Industrialization Key Terms

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Cornelius Vanderbilt

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American entreprenuer, built his wealth in shipping and railroads, was the patriarch for the vanderbilt family, attempted to sell his steamboat the Vanderbilt to the Union Navy

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New York Central Railroad

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railroad operating in the Northeastern United States, the New York central merged with its rival, Pennsylvania Railroad to form Penn Central and soon that company went bankrupt and was taken over by the government forming the Conrail 1976

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Federal land Grants 1865-1900

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Transcontinental Railroad

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Beginning in 1865, over 12,000 chinese found work building the transcontinental railroad, became part of the sruggle between the north and the south.

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Jay Gould

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leading American railroad developer and speculator, Gould and James Fisk became involved with Tammany Hall, they made Boss Tweed a director of the Erie Railroad, and Tweed, in return, arranged favorable legislation for them

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Panic of 1893

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serious economic depression, 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, 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, inventor, Henry Bessemer

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Andrew Carnegie

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a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist, homestead strike centered on Carnegie Steel's main plant in Homestead, Pennsylvania, and grew out of a dispute between the National Amalgamated Association of Iron and Steel Workers of the United States and the Carnegie Steel Company

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Vertical Integration

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•The integrating of successive stages in the production and marketing process under the ownership or control of a single management organization

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U.S. Steel

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opened by Andrew Carnegie in 1873 in Pittsburgh, dominated the industry, With his assopciate Henry Clay Frick, he bought coal mines, and leased part of the Mesabi iron range in the Minnesota, operated a fleet of ore ships on the Great Lakes, and acquired railroads.

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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

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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, was the largest oil refiner in the world, 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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absorption into a single firm of several firms involved in the same level of production and sharing resources at that level

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Anti Trust Movement

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Sherman Antitrust Act 1890

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named after its author Senator John Sherman, first Federal statute to limit cartels and monopolies, purpose of the Act was to oppose the combination of entities that could potentially harm competition, such as monopolies or cartels

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United States v. E.C. Knight

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also known as the "sugar Trust Act," 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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Scottish social philosopher and a pioneer of political economics, author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations

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Gospel of Wealth

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essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich

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Transatlantic Cable

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first cable used for telegraph communications laid across the floor of the Atlantic Ocean, crossing from the Telegraph Field, Foilhommerum Bay, Valentia Island, in western Ireland to Heart's Content in eastern Newfoundland

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Alexander Graham Bell

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scientist, inventor, engineer and innovator who is credited with inventing the first practical telephone

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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, in response to the cutting of wages for the second time in a year by the Baltimore & Ohio Railroad.

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National Labor union

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first national labor federation in the United States, The National Labor Union followed the unsuccessful efforts of labor activists to form a national coalition of local trade unions

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Knights of Labor

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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, leader was Terence Powderly.

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Terence V. Powderly

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national spokesman for the working man as head of the Knights of Labor from 1879 until 1893

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Haymarket Bombing

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demonstration and unrest that took place on Tuesday May 4, 1886, at the Haymarket Square in Chicago

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American Federation of Labor

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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

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Homestead Strike 1894

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industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security agents on July 6, 1892

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Samuel Gompers

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founded the American Federation of Labor, and served as that organization's president from 1886 to 1894 and from 1895 until his death in 1924

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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 , and several times the candidate of the Socialist Party of America for President of the United States