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16 Cards in this Set

  • Front
  • Back
Laissez-Faire Capitalism
Theory that calls for no govenrment regulation of economic matters. Intended result: economy would prosper.
Industrial Revolution
1865 to 1900
U.S. Grew into Industrial Empire
-Spread of Railroads
-Growth of steel mills
-Spread of oil fields
-Practical Inventions
Thomas Edison
"Wizard of menlo park"
"success is 1% inspiration and 99% perspiration"
-phonograph (1877)
-Lightbulb (1879)
-1,093 patents
-First electric powerplant 1882 in NYC
Shares of stock/certificates of ownership in company sold.
-Profit off of stock sales.
-Limited liability, stockholders not held responsible
horizontal integration
One company's ownership of other companies involved in the same business.
-Key to rockefeller's success
vertical integration
-Key to Carnegie and Rockefeller's success.
-Acquiring companies that provided materials and services upon which the enterprise depended.
Exclusive control of an industry, generally by a trust.
-Carnegie Steel and Standard oil considered monopolies.
Limited Liability
Advantage for stockholders in corporations over proprietors and partners, where they are not responsible for the corporation's debt.
Andrew Carnegie
-Scottish immigrant (1848)
-Worked and reinvested in Penn RR.
-Established Carnegie Steel, one of first monopolies.
J. P. Morgan
Bought Carnegie Steel company for nearly $500 million.
-banking tycoon.
Sherman Antitrust Act, 1890
Government's attempts to regulate business
-Growing public pressure for more action.
-Congress declared all monopolies and trusts in restraint of trade illegal.
-Failure to define what constituted a monopoly or trust. Difficult to enforce
Henry Ford
Introduced assembly line in Detroit automobile plant, being the first to use an assembly line.
"Captains of Industry"
Businessmen who helped advance U.S. Economy.
"Robber Barons"
John D. Rockefeller
-Founder of Standard Oil 90% of industry
-Set out to gain control of industry when it was forming with fierce competition.
-Horizontal Integration: Argued that such competition was inefficient
-Persuaded RR to give ilegal refunds for using lines to transport oil.
Mass Marketing
New methods of marketing to sell products during Industrial revolution.
-Brand names/packaging.
-Standard Oil conveyed industry standard.
-Advertising = newspapers/magazines/billboards.
-Goods sold in department stores such as wanamakers.