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16 Cards in this Set
- Front
- Back
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Laissez-Faire Capitalism
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Theory that calls for no govenrment regulation of economic matters. Intended result: economy would prosper.
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Industrial Revolution
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1865 to 1900
U.S. Grew into Industrial Empire -Spread of Railroads -Growth of steel mills -Spread of oil fields -Practical Inventions |
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Thomas Edison
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"Wizard of menlo park"
"success is 1% inspiration and 99% perspiration" -phonograph (1877) -Lightbulb (1879) -1,093 patents -First electric powerplant 1882 in NYC |
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Corporations
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Shares of stock/certificates of ownership in company sold.
-Profit off of stock sales. -Limited liability, stockholders not held responsible |
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horizontal integration
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One company's ownership of other companies involved in the same business.
-Key to rockefeller's success |
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vertical integration
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-Key to Carnegie and Rockefeller's success.
-Acquiring companies that provided materials and services upon which the enterprise depended. |
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Monopoly
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Exclusive control of an industry, generally by a trust.
-Carnegie Steel and Standard oil considered monopolies. |
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Limited Liability
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Advantage for stockholders in corporations over proprietors and partners, where they are not responsible for the corporation's debt.
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Andrew Carnegie
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-Scottish immigrant (1848)
-Worked and reinvested in Penn RR. -Established Carnegie Steel, one of first monopolies. |
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J. P. Morgan
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Bought Carnegie Steel company for nearly $500 million.
-banking tycoon. |
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Sherman Antitrust Act, 1890
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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 |
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Henry Ford
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Introduced assembly line in Detroit automobile plant, being the first to use an assembly line.
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"Captains of Industry"
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Businessmen who helped advance U.S. Economy.
-innovative -industrious -fair -honest -philantropic -visionary |
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"Robber Barons"
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-Sly
-corrupt -unscrupulous -dishonest -self-centered -mean |
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John D. Rockefeller
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-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. |
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Mass Marketing
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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. |
