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33 Cards in this Set
- Front
- Back
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Cornelius Vanderbilt
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was an American entrepreneur. He built his wealth in shipping and railroads and was the patriarch of the Vanderbilt family and one of the richest Americans in history
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New York Central Railroad
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known simply as the New York Central in its publicity, was a railroad operating in the Northeastern United States. Headquartered in New York, the railroad served most of the Northeast, including extensive trackage in the states of New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, plus additional trackage in the Canadian provinces of Ontario and Quebec. The railroad primarily connected greater New York and Boston in the east with Chicago and St.Louis in the midwest along with the intermediate cities of Albany, Buffalo, Cleveland, Cincinnati, and Detroit.
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Federal land Grants 1865-1900
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High immigration between 1865 & 1900
o Increased supply of laborers and high demand for industrial jobs made labor. Capital (wealth or money) for investing in American businesses |
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Transcontinental Railroad
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contiguous network of railroad trackage[1] that crosses a continental land mass with terminals at different oceans or continental borders. Such networks can be via the tracks of either a single railroad, or over those owned or controlled by multiple railway companies along a continuous route. Transcontinental railroads helped open up unpopulated interior regions of continents to exploration and settlement that would not otherwise have been feasible
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Jay Gould
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was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history.[1] Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time.[2] Some modern historians working from primary sources have discounted various myths about him
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Panic of 1893
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was a serious economic depression in the United States that began in that year.Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply (relative to silver), because of the long-established American policy of Bimetalism, which used both silver and gold metals at a fixed 16:1 rate for pegging the value of the US Dollar. Until the Great Depression, the Panic of '93 was considered the worst depression the United States had ever experienced
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J.P. Morgan
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was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company he merged in 1901 the Carnegie Steel Company and several other steel and iron businesses, including Consolidates Steel and Wire Company owned by William Edenborn, to form the United States Steel Corporation.
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Bessemer Process
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was the first inexpensive industrial process for the mass-production of steel from molten pig iron. The process is named after its inventor, Henry Bessemer, who took out a patent on the process in 1855. . The process had also been used outside of Europe for hundreds of years, but not on an industrial scale.The key principle is removal of impurities from the iron by oxidation with air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten
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Andrew Carnegie
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was a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist
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Vertical Integration
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Vertically integrated companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. It is contrasted with horizontal integration. Vertical integration is one method of avoiding the hold-up problem. A monopoly produced through vertical integration is called a vertical monopoly, although it might be more appropriate to speak of this as some form of cartel
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U.S. Steel
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more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales (see list of steel producers).
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John D. Rockefeller
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was an American oil magnate. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, he founded the Standard Oil Company and aggressively ran it until he officially retired in 1897.Standard Oil began as an Ohio partnership formed by John D. Rockefeller, his brother William Rockefeller, Henry Flagler, Jabez Bostwick, chemist Samuel Andrews, and a silent partner, Stephen V. Harkness. As kerosene and gasoline grew in importance, Rockefeller's wealth soared, and he became the world's richest man and first American worth more than a billion dollars. Adjusting for inflation, he is often regarded as the richest person in history
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Standard Oil Trust
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was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the worldand 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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describes a type of ownership and control. It is a strategy used by a business or corporation that seeks to sell a type of product in numerous markets. Horizontal integration in marketing is much more common than vertical integration is in production. Horizontal integration occurs when a firm is being taken over by, or merged with, another firm which is in the same industry and in the same stage of production as the merged firm, e.g. a car manufacturer merging with another car manufacturer. In this case both the companies are in the same stage of production and also in the same industry. This process is also known as a "buy out" or "take-over".
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Anti Trust Movement
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the body of laws that prohibits anti-competitive behavior (monopoly) and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. [1] These competition laws make illegal certain practices deemed to hurt businesses or consumers or both, or generally to violate standards of ethical behavior. Government agencies known as competition regulators, along with private litigants, apply the antitrust and consumer protection laws in hopes of preventing market failure
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Sherman Antitrust Act 1890
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Sherman Antitrust Act 1890
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United States v. E.C. Knight
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also known as the "'Sugar Trust Case,'" was a United States Supreme Court case that limited the government's power to control monopolies. The case, which was the first heard by the Supreme Court concerning the Sherman Antitrust Act, was argued on October 24, 1894 and the decision was issued on January 21, 1895.
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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.
The phrase laissez-faire is French and literally means "let do", but it broadly implies "let it be", or "leave it alone |
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Adam Smith
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a Scottish social philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. It earned him an enormous reputation and would become one of the most influential works on economics ever published. Smith is widely cited as the father of modern economics and capitalism
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Gospel of Wealth
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the Richest man in the World,"is an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich. The central thesis of Carnegie's essay was the peril of allowing large sums of money to be passed into the hands of persons or organizations ill-equipped mentally or emotionally to cope with them. As a result, the wealthy entrepreneur must assume the responsibility of distributing his fortune in a way that it will be put to good use, and not wasted on frivolous expenditure. In this he represented a captain of industry who had risen to power by his own hand and refused to worship wealth
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Transatlantic Cable
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was a company formed in 1856 to undertake and exploit a commercial telegraph cable across the Atlantic ocean, the first such telecommunications link.
The project stemmed from an agreement between Cyrus Field, John Watkins Brett and Charles Tilston Bright and was incorporated in December 1856 with £350,000 capital, raised principally in London, Liverpool, Manchester and Glasgow |
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Alexander Graham Bell
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was an eminent scientist, inventor, engineer and innovator who is credited with inventing the first practical telephone.
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Sear Roebuck
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is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century. Formerly a component of the Dow Jones Industrial Average, Sears[2] merged with Kmart in early 2005, creating the Sears Holdings Corporation.
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Horatio Alger
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was 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. He initially wrote and published for adults, but a friendship with boys' author William Taylor Adams led him to writing for the young. He published for years in Adams's Student and Schoolmate, a boys' magazine of moral writings. 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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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.
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National Labor union
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) was the first national labor federation in the United States. Founded in 1866 and dissolved in 1873, it paved the way for other organizations, such as the Knights of Labor and the AF of L (American Federation of Labor). It was led by William H. Sylvis. The National Labor Union followed the unsuccessful efforts of labor activists to form a national coalition of local trade unions. The National Labor Union sought instead to bring together all of the national labor organizations in existence, as well as the "eight-hour leagues" established to press for the eight-hour day, to create a national federation that could press for labor reforms and help found national unions in those areas where none existed. The new organization favored arbitration over strikes and called for the creation of a national labor party as an alternative to the two existing parties
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Knights of Labor
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was the largest and one of the most important American labor organizations of the 1880s. Its most important leader was Terence Powderly. The Knights 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. In some cases it acted as a labor union, negotiating with employers, but it was never well organized, and after a rapid expansion in the mid-1880s, it suddenly lost its new members and became a small operation again
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Terence V. Powderly
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born in Carbondale, Pennsylvania, the son of Irish Catholic immigrants. He was a highly visible national spokesman for the working man as head of the Knights of Labor from 1879 until 1893. Although the Knights claimed over 600,000 members at its peak in 1886, it was so poorly organized that Powderly had little power
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Haymarket Bombing
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was a demonstration and unrest that took place on Tuesday May 4, 1886, at the Haymarket Square in Chicago. It began as a rally in support of striking workers. An unknown person threw a dynamite bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers, mostly from friendly fire, and an unknown number of civilians. In the internationally publicized legal proceedings that followed, eight anarchists were tried for murder. Four men were convicted and executed, and one committed suicide in prison, although the prosecution conceded none of the defendants had thrown the bomb.
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American Federation of Labor
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was one of the 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, a national labor association. Samuel Gompers (1850–1924) was elected president of the Federation at its founding convention and was reelected every year except one until his death. As the Knights of Labor faded away, the AFL coalition gradually gained strength. In practice, AFL unions were important in industrial cities, where they formed a central labor office to coordinate the actions of different AFL unions.
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Samuel Gompers
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was an English-born American labor union leader and a key figure in American labor history. Gompers founded the American Federation of Labor (AFL), and served as that organization's president from 1886 to 1894 and from 1895 until his death in 1924. He promoted harmony among the different craft unions that comprised the AFL, trying to minimize jurisdictional battles. He promoted "thorough" organization and collective bargaining to secure shorter hours and higher wages, the first essential steps, he believed, to emancipating labor. He also encouraged the AFL to take political action to "elect their friends" and "defeat their enemies." During World War I, Gompers and the AFL worked with the government to avoid strikes and boost morale, while raising wage rates and expanding membership.
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Homestead Strike 1894
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was an industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security agents on July 6, 1892. It was one of the most serious disputes in US labor history. The dispute occurred at the Homestead Steel Works in the Pittsburgh-area town of Homestead, Pennsylvania, between the Amalgamated Association of Iron and Steel Workers (the AA) and the Carnegie Steel Company. The final result was a major defeat for the union, and a setback for efforts to unionize steelworkers.
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Eugene V. Debs
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was an American union leader, one of the founding members of the International Labor Union and the Industrial Workers of the World (IWW), and several times the candidate of the Socialist Party of America for President of the United States.[2] Through his presidential candidacies, as well as his work with labor movements, Debs eventually became one of the best-known socialists living in the United States. In the early part of his political career, Debs was a member of the Democratic Party of the United States. He was elected as a Democrat to the Indiana General Assembly in 1884.
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