Terms : Hide Images
| 2144676710 | Building the Western Railroad | Made the first millionares, improved transportation, steel rails, federal land grants | 0 | |
| 2144676711 | Wabash, St Louis & Pacific RR Co v Illinois | Said that states couldn't regulate commerce beyond their borders, only congress could | 1 | |
| 2144676712 | Railroad regulations | enforced because of prices gouging; one of the first government attempts to get rid of corruption | 2 | |
| 2144676713 | Robber Barons | Refers to the industrialists or big business owners who gained huge profits by paying their employees extremely low wages. They also drove their competitors out of business by selling their products cheaper than it cost to produce it. Then when they controlled the market, they hiked prices high above original price | 3 | |
| 2144676714 | Carnegie | Began as an immigrant, he became a Steel "king" during the industrialization era. He used "vertical integration" to combine all phases of manufacturing into one organization. After he made his wealth he became a philanthropist, building schools and libraries | 4 | |
| 2144676715 | J.P. Morgan | A highly successful banker who bought out Carnegie. With Carnegie's holdings and some others, he launched U.S Steel and made it the first billion-dollar corporation- "the banker's banker". Used interlocking directorates | 5 | |
| 2144676716 | Rockefeller | An American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust | 6 | |
| 2144676717 | Trusts | Firms or corporations that combine for the purpose of reducing competition and controlling prices (establishing a monopoly) | 7 | |
| 2144676718 | vertical integration | Practice where a single entity controls the entire process of a product, from the raw materials to distribution (e.g. Andrew Carnegie) | 8 | |
| 2144676719 | horizontal integration | A technique used by John D. Rockefeller. Horizontal integration is an act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets | 9 | |
| 2144676720 | interlocking directorates | The practice of having executives or directors from one company serve on the Board of Directors of another company. J. P. Morgan introduced this practice to eliminate banking competition in the 1890s | 10 | |
| 2144676721 | Standard Oil Co. | Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as an Ohio Corporation, it was the largest oil refiner in the world and 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. John D. Rockefeller was a founder, chairman and major shareholder, and the company made him a billionaire and eventually the richest man in history | 11 | |
| 2144676722 | Gospel of Wealth | This was a book written by Carnegie that described the responsibility of the rich to be philanthropists. This softened the harshness of Social Darwinism as well as promoted the idea of philanthropy | 12 | |
| 2144676723 | Social Darwinism | The application of ideas about evolution and "survival of the fittest" to human societies - particularly as a justification for their imperialist or capitalist expansion | 13 | |
| 2144676724 | industrial stirrings in south | Some industries relocated from New England to the South. The major reason for this was cheap labor from poor whites | 14 | |
| 2144676725 | Haymarket Square | Labor disorders had broken out and on May 4 1886, the Chicago police advanced on a protest; alleged brutalities by the authorities. Suddenly a dynamite bomb was thrown that killed or injured dozens, including police. It is still unknown today who set off the bomb, but following the hysteria, eight anarchists (possibly innocent) were rounded up. Because they preached "incendiary doctrines," they could be charged with conspiracy. Five were sentenced to death, one of which committed suicide; the other three were given stiff prison terms. Six years later, a newly elected Illinois governor recognized this gross injustice and pardoned the three survivors. Nevertheless, the Knights of Labor were toast: they became (incorrectly )associated with anarchy and all following strike efforts failed | 15 | |
| 2144676726 | National Labor Union | Union organized in 1866, lasted six years and attracted 600,000 members, included skilled and unskilled labor, but usually not foreigners or women | 16 | |
| 2144676727 | Knights of Labor | (1) moderate labor organization founded in 1869 by Terence Powderly, one of the first such organizations in the US; (2) ended after the Haymarket Riot | 17 | |
| 2144676728 | AFL | A labor union formed in 1886 by Samuel Gompers in order to voice the working class (only highly skilled laborers). It fought against labor forces and debated work conditions for skilled workers. Utilized strikes | 18 | |
| 2144676729 | Thomas Edison | American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures | 19 | |
| 2144676730 | Laissez Faire Conservatism | If you're at the bottom, it's because you're lazy. People who are behind, tend to stay behind. Let it be. Government that governs least governs best. Introduced by Adam Smith. Advocates favor individual self-interest and competition, and oppose the taxation and regulation of commerce. | 20 | |
| 2144676731 | Sherman Anti-Trust Act | First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions | 21 | |
| 2144676732 | Interstate Commerce Act | Established the ICC (Interstate Commerce Commission) - monitors the business operation of carriers transporting goods and people between states - created to regulate railroad prices | 22 |
