471-492 Flashcards
wages that have been adjusted for inflation
real wages
Steel baron, asserted the Gospel of Wealth—that as guardians of society’s wealth, he and other industrialists had a duty to serve society. He donated more than $350 million to libraries, schools, peace initiatives, and the arts.
Andrew Carnegie
was an American oil driller, popularly credited with being the first to drill for oil in the United States.
Edwin Drake
founder of Standard Oil
John D. Rockefeller
financed the most spectacular U.S. Steel Corporation, in 1901. Made up of iron-ore properties, freight carriers, wire mills, and other firms, it was capitalized at over $1.4 billion (more than $35 billion in current dollars).
J. P. Morgan
informal alliances consisting of cooperative agreements among firms making the same product or offering the same service, competing companies tried to control the market by agreeing how much each should produce and sharing profits to combat downward business cycles
Pools
another means of dominating the market. a legal arrangement whereby a responsible individual would manage the financial affairs of another person who was unwilling or unable to do so. Developed by Dodd
Trust
were a series of laws passed in Southern states after the American Civil War to regulate grain, railroad freight rates and to address long- and short-haul discrimination.
“Granger” laws
designed to regulate the railroad industry, and its monopolistic practices. It required railroad rates to be “reasonable and just.It created a federal regulatory agency which it charged with monitoring railroads to ensure that they complied with the new regulations. The Act was the first federal law to regulate private industry in the United States
Interstate Commerce Act / ICC
the law made illegal “every contract, combination in the form of trust or otherwise, or conspiracy in the restraint of trade.” Those found guilty of violating the law faced fines and jail terms, and those wronged by illegal combinations could sue for triple damages
Sherman Anti-Trust Act
nutritionist and manager of the Western Health Reform Institute in Battle Creek, Michigan, began serving patients health foods, including peanut butter and wheat flakes.
John Kellogg
invented corn flakes
William Kellogg
introduced Grape-Nuts, replacing breakfast eggs, potatoes, and meat with supposedly healthier cereal.
Charles W. Post
Department store in Philadelphia
Wanamaker’s
founded in 1859, became the first grocery chain. the stores bought in volume and sold to the public at low prices. By 1915 there were eighteen hundred stores, and twelve thousand more over the next ten years
Great Atlantic & Pacific Tea Co
