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32 Cards in this Set
- Front
- Back
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Cornelius Vanderbilt
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an American entrepreneur. He built his wealth in shipping and railroads and was the patriarch of the Vanderbilt family and one of the richest Americans in history
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New York Central Railroad
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known simply as the New York Central in its publicity, was a 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.
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Transcontinental Railroad
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a railroad line built in the United States of America between 1863 and 1869 by the Central Pacific Railroad of California and the Union Pacific Railroad that connected its statutory Eastern terminus at Council Bluffs, Iowa/Omaha, Nebraska[1][2] (via Ogden, Utah and Sacramento, California) with the Pacific Ocean at Oakland, California on the eastern shore of San Francisco Bay opposite San Francisco.
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Jay Gould
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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.
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panic of 1893
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a serious economic depression in the United States that began in that year.[1] Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures.
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J.P. Morgan
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an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric
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Bessemer Process
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the first inexpensive industrial process for the mass-production of steel from molten pig iron.
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Andrew Carnegie
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a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist.
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Vertical Integration
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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. It is contrasted with horizontal integration.
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U.S. Steel
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an integrated steel producer with major production operations in the United States, Canada, and Central Europe.
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John D. Rockefeller
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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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a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world
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Horizontal Integration
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describes 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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businesses were soon negotiating agreements that froze competitors out of markets and enabled surviving firms to raise prices
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Sherman Antitrust Act
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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. However, for the most part, politicians were unwilling to refer to the law until Theodore Roosevelt's presidency (1901–1909).
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United States v. E.C. Knight
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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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Laissez – Faire Capitalism
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an 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." |
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Adam Smith
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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. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.
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Gospel of Wealth
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an essay written by Andrew Carnegie in 1889[3] 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.
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Transatlantic Cable
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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. Whereas it would normally take at least ten days to deliver a message by ship, it now took a matter of minutes by telegraph
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Alexander Graham Bell
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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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n 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 merged with Kmart in early 2005, creating the Sears Holdings Corporation.
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Horatio Alger
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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.
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Railroad Strike of 1877
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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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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.
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Knights of Labor
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he 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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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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workers all over Chicago struck for ten hours pay for eight hours work against their employers. Business owners bristled and sought to enhance the ability of the Chicago police department to suppress strikers. Perhaps inevitably, clashes between laborers and police led to violence, death and ultimately a tragic miscarriage of justice.
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American Federation of Labor
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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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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. He promoted harmony among the different craft unions that comprised the AFL, trying to minimize jurisdictional battles.
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Homestead Strike 1894
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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. The final result was a major defeat for the union, and a setback for efforts to unionize steelworker
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Eugene V. Debs
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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.[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.
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