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39 Cards in this Set

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Bessemer Process (Henry Bessemer)
A cheap method of mass producing steel
Oil Drake (Edwin Drake)
A steam engine to drill and pump oil in ground
Incandescent light bulb (Thomas Alva Edison)
Replaced kerosene as a light source
Telephone (Alexander Graham Bell)
Replaced telegraphs and the worldwide communication network
Skyscrapers (Louis Sullivan)
Cities grew UP and OUT because of these
Thomas Alva Edison
The most important inventor of the Industrial age because he established Menlo Park where thousands of inventions were born
John D. Rockefeller
Oil Refining; gave away $500,000,000 to establish the <last name> foundation, University of Chicago, medical institute
Horizontal consolidation
Effort to eliminate competition by merging companies that produce similar products; Monopolies (John D. Rockefeller)
Andrew Carnegie
Steel; Gave away $350,000,000 to establish &lt;last> foundation, libraries, colleges and universities
Vertical consolidation
Effort to cut costs by owning mines, farms, oil wells and railroads - control raw materials and transportation. (Andrew Carnegie)
William and Cornelius Vanderbilt
Railroad industry
J.P. Morgan
Finance/Banking; Bought out Carnegie Steel
Corporations
Capital intensive businesses require large sums of money; Stockholders pool together; "economies of scale": higher profits from mass production, lower costs, and less competition
Combination/Consolidation/Integration
The combination of smaller businesses into larger ones to reduce competition; mergers and buy-outs
Trusts
Competing companies that agree not to compete; turn stock over to Board of Trustees who separate companies as one corporation
Holding Companies
Corporation that buys up stock of competing companies until it owns majority of the share of all companies. (J.P. Morgan and U.S. Steel bought out Carnegie Steel)
Robber Barons
Business owners were often called this because they took home huge profits while their paying their workers low wages
Social Darwinism
Extension of Charles Darwin's "survival of the fittest" theory of evolution; if left alone by the government the best businesses will survive (natural selection); justification for laissez-faire economy.
"Gospel of Wealth"
Wealth was a sign God's favor, those who had it had a Christian duty to share it; give back to society; charity
Bill Gates
<last name> foundation promotes world health research and education
Railroad
This industry led the way in American Industrial growth in the late 1800s
Sherman Anti-Trust Act
The purpose of this was to stop the growth of monopolies
Haymarket Square Riot
The long-term effect of this on the labor movement was that the general public turned against labor organizations
Skilled Craftsmen
The first labor unions included this group of people
Susan B. Anthony
Associated with the Woman's Suffrage reform movement
Booker T. Washington
The African American leader who called for his people to be patient and work hard to improve themselves economically, and that political equality would eventually follow
Protective Tariffs
The government often passed these to protect American industries from foreign competition
Labor Unions
Used strategies such as collective bargaining, arbitration, and stoppage of work to get their demands met
Socialists
This group of people hoped to change the American capitalist economic system by getting the government to take over the major corporations and treat workers better
Mass Transportation
The primary factor that led to the rapid growth of suburbs outside of cities in the late 1800's and early 1900's was the improvement of this
Eugene V. Debs
Leader of the United Railway Workers
Terence Powderly
Leader of the Knights of Labor
Samuel Gompers
Leader of the American Federation of Labor
William "Big Bill" Haywood
Leader of the Industrial Workers of the World
Nativists
People who favor native-born Americans over immigrants
Pendleton Civil Service Act
This changed the way appointments to federal government jobs are made by creating a merit system based on candidates performance on an examination
Free Trade
Monopolies and Trusts are dangerous for the economy because they can destroy this
Chinese
The United States government passed its first restriction on immigration against this group of people
Tenements
The buildings put in urban areas during the 1800's to house the large numbers of immigrants moving into urban areas