Chapter 14: 2nd Industrial Revolution Flashcards
(45 cards)
bessemer process
“air boiling”; purified steel to make America the world’s top producer; super hot air to take impurities out
Henry Bessemer
Bessemer process
Edwin L. Drake
first commercial oil well
wildcatters
oil prospectors
capitalism
competition determines price and wages
laissez faire
capitalism with no government intervention
social darwinism
Charles Darwin; applied to society; stronger businesses survive, weaker fail
proprietorship
small business; one person
partnership
two or more people involved in the company; all liable
corporation
businesses owned by stockholders; board of directors
monopoly and trust
companies merge; board or trustees who run as single entity; complete control of industry
John D. Rockefeller
vertical and horizontal integration; oil company
vertigal integration
own every step of the process
horizontal integration
only own one step of the process
Andrew Carnegie
used profits from businesses to do his company; steel company; vertical integration; Gospel of Wealth (wealthy help less fortunate)
Cornelius Vanderbilt
investing in railroads; New York Central; 4,500 miles of track by the height of his career; donated 1 million to university
George Pullman
made sleeper cars; built town south of Chicago to house workers to make happier
George Westinghouse
invented train air brakes; made ac in the household; formed electricity and manufacturing company
Phillip Armor
investor in meat packing; head of Armors Company
duPont
began as gunpowder manufacturer; hierarchal managerial structure; shifted to chemicals, textiles, and kevlar
kevlar
stabproof fabric
Gustaves Franklin Swift
began as butcher; refrigerated train cars; advertised to win public confidence; 1st of antitrust prosecutors for price fixing
Milton Hershey
failed 3 times as a candy maker; Lancaster Caramel Company; sold company of chocolate factory for milk chocolate; formed Hershey, PA
J P Morgan
joined Vanderbilt and secured seat in NYCBOD; merge of Edison General Electric and Thomas-Houston Company; money maker for all the other rich people