitalists and poor working conditions led to a number of railroad strikes that prevented the trains from moving. - response to the cutting of wages for the second time in a year |
|
|
What was the National Labor union?
|
- 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).
- sought instead to bring together all of the national labor organizations in existence to promote labor reform |
|
|
Who were the Knights of Labor?
|
- largest/most imp. American labor organization of the 1880s.
- 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. In some cases it acted as a labor union working of reforms |
|
|
Who was Terence V. Powderly?
|
- 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.
|
|
|
What was the Haymarket Bombing?
|
- 1886 began as a rally in support of striking workers
- unknown person threw dynomite into police, it exploded killing - 5 men convicted, 4 excecuted (one suicide), - never discovered who threw the bomb |
|
|
What was the American Federation of Labor?
|
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
- Most strikes were assertions of jurisdiction |
|
|
Who is Samuell Gompers?
|
- American labor union leader
- founded the American Federation of Labor (AFL), and served as that organization's president - promoted harmony among the different craft unions |
|
|
What was teh Homestead Strike 1894?
|
- industrial lockout/strike 1892, culminating in a battle between strikers and private security agents.
- one of the most serious disputes in US labor history, occurred at the Homestead Steel Works (Pittsburgh-area)town of Homestead, Pennsylvania, between the Amalgamated Association of Iron and Steel Workers (the AA) and the Carnegie Steel Company. - final result = major defeat for the union, and a setback for efforts to unionize steelworkers. |
|
|
Whoa was Eugene V. Debs?
|
- democrat
- 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.[2] Through his presidential candidacies, as well as his work with labor movements, Debs eventually became one of the best-known socialists living in the United States. |
