Flashcards
16. The Rise of Industrial America (1865-1900)
Flashcards do conjunto (48)
- 1Nation's First Big BusinessRailroads, beginning before the civil war and making it big after it.
- 2Cornelius VanderbiltRailroad owner who connected NYC and Chicago and who utilized steel railroads.
- 3Easter Trunk LinesLong railroad lines made in a uniform size, as opposed to local lines.
- 4American Railroad AssociationDivided country into four time zones and adopted standard time to avoid scheduling conflicts.
- 5Jay GouldAfter various frauds that earned him a lot of money, he seized control over 15% of the tracks in America.
- 6Stock WateringPrice manipulation by strategic stock brokers of the late 1800s. The term for selling more stock than they actually owned in order to lower prices, then buying it back.
- 7RebateMoney return after a purchase. Rockefeller used it with railroad companies against him competitors.
- 8Pooling ArrangementAn attempt to control competition by sharing traffic - no success.
- 9Panic of 1893Forced a quarter of all railroad into bankruptcy. Bankers, including J. P. Morgan, were quick to take hold of the companies, stabilize them, and reduce rates.
- 10Reason for Rapid Financial Growth1. Abundance of raw materials.
2. Abundant labor supply (+immigrants)
3. Growing population and advanced transportation network.
4. Plentiful capital with European investors.
5. Labor saving technologies, many new patents.
6. Friendly government policies.
7. Talented entrepreneurs - 11Andrew CarnegieSelf made millionaire in the steel industry and philanthropist. Invented the vertical integration.
- 12Vertical IntegrationControlling all the stages of production, from mining to marketing.
- 13U.S. SteelCarnegie sold his company to Morgan's corporation, U.S. Steel, thus making it the first billion dollar company in the world, employing 168,000 workers and controlling 3\5 of the steel industry in the states.
- 14John D, RockefellerA tycoon in the oil industry, inventor of the horizontal integration.
- 15Horizontal IntegrationJoining competitor companies to create a monopoly.
- 16Standard Oil TrustRockefeller's company.
- 17Interlocking DirectoriesWhen competing companies' boards consist of the same people.
- 18J. P. MorganA banker capitalist.
- 19Bessemer ProcessA technology that made steel much cheaper. In it, air was blown into hot iron.
- 20Transatlantic CableIn that time, the first transatlantic cable (for telegraph messages) was laid.
- 21Alexander Graham BellInventor of the telephone.
- 22Thomas EdisonAn american inventor, had tons of patents. He is the one who created the modern laboratory, where people of different professions work together to create experiments and inventions. Its name was Menlo Park.
- 23George WestinghouseAn inventor who came up with the air railroad brakes and other stuff (electricity stuff)
- 24George EastmanInnovated photography, Kodak camera.
- 25R. H. MacyBuilt the first department stores in NYC.
- 26Mail-Order CompaniesSent catalogs to people who didn't live in the city, so that they could order products. The leading companies were Sears, Roebuck and Montgomery Ward
- 27Packaged FoodBecame more popular, together with refrigeration and canning. A famous meat packer was Gustavus Swift.
- 28Federal Land Grants and LoansThe government tried to empower the economic growth by giving loans and land grants. However, it was quite corrupt and, in some states, railroad companies held 75% of the land.
- 29Interstate Commerce ActAn attempt of the government to control the strong railroad businesses and their rebates and pools. It wasn't successful. (1887)
- 30Sherman Antitrust act of 1890An attempt to control businesses for the public good. It became more successful in controlling monopolies at the beginning of the next century.
- 31U.S. v. E. C. KnightCourt ruled that commerce acts didn't apply to mining and manufacturing. It shows the laissez-faire policy of the time.
- 32Causes for Labor Discontent1. Repetitive work without the marveling at the complete product.
2. Tyranny of the Clock
3. Dangerous work wnvironment - 33Iron Law of WagesAn idea devised by David Ricardo. Its principle was that if wages became higher it would be only worse for the workers.
- 34Anti-Union Acts-Lockouts
-Blacklists
-Yellow dog contracts
-Private Guards and Militia
-Court injunctions - 35Railroad Strike of 1877A huge cut in wages which led to a gigantic strike. However, it was well planned and the RR companies won.
- 36Knights of LaborA secret labor union that endorsed a social agenda as well: open to women and blacks as well. It endorsed also various reforms: 1. Worker cooperatives 2. Abolishing child labor 3. Abolishing trusts and monopolies
- 37Haymarket BombingA protest that turned violent when a few radicals threw a bomb at the police.
- 38American Federation of LaborLed by Samuel Gompers, had no social agenda, and it became the largest union by 1901, having a million members. Its goals were higher wages and better working conditions through organized walkouts until negotiation.
- 39Pullman StrikeA railroad strike that was broken with government intervention.
- 40Eugene DebsLeader of pullman strike and RR union. Put in jail and then joined the socialist party.
- 41Expanding middle classThe more the companies grew, the more middle managers were needed to sustain their organized formation. Thus, a middle class grew, and with it doctors and other service givers that were unavailable to the lower class.
- 42Women's Clerical JobsWomen started feeling previously male jobs, feminizing them and bringing the wages down.
- 43Protestant Work EthicThe presence of work and financial success is a sign of approval from god.
- 44Adam SmithCreated the laissez-faire idea of the invisible hand and that governments should not interfere with economics.
- 45Concentration of Wealth10% controlled 90% of the U.S. welath.
- 46William Graham SumnerA Yale sociologist who believed strongly in Social Darwinism.
- 47Gospel of WealthUsing religion to justify wealth, as Rockefeller said: "God gave me my riches"
- 48Horatio AlgerW
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- SAT2 U.S. History FlashCards sobre 16. The Rise of Industrial America (1865-1900) , criado por Moshe Polak em 09-03-2017.
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- Moshe Polak
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