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12 Cards in this Set
- Front
- Back
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Kelly Bessemer Steel
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Pure steel, putting a burst of cool air in the pot, bringing the carbon up to the top to be scrapped off. Henry Bessemer, who took out a patent on the process in 1855. The process was independently discovered in 1851 by William Kelly.
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five-and ten-cent store
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Frank Woolworth became rich with his Five and Ten Cent Store. His idea was that you could make a lot of money selling a lot of things for a small price, instead of selling a few things for a large sum of money.
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Monopoly
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Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.
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John D. Rockefeller
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A grocery store clerk who had no claimed he had no faith in the oil industry, but he then bought his on oil company. An American industrialist and philanthropist. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, he founded the Standard Oil Company and ran it until he officially retired in 1897.
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J.P. Morgan
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$6 million to the goveernment of England sunk on the Lusitania. An American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time.
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Andrew Carnegie
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) was a Scottish-born American industrialist, businessman, and a major philanthropist. He was an immigrant as a child with his parents. He built Pittsburgh's Carnegie Steel Company, which was later merged with Elbert H. Gary's Federal Steel Company and several smaller companies to create U.S. Steel. With the fortune he made from business, he turned to philanthropy and interests in education, founding the Carnegie Corporation of New York, Carnegie Endowment for International Peace, and Carnegie Mellon University in Pittsburgh.
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gospel of wealth
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an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich.Andrew Carnegie effectively softened some of the harshness of the theory of social Darwinism. He preached that ostentatious living and amassing private treasures were wrong. Carnegie professed the virtues of a laissez-faire system in which the government did not interfere with an individual or organization's right to do as it pleased.
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social darwanism
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Social Darwinism is a theory that competition among all individuals, groups, nations or ideas drives social evolution in human societies. Written about in a poem by Kipling about "our little brown brothers."
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limited liability
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a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. A shareholder in a limited company is not personally liable for any of the debts of the company, other than for the value of his investment in that company.
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National Labor Union
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8hour a day only for people who were working for the government. 1st labor union. if government workers got 8 hour days, so did everybody else.
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Knights of Labor
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1869 Lead by Terrance Powderly. Wanted all workers to work under one Nationaal Labor Union. Rncouraged blacks and women to jion, rid of child labor. encouraged arbitrtaion rather than strike. (to agree on something before hand)
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Imperialism
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The policy of extending the rule or authority of an empire or nation over foreign countries, or of acquiring and holding colonies and dependencies.
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