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33 Cards in this Set
- Front
- Back
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Cornelius Vanderbilt
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- He is also known by the sobriquet Commodore and he was an American entreprenuer. He built his wealth in shipping and railroads and was the patriarch of the Vanderbilt family and one of the richest Americans in History. (STEAMBOATS AND RAILROADS!)
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New York Central Railroad
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- iT WAS A railroad in the Northeastern US. Its served most of the northeast including trackage in states, and additional trackage in the Canadian provinces. It connected NY and Boston with Chicago and St, Louis.
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Federal land Grants 1865-1900
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- the US took GB as a source of manufactured goods. pro-businness govt. policies were feedral subsidies, loans and land grants for railroads. they are used by government to set aside public land that can then be used for any number of reasons.
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Transcontinental Railroad
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- is a contigous network of railroad trackage that crosses land mass with oceans or borders. these railroads helped open up unpopulated interior regions of continents to exploration and settlement that would not otherwise have been feasible.(it was a good source of transportation)
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Jay Gould
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- he was a leading American railroad developer and speculator (financer) He has been varified as a ribber baron because his successes had made him the 9th richest man in American history. (his name is Jason)
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Panic of 1893
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- It was en economic depression in the US states. it was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Until the great depression, it was considered the worst depression that the US had experienced.
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J.P. Morgan
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- (JOHN PIERPONT) he was an American financer, banker and art collector that dominated corporate finance and indsutrial consolidatio. He arranged the merger of Edison General Electric and Thomas-Houston Electric Company to form General Electric. After financing the creation of the federal Steel Company and served in other steel and iron businesses, When he died he left his fortune to his son John Pierpont Jack Morgan Jr.
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Bessemer Process
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- it was the 1st inexpensive industrial process for the production of steel from molten pig iron. it's inventor is Henry Bessemer and was discovered by William Kelly. The key principal is removal of impurities 4rm 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.
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Andrew Carnegie
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- he was a scottish-american industrialist, businessmen, entreprenuer and a major philanthropist. when he wa slittl he migrated to the US and his first job was in a bobbin factory. he built Pittsburg's Carnegie Steel Company. he donated most of his money to establsih libraries, schools and univrsities. he is often considered the 2nd richets man after John D. Rockefeller. he started as a telegrapher but later mad einvestments in railroads.
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Vertical Integration
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- its a stule of management control. in a supply chain are united through a common owner. usually each member of the supply chain produces a different product or service and the products combined are used to satisfy a common need. it is a method to avoid the hold-up problem and was introduced by Andrew Carnegie.
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U.S. Steel
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- US steel corporation is a steel producer with operations in the US, canada and central europe. 10th largest. J.P Morgan and the attorney Elbert H. Gary found US steel in 1901 by combining the Andrew Carnegie's Steel Compmany and Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company.
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John D. Rockefeller
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- he was an american oil magnate. he revolutionaized the petroleum industry and defined the structure of modern philanthropy. he douned the Standard Oil company and became the first American worth more than a billion dollars. his foundations were instruments for hookworm and yellow fever. he is founder of the Univeristy of Chicago and Rockefeller University. He was a devoted Northern Baptist abd adhered to total abstinence from alcohol an tobacco. (4 daughters, 1 son.)
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Standard Oil Trust
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- it was an American oil rpducing, transporting, refining and marketing company. it was established as a corportaion in ohio and was the largest oil refinier in the world. it was broken by the US supreme court. John D Rockefeller was a founder. It grew in tactics and was widely critized in the public eye also making him the richest man in history.
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Horizontal Integration
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- ownership control. it seeks to sell a type of product in numerous markets. it occurs when a firm is being taken overy by another firm which is the same industry and in the same stage of production as the merged firm. AKA "buy out" or "take-over"
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Anti Trust Movement
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- it was trusts that had emerged as sensible ways of rationalizing economic life.
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Sherman Antitrust Act 1890
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- requires the US federal govt. to investigate and pursue trusts, companies and organizations suspecting of violating the act. it was the 1st to limit cartels and monopolies. for the most part, politicians did not want to refer to the law until Theofore Roosevelt became president.
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United States v. E.C. Knight
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- AKA "Sugar trust Case" was the US supreme court case that limited the govt.'s power to control monopolies. the case which was first heard by the supreme court concerning the sherman antitrust act was argued and the decision was issued on jan. 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 restrictice regulations, taxes, tariffs and enforced monopolies. ( LET DO< LET IT BE< LEAVE IT ALONE)
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Adam Smith
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- he was a scottish social philosopher and a pioneer of political economics. he is an author which was later abbreviated as THE WEALTH OF NATIONS and it earned him an enourmous reputation and he became one of the most influential works on economics ever published. he is often known as the father of modern economics and capitalism. he delievered a series of public lectures at Edinburgh.
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Gospel of Wealth
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- RICHEST MAN IN THE WORLD was an essay writte bu Andrew Carnegie that described the responsibility of philanthropy by the new upper class of self-made rich. in the center lay the peril of allowing large sums of money to be passed into the hands of persons or organizations ill-eqquiped mentally or emotionally to cope with him. it was to be put into good use and not wasted.
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Transatlantic Cable
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- was the 1st cable used for telegraph communications across teh Atlantic ocean. it would normally take at least 10 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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- he was a scientist, inventor, engineer and innovator who created the first telephone. his male relatives were involved on elocution and speech. his mother and wife were both deaf. he was interested in hearing and speech so tehrefore soon invented the telephone. he also invented optical telecommunications, hydrofoils and aeronautics. he became a founding member of the national geographic society.
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Sear Roebuck
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- is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck. The company grew to become the largest retailer in the US
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Horatio Alger
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- he was an american author knwon for hsi juvenile novels about impoversihed boys and their rise from humble backgrounds to lives of respectable middle-class security and comfort through hard work. he used to write for adults but his friendhsip with William Taylor Adams led him into writing for youngs. he taught in teh New England's boy school. his books included valiant youth, nombe misterious stranger, the snobbish youth and the evil squire.
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Railroad Strike of 1877
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- AKA great railroad strike in west virginia that ended in 45 days after it was put down by local state militias and federal troops. workers walked of their jobs to rpotest for the 10% wage cut.
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National Labor Union
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- the 1st national labor federation in the US. it was led by William H. Sylvis. it sought to bring together all of the national labor organizations in exsistence as well as the "eight-hour leagues" to create a national federationthat could press the labor reforms and held found national unions in those areas where none exsisted. it attarcted support but excluded chinese wrokers from the US. it collapsed when it adopted the policy that electoral politics with a particular emphasis n monetary reform, where the only means for advancing its agenda.
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Knights of Labor
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- it was the largest and most important American labor organizations. its important elader was Terence Powderly. it promoted the social/cultural uplift of the workingman, rejected Socialism and radicalism, demaned 8 hour day and promoted produces ethic and republicanism. it sometimes negotiate with employers but was never well organized.
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Terence V. Powderly
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- he was the son of Irish catholic immigrants. he was the most important mand and speaker of the Knights of Labor. It has been claimed that 600,000 members were there but it was not well organized that he had little power.
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Haymarket Bombing
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- it was a demonstration and unrest that took place at the haymarket square in chicago. a random person threw a bomb at police as they disperesed the public meeting. it resulted in 8 police deaths. 8 anarchists were tried for murder. 4 men were execute and 1 commited suicide in prison.
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American Federation of Labor
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- it was founded by an alliance of craft unions disaffected from the Knights of Labor association. Samuel Gompers was elected president as was reelected every year until his death. it was important in industrial cities where they formed a central labor office to coordinate the actions of differenet AFL unions.
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Samuel Gompers
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- he was en American labor union leaded and a key figure in American labor history. he founded the AFL (American Federation Labor) and serevd as the president until his death. he promoted harmony among the dfferent craft unions trying to minimize jurisdictional battles. he promoted shorter hours and higher wages. he aslo promoted the FAl to "elect their friends" and "defeat their enemies"
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Homestead Strike 1894
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-it was an industrial lockout and strike wulminating in a battle between strikers and private security agents. it occurredat the Homestead Steel Workers in pennsylvania etween Amalgamated Association of Iron and Steel Workers and the Carnegie Steel Company. The final result was a major defeat for the union and a setback for efforts to unionize steelworkers.
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Eugene V. Debs
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- he was an American union leader, one of the founding members of the intellectual labor union and the industrial workers of the world and several times candidate of the socialist party of American for president of the US. he is a well known socialist. He was a democrat and was later imprisoned as a leadt of ARU for failing to obey an injuction aganst the strike. he toght himself as a socialism in prison.
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