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62 Cards in this Set

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Cornelius Vanderbilt
American entrepeneur who built his wealth with the early ferry and railroad empires.
New York Central Railroad
One of the largest railroads that branched from many of the major cities on the East coast to some in Canada.
trunk line
A direct line between two telephone switchboards.
federal land grants
Grants that gave land to companies. (i.e. Pacific Railroad Act of 1862)
transcontinental railroads
Railroads that spanned from one coast to the other on the continental U.S.
Union and Central Pacific
Sections of the First Transcontinental Railroad.
Jay Gould
Leading American railroad developer and speculator.
watered stock
Asset with and artificially inflated value.
rebates
Refund of some fraction of the amount paid
Panic of 1893
Panic resulting from the overdevelopment of railroads.
J. Pierpont Morgan
Leading American banker that established one of the largest banking houses in the world.
interlocking directorates
The practice of members of corporate board of directors serving on the boards of multiple corporations
William Vanderbilt
Son of Cornelius Vanderbilt and heir to the Vanderbilt railroad empire.
Second Industrial Revolution
Phase of the industrial revolution from 1870-1914 that focused on steel, among other things.
Bessemer process
The first inexpensive industrial process for the mass-production of steel from molten pig iron.
Andrew Carnegie
Built Pittsburg's Carnegie Steel Company, a major unit of the later U.S. Steel.
vertical integration
Absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
U.S. Steel
Founded in 1901, the largest steel producer in the United States.
John D. Rockefeller
Founded Standard Oil in 1870, formerly the largest oil refinery in the world until it was broken up in 1911.
Protestant work ethic
The necessity for hard work is proponent of a person's calling and worldly success is a sign of personal salvation.
horizontal integration
Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level.
antitrust movement
Movement attempting to ban monopolies.
Sherman Antitrust Act (1890)
The first United States Federal statute to limit cartels and monopolies.
United States v. E.C. Knight
Case that limited the government's power to control monopolies.
laissez-faire capitalism
Doctrine that states that government generally should not intervene in the marketplace.
Adam Smith
Philosopher who introduced the theory of the "invisible hand" and laissez-faire.
Social Darwinism
Theory that the laws of evolution by natural selection also apply to social structures.
Herbert Spencer
English philosopher famous for embracing the theory of evolution and coining the term "survival of the fittest".
survival of the fittest
A natural process resulting in the evolution of organisms best adapted to the environment.
gospel of wealth
Essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich
Russel Conwell
Founder of Temple University in 1884.
Samuel F.B. Morse
Creator of the telegraph and Morse Code.
transatlantic cable
Telegraph cable that was lain across the floor of the Atlantic ocean to open up communications with Europe and North America.
Alexander Graham Bell
Inventor of the telephone.
telephone
A telecommunications device that is used to transmit and receive electronically or digitally encoded sound between two or more people.
Thomas A. Edison
American inventor whose most famous inventions included the lightbulb and the phonograph.
George Westinghouse
Pioneer of the electrical industry and inventor of the railroad air brake.
consumer goods
Goods (as food or clothing) intended for direct use or consumption.
Sears, Roebuck
Chain of department stores founded by Richard Warren Sears and Alvah Roebuck in 1886 in Chicago.
Montgomery Ward
Creator of the world's first mail order business in 1872.
Horatio Alger
American author who focused on the rise of poor children to a middle-class life.
upward mobility
The degree to which an individual's family or group's social status can change throughout the course of their life through a system of social hierarchy.
white-collar workers
Salaried professional or an educated worker who performs semi-professional office, administrative, and sales coordination tasks, as opposed to a blue-collar worker, whose job requires manual labor.
middle class
The social class between the lower and upper classes.
David Ricardo
Political economist often credited with systematizing economics.
iron law of wages
Real wages in the long run would trend toward the value needed to keep the workers' population constant.
scab
A replacement worker for a person on strike.
lockout
A management action resisting employee's demands; employees are barred from entering the workplace until they agree to terms.
blacklist
A list or register of persons who, for one reason or another, are being denied a particular privilege, service, mobility, access or recognition.
yellow-dog contract
An agreement between an employer and an employee in which the employee agrees, as a condition of employment, not to be a member of a labor union.
injunction
An equitable remedy in the form of a court order, whereby a party is required to do, or to refrain from doing, certain acts.
railroad strike of 1877
Strike caused by the railroad company's decision to cut workers' wages for the second time in a year by the Baltimore and Ohio Railroad.
National Labor Union
Founded in 1866, the first national labor federation in the U.S.
Knights of Labor
An all-inclusive labor union that was founded in 1869 in Philidelphia.
Terence V. Powderly
Leader of the Knights of Labor from 1879 to 1893.
Haymarket bombing (1886)
Incident where 3,000 striking workers were approached by 180 police officers in the Chicago area. A bomb was thrown by a protester, which was followed by the police opening fire on the crowd.
American Federation of Labor
Largest labor union for the first half of the 20th century.
Samuel Gompers
President of the AFL from 1886 until his death in 1924.
Homestead strike (1892)
Iron and steel works strike June 30, 1892 til July 6, 1892.
Pullman strike (1894)
Reaction of 3,000 Pullman Palace Car Company workers who took a 25% cut in pay. The event shut down traffic west of Chicago on May 11, 1894.
Eugene V. Debs
American Union leader and founder of the Industrial Workers of the World.
In re Debs
"Supreme Court decision that ruled that the government had a right to regulate interstate commerce and ensure the operations of the Postal Service, along with a responsibility to ""ensure the general welfare of the public.""