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25 Cards in this Set
- Front
- Back
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Cornelius Vanderbilt
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Who- An American entrepenuer who endeavored in the creation of a shipping and railroad company.
When- 1794- 1877. Built the Granf Central depot in 1869 to connect all his rail lines in New York. Significance- He was one of the richest people in American History and esrtablished a church which now bears his name. |
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New York Central Railroad
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What- A railroad that provided service to most of the northeastern United States
When- In operation from 1831–1968 Significance- Was the first four track long distance railroad i the world and provided much needed transport in the north. |
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Federal land Grants 1865-1900
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What- Grants of land and loans that were given to the railroad companies from the government
When- 1865- 1900 Significance- A lot of United States land was now owned by the railroad companies and controlled a large section of the American economy. |
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Transcontinental Railroad
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What- The first railroad that linked the West and East Coast with a continuous railway line.
When- The final golden spike was driven on May 10, 1869 Significance- Linked the East and West and provided un unprecedented ability of travel through the United States. |
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Jay Gould
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Who- Another leading American railroad developer who became involved in the Tweed ring and was a rival of Cornelius Vanderbilt.
When- 1836- 1892, 1871, He became the chief bondsman when Boss Tweed was on bail. Significance- Considered the 8th worst CEO n American History |
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Panic of 1893
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What- A major depression that struck the United States due to the overbuilding and shaky financing of the railroad industry.
When- 1893 Significance- Was the worst depression in United States until the breakout of the Great Depression. |
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J.P. Morgan
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Who- An American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time.
When- 1837- 1913, helped stop the panic of 1907 Significance- Controlled a large portion of the United States finances and was often criticized for doing so, his name still survives in one of our modern day banks. |
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Bessemer Process
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What- A method to produce mass production steel.
When- the process was dicovered in 1851 and the patent was taken in 1855. Significance- Allowed for the production of inexpensive stell and helped to speed up the production of railroads and ships. |
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Andrew Carnegie
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Who- A Scottish-American industrialist, businessman, entrepreneur and a major philanthropist.
When- 1835- 1919 Significance- Had a view that differed greatly from the industrial spirit of the time, he believed that there should be world peace and that money is not something to be worshipped. |
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Vertical Integration
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What- A method of business management that involves all the chains of a company to be linked by a common owner.
When- American industrial revolution Significance- Created monopolies and very rich business owners who controlled lage companies. |
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U.S. Steel
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What- A steel manufacturing company based in the United States.
When- Founded in 1901 by JP Morgan and continues to operate today. Significance- Is one of the largesr producers of steel in the world today and. |
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John D Rockefeller
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Who- Owner of a large oil company and the model of modern day philantropy.
When- 1839- 1937 Significance- Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy |
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Standard Oil Trust
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What- A predominant American integrated oil producing, transporting, refining, and marketing company.
When- Founded in 870 and was broken up by the Supreme Court in 1911 Significance- 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. |
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Horizontal Integration
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What- A type of ownership of a business. Involved the merging or buying out of rival businesses.
When- Industrial revolution Significance- Led to Horizontal Monopolies and was much more common than vertical integration. |
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Anti Trust Movement
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What- Laws that prohibited the creation of monopolies and unfair business practices
When- Industrial Revolution Significance- Anti-trust laws prohibit agreements in restraint of trade, monopolization and attempted monopolization, anticompetitive mergers and tie-in schemes, and, in some circumstances, price discrimination in the sale of commodities. |
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Sherman Antitrust Act 1890
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What- requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of violating the Act.
When When- February 30, 1890 Significance- 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. |
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United States v. E.C. Knight
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What- a United States Supreme Court case that limited the government's power to control monopolies.
When- 1895 Significance- limited the governments power to control monopolies. |
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Laissez – Faire Capitalism
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What- describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
When- term started in 1680 Significance- The United States government placed many restrictions on the economy of the country during the progressive era. |
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Adam Smith
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Who- A Scottish social philosopher and a pioneer of political economics.
When- 1723- 1790 Significance- Self-interested competition in the free market, he argued, would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services. |
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Gospel of Wealth
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What- an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich.
When- 1889 Significance- Carnegie disapproved of charitable giving that merely maintained the poor in their impoverished state, and urged a movement toward the creation of a new mode of giving which would create opportunities for the beneficiaries of the gift to better themselves. |
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Transantlantic Cable
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What- A telegraph cable that linked Europe to North America
When- Finally laid in 1866 Significance- the first cable used for telegraph communications laid across the floor of the Atlantic Ocean. |
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Alexander Graham Bell
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Who- an eminent scientist, inventor, engineer and innovator
When- 1847- 1922. patented the telephone in 1876 Significance- Created the telephone and many breakthroughs in optical telecommunications, hydrofoils and aeronautics |
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Sears Roebuck
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What- A chain of American department stores
When- the company was established in 1893 when Richard Warren Sears and Alvah C. Roebuck joined together. Significance- Is one of the largest department store chains in the United States. |
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Horatio Alger
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Who- An American author who wrote many rags to riches stories.
When- 1834- 1899 Significance- His lifelong theme of "rags to respectability" had a profound impact on America in the Gilded Age. |
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Railroad Strike of 1877
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What- response to the cutting of wages for the second time in a year by the Baltimore & Ohio Railroad
When- started on July 14 and lasted 45 days |
