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20 Cards in this Set
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Federal Land Grants
Definition: Federal government lent railroad companies millions of acres of public land and loans for railroad projects. |
My Definition: Federal government loaned land and money to railroad companies for the main purpose of increasing commerce between both ends of the country and also better transportation of mail and troops.
Sentence: As a result of the constructed railroads towns would spring up around the areas that weren't used and sold to the public. |
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Transcontinental Railroads
Definition: Railroad that would tie California to the rest of the Union states, and was to be constructed by Union Pacific and Central Pacific. |
My Definition: Railroads that would link both the West and East coast of the country. Built on the backs of immigrants from Europe and Chinese immigrants.
Sentence: The construction of the transcontinental railroad came to an end on May 10th 1869 in Utah. |
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Union and Central Pacific Railroads
Definition: Union Pacific: Built westward across the great plains from Nebraska
Central Pacific: Built through the Sierras starting from California. |
My Definition: Union pacific built from the east to west while central pacific built from the west to east and met at Utah.
Sentence: The Union and Central Pacific railroads were funded by the US government and led by General Grenville Dodge and Charles Crocker. |
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Watered Stock
Definition: Stock that is the inflation of a corporations assets. |
My Definition: Stock that is of inflated value of the corporations assets.
Sentence: Speculators like Jay Gould made quick and easy millions by selling Watered Stock. |
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Pools
Definition: Competing companies secretly agree to fix rates and share traffic in an attempt to increase profits. |
My Definition: When competing companies create a informal alliance to fix rates and share traffic.
Sentence: To this day companies still create pacts through pools, in order to maximize profits on both ends of the competitive market. |
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Rebates
Definition: Discounts, were offered by railroad companies to its customers. |
My Definition: When competing companies create a informal alliance to fix rates and share traffic.
Sentence: Because of the plummeting stock market in the railroad stock exchange railroad companies struggled to stay at the top of their game, and eventually they had to offer discounted prices to stay afloat in the market. |
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Panic of 1893
Definition: Financial panic that forced a quarter of all US railroads into bankruptcy. |
My Definition: Economic panic which led to the bankruptcy of 25 % of railway lines.
Sentence: As a result of the panic of 1893 J.P Morgan purchased the bankrupt railways and stabilized rates and reduced all debts. |
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J. Pierpont Morgan
Definition: American banker and financer who dominated plenty of markets and consolidated some industry. Most famous for purchasing the in-debted railways of the US. |
My Definition: Billionaire American banker and financer who bought the indebted railway lines during the panic of 1893.
Sentence: J.P Morgan was able to consolidate the railway lines that he purchased after the Panic of 1893. |
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Interlocking Directorates
Definition: Economic strategy in which the same directors ran competing railroad companies. This was a strategy that eventually gave way to monopolies. |
My Definition: Total monopolies through directing competing companies.
Sentence: J.P Morgan and other men like him were creating monopolies though Interlocking Directorates that stunned the growth of actual competition. |
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Second Industrial Revolution
Definition: Growth of heavy industry categorized with the production of steel, petroleum, electric power, and industrial machinery to produce goods. |
My Definition: Industrial revolution which had the use of steel, petroleum, and electricity to create goods for mass production.
Sentence: The Second Industrial Revolution was possible because of the efforts from Andrew Carnegie and John Rockefeller. |
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Bessemer Process
Definition: Discovered by Henry Bessemer in England in the 1850's in which blasting air into heated molten steal creates high-quality steel. |
My Definition: Blasting air through molten steal creates high quality steel.
Sentence: Henry Bessemer of England and William Kelly of the United States both used the Bessemer process to create better steel quality. |
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Andrew Carnegie
Definition: Manufactured steel in the 1870's in Pittsburgh. Had humble beginnings as a Scottish immigrant but later arose to prominence. |
My Definition: Owner of the US largest steel producing plant in the country. Helped create steel for the construction of railroads.
Sentence: Andrew Carnegie used two tactics to help better improve his company in the steel production world; the Bessemer Process and Vertical Integration. |
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Vertical Integration
Definition: A company controls every stage of the industrial process from mining the raw material to transporting the finished product. |
My Definition: A company's means of controlling the means of production from the beginning to the final product and its transportation. Sentence: Vertical Integration was used by Andrew Carnegie in order to climb to the top of the steel making industry. |
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US Steel
Definition: The first billion dollar company and the largest enterprise in the world which controlled 3/5ths of the nations steel business. |
My Definition: Former Carnegie steel company which was sold to J.P. Morgan as United States Steel which became the largest enterprise in the world.
Sentence: The US Steel corporation was sold from Andrew Carnegie for 400 million dollars. |
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John D. Rockefeller
Definition: Founder of the company that would control most of the countries oil refineries. |
My Definition: Founder of the largest oil refinery company in the United States.
Sentence: Rockefeller was able to compete in the market because of his strategy of eliminating all of his competition. |
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Horizontal Integration
Definition: Former competitors were brought under a single corporate enterprise. |
My Definition: All competitor companies brought under the same company.
Sentence: Rockefeller was able to acquire complete control of the oil refineries throughout the US by merging other companies with his Standard Oil company. |
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Sherman Anti-Trust Act
Definition: Prohibited any contract in the form of a trust in restraint of trade or commerce. |
My Definition: Federal law that outlawed monopolies.
Sentence: The Sherman antitrust act was a reaction to the growing fear from middle class citizens and old urban elites. |
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United States V EC. Knight
Definition: Supreme court ruling that states that the Sherman Anti-Trust Act could be applied only to commerce and not to manufacturing. |
My Definition: Helped strengthen the anti-monopoly laws of the past by creating less vague and open loop holes for companies.
Sentence: The US department of Justice would strengthen the anti-monopoly agenda after the US v EC Knight Co. case during the progressive era. |
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Laissez Faire Capitalism
Definition: Economic expression that the government should not regulate commerce. |
My Definition: Phrase that sums of the governments regulation of commerce/private business.
Sentence: N/A |
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Adam Smith
Definition: economist who argued that business should be regulated by the law of supply and demand and not the government. |
My Definition: Argued for the regulation of commerce by means of supply and demand. Sentence: Adam Smith's main argument for the regulation of commerce can be found in his essay "The Wealth of Nations" |
