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33 Cards in this Set
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Cornelius Vanderbilt
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Cornelius Vanderbilt known by the sobriquet Commodore was 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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New York Central Railroad 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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Federal land Grants 1865-1900
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Federal land Grants 1865-1900 period of rapid economic growth and soaring prosperity in North and West (but not the South) saw the U.S. become the world's dominant economic, industrial and agricultural power, although it exercised less international influence than Britain. The average annual income (after inflation) of non farm workers grew by 75% from 1865 to 1900
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Transcontinental Railroad
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Transcontinental Railroad contiguous network of railroad trackage that crosses a continental land mass with terminals at different oceans or continental borders. Such networks can be via the tracks of either a single railroad, or over those owned or controlled by multiple railway companies along a continuous route.
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Jay Gould
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Jay Gould a leading American railroad developer and speculator.
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Panic of 1893
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Panic of 1893 serious economic depression in the United States that began in that year. marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply
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J.P. Morgan
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J.P. Morgan 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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Bessemer Process first inexpensive industrial process for the mass-production of steel from molten pig iron. The process is named after its inventor, Henry Bessemer, who took out a patent on the process in 1855. The process was independently discovered in 1851 by William Kelly.The process had also been used outside of Europe for hundreds of years, but not on an industrial scale.
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Andrew Carnegie
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Andrew Carnegie a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist.
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Vertical Integration
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Vertical Integration 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.
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U.S. Steel
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U.S. Steel ntegrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales (see list of steel producers). It was renamed USX Corporation in 1991 and back to United States Steel Corporation in 2001 when the shareholders of USX spun off its steel-making assets following the acquisition of Marathon Oil in 1982. It is still the largest domestically owned integrated steel producer in the United States, although it produces only slightly more steel than it did in 1902.
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John D. Rockefeller
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John D. Rockefeller 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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Standard Oil Trust 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 and operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911.
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Horizontal Integration
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Horizontal Integration 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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Anti Trust Movement body of laws that prohibits anti-competitive behavior (monopoly) and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. [1] These competition laws make illegal certain practices deemed to hurt businesses or consumers or both, or generally to violate standards of ethical behavior. Government agencies known as competition regulators, along with private litigants, apply the antitrust and consumer protection laws in hopes of preventing market failure. The term antitrust was originally formulated to combat "business trusts", now more commonly known as cartels.
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Sherman Antitrust Act 1890
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Sherman Antitrust Act 1890 February 30, 1890, 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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United States v. E.C. Knight known as the "'Sugar Trust Case,'" was 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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Laissez – Faire Capitalism 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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Adam Smith 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. It earned him an enormous reputation and would become one of the most influential works on economics ever published. Smith is widely cited as the father of modern economics and capitalism.
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Gospel of Wealth
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Gospel of Wealth 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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Transatlantic Cable company formed in 1856 to undertake and exploit a commercial telegraph cable across the Atlantic ocean, the first such telecommunications link.
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Alexander Graham Bell
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Alexander Graham Bell 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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Sear Roebuck Sears, officially named Sears, Roebuck and Co., is an 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, Searsmerged with Kmart in early 2005, creating the Sears Holdings Corporation.
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Horatio Alger
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Horatio Alger 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. He initially wrote and published for adults, but a friendship with boys' author William Taylor Adams led him to writing for the young.
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Railroad Strike of 1877
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Railroad Strike of 1877 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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National Labor union irst 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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Knights of Labor 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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Terence V. Powderly 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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Haymarket Bombing a demonstration and unrest that took place on Tuesday May 4, 1886, at the Haymarket Square[3] in Chicago. It began as a rally in support of striking workers. An unknown person threw a dynamite bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers, mostly from friendly fire, and an unknown number of civilians.[4][5] In the internationally publicized legal proceedings that followed, eight anarchists were tried for murder. Four men were convicted and executed, and one committed suicide in prison, although the prosecution conceded none of the defendants had thrown the bomb.
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American Federation of Labor
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American Federation of Labor 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. As the Knights of Labor faded away, the AFL coalition gradually gained strength. In practice, AFL unions were important in industrial cities, where they formed a central labor office to coordinate the actions of different AFL unions
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Samuel Gompers
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Samuel Gompers 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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Homestead Strike 1894 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
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Eugene V. Debs
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Eugene V. Debs 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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