Industrialization

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Cornelius Vanderbilt

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May 27, 1794 – January 4, 1877
was an American entrepreneur.
built his wealth in shipping and railroads and was one of the richest Americans in history.

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New York Central Railroad

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simply as the New York Central in its publicity, was a railroad operating in the Northeastern United States.
served most of the Northeast

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Federal land Grants 1865-1900

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In order to promote western expansion the federal government provided railroad companies with huge subsidies in the form of loans and land grants

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Transcontinental Railroad

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a contiguous network of railroad trackage that crosses a continental land mass with terminals at different oceans or continental borders.

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Jason "Jay" Gould

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May 27, 1836 – December 2, 1892
was a leading American railroad developer and speculator.
He has long been vilified as an archetypal robber baron

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Panic of 1893

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was a serious economic depression in the United States that began in that year.

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J.P. Morgan

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April 17, 1837 - March 31, 1913
was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time.

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Bessemer Process

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inventor was Henry Bessemer
was 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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November 25, 1835 – August 11, 1919
was a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist.

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Vertical Integration

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describes a style of management control.
Vertical integration is one method of avoiding the hold-up problem.

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U.S. Steel

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is 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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July 8, 1839 – May 23, 1937
was an American oil magnate.
Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy.

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Standard Oil Trust

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was formed in 1863 by John D. Rockefeller.
The company faced legal issues in 1890 following passage of the Sherman Antitrust Act.

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Horizontal Integration

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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.

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Anti Trust Movement

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A feeling of impotence in the face of these perceptions led to numerous movements for reform
politics seemed to be growing corrupt and opportunities for leading a morally satisfying life were becoming fewer.

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Sherman Antitrust Act 1890

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requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of violating the Act.

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United States v. E.C. Knight

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was a United States Supreme Court case that limited the government's power to control monopolies.

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Laissez – Faire Capitalism

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describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.

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Adam Smith

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16 June 1723 – died 17 July 1790
was a Scottish social philosopher and a pioneer of political economics.

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Gospel of Wealth

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was the term for a notion promoted by many successful businessmen that their massive wealth was a social benefit for all.

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Transatlantic Cable

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first cable used for telegraph communications laid across the floor of the Atlantic Ocean.

Front 22

Alexander Graham Bell

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March 3, 1847 – August 2, 1922
was 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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Horatio Alger

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January 13, 1834 – July 18, 1899
was a prolific 19th-century American author

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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 National Labor Union was the first national labor federation in the U.S. It was founded in 1866 and dissolved in 1872.

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Knights of Labor

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worked to ensure the rights of minorities and to provide fairness in the workplace.

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Terence V. Powderly

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born in Pennsylvania on 22nd January, 1849. He worked as a machinist and joined the Knights of Labor in 1874.

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Haymarket Bombing

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1886 killed many people,as a result a highly controversial trial with the executions of 4 innocent men.

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American Federation of Labor

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Federation of trade unions organized in 1886: united with the Congress of Industrial Organizations 1955

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Samuel Gompers

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president of the American Federation of labor

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Homestead Strike 1894

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eliminate the union as the exclusive bargaining agent in Carnegie's Homestead Works

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Eugene V. Debs

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Eugene v. Debs was a labor leader. He ran for the U.S. President 5 different times, and still had no success.