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Ch. 24 Industry Comes of Age (1865-1900) Flashcards

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975235473IndustrializationProcess of industrial development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels of development, national economies are geared mainly toward the delivery of services and exchange of information.0
975235474Federal Land Grants to RailroadsFederal gov't provided railroad companies with huge subsidies of loans and land grants recognizing that western railroads would lead the way to settlement. The gov't expected that the railroad would make every effort to sell the land to new settlers to finance construction. The gov't hoped that the railroad would benefit gov't land value and preferred rates for carrying the mail and transporting troops. These grants promoted hasty and poor construction which led to widespread corruption in the gov't. As a result, railroads controlled more than half of the land in some western states. The first continental railroad was a result of a federal grant from Omaha to Sacramento.1
975235475Grover Cleveland22nd and 24th president, Democrat, Honest and hardworking, fought corruption, vetoed hundreds of wasteful bills, achieved the Interstate Commerce Commission and civil service reform, violent suppression of strikes.2
975235476Central Pacific RailroadA railroad that started in Sacramento , and connected with the Union Pacific Railroad in Promontory Point, Utah.3
975235477Union Pacific RailroadA railroad that started in Omaha, and it connected with the Central Pacific Railroad in Promontory Point, Utah.4
975235478Northern Pacific RailroadRailroad from Lake Superior to Puget Sound.5
975235479Southern Pacific RailroadRailroad that went from New Orleans to San Francisco.6
975235480Promontory Point, Utah..., Place where Union Pacific Railroad tracks connected to the Central Pacific tracks.7
975235481Mechanization..., Use of automatic machinery to increase production.8
975235482Pullman Cars..., Railroad passenger cars with furnishings for day and night travel, designed by George M. Pullman.9
975235483Robber 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.10
975235484Jay Gould..., American financier and railroad developer who, along with James Fisk, attempted to corner the gold market in 186911
975235485Cornelius Vanderbilt..., A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical.12
975235486William H. Vanderbilt..., Son of Cornelius Vanderbilt, a railroad baron who, when asked about the discontinuance of a fast mail train, reportedly said, "the public be damned."13
975235487Pool..., An agreement to divide the business in a given area and share the profits.14
975235488Wabash, St. Louis & Pacific Railroad Company v. Illnois..., (1886) The Supreme Court of the United States held the Illinois statute to be invalid and that the power to regulate interstate railroad rates is a federal power which belongs exclusively to Congress and, therefore, cannot be exercised by individual states.15
975235489Grange (Patrons of Husbandry)..., A fraternal organization for American farmers that encourages farm families to band together for their common economic and political well-being. Founded in 1867 after the Civil War, it is the oldest surviving agricultural organization in America16
975235490Interstate 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.17
975235491Vertical IntegrationIt was pioneered by tycoon Andrew Carnegie. It is when you combine into one organization all phases of manufacturing from mining to marketing. This makes supplies more reliable and improved efficiency. It controlled the quality of the product at all stages of production.18
975235492Horizontal Inegration..., When a company gains control over other companies that produces the same product. Rockefeller has the oil business by buying out competition.19
975235493Interlocking 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.20
975235494Alexander Graham Bell..., He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country., (1847-1922) American inventor and educator; his interest in electrical and mechanical devices to aid the hearing-impaired led to the development and patent of the telephone.21
975235495Thomas Alva Edison..., (1847-1931) This scientist received more than 1,300 patents for a range of items including the automatic telegraph machine, the phonograph, improvements to the light bulb, a modernized telephone and motion picture equipment.22
975235496Andrew Carnegie..., A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.23
975235497Trust..., A group of corporations that unite in order to reduce competition and control prices in a business or an industry.24
975235498John D. Rockefeller..., An American industrialist and philanthropist, in 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. Often forced rival companies to sell out by drastically lowering his own prices. At one point he controlled 90% of the oil business. He became the world's richest man and first U.S. dollar billionaire.25
975235499J.P. Morgan..., Was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time.26
975235500William Kelly..., Inventor of the Bessemer Process, which converted iron ore into steel.27
975235501Bessemer Process..., A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.28
975235502Standard Oil Company..., Formed in 1870 by John D. Rockefeller in Ohio. The Company grew through horizontal and vertical integration. By the 1880's Standard Oil was the largest and most powerful monopoly in the United States controlling access to 90% of the refined oil in the US.29
975235503Russell Sage...As a financier, railroad executive and Whig politician from New York, United States. As a frequent partner of Jay Gould in various transactions, he amassed a fortune.30
975235504Cyrus Field..., American businessman who laid the first telegraph wire across the Atlantic. This cut down the time it took for a message to be sent from Europe to American and vice-versa.31
975235505American Beauty RoseJohn D. Rockefeller; supported Laissez-Faire politics, In order to grow the most beautiful rose, you need to cut all of the others. In another way, if you want to own a best company, you need to "cut" other companies.32
975235506Gospel 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.33
975235507Social Darwinism..., 19th century of belief that evolutionary ideas theorized by Charles Darwin could be applied to society.34
975235508Sherman Anti-Trust Act..., 1890 - A federal law that committed the American government to opposing monopolies, it prohibits contracts, combinations and conspiracies in restraint of trade.35
975235509Gibson Girl..., Named after the illustrator, Charles Dana Gibson. This was a sophisticated, young working woman look with hair piled softly on top of her head.36
975235510National Labor Union1866 - established by William Sylvis - wanted 8 hour work days, banking reform, and an end to conviction labor - attempt to unite all laborers.37
975235511Breaker Boys..., Young boys as young as seven years old worked in the coal mines. Their work was very dangerous and difficult. There were more than 10 thousand children employed illegally in the Pennsylvania coal fields.Many developed lung diseases.38
975235512Lockout..., When management closes the doors to the place of work and keeps the workers from entering until an agreement is reached.39
975235513Yellow-Dog Contracts..., A written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.40
975235514Company Town..., A town built and owned by a single company; its residents depend on the company not only for jobs but for stores, schools, and housing as well.41
975235515Knights of Labor..., One of the most important American labor organizations of the 19th century, demanded an end to child and convict labor, equal pay for women, a progressive income tax, and the cooperative employer-employee ownership of mines and factories; replaced by AF of L after botched Haymarket protest.42
975235516Haymarket Square Riot..., 100,000 members of the Knights of Labor rioted in Chicago. After the police fired into the crowd, the workers met and rallied in Haymarket Square to protest police brutality. A bomb exploded, killing or injuring many of the police. The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.43
975235517Scabs..., Stirkebreakers hired by employers as replacement workers when unions went on strike44
975235518American Federation of Labor1886 founded by Samuel Gompers; sought better wages, hours, working conditions; comprised of skilled laborers, willing to let unskilled fend for themselves.45
975235519Closed Shop..., A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor.46
975235520Samuel Gompers..., He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.47
975235521United States Steel Corporation..., The first billion dollar American corporation, organized when J.P. Morgan bought out Andrew Carnegie (Carnegie Steel).48
975467465Captains of IndustryEntrepreneurs like Carnegie, Rockefeller, and Morgan, who helped create the modern industrial economy.49
975467466James FiskAmerican stock broker and corporate executive and, along with Jay Gould, attempted to corner the gold market in 1869.50
975467467StrikeAn organized work stoppage intended to force an employer to address union demands.51

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