chapter 16 Flashcards
(15 cards)
Industrialization
The late 19th century saw rapid industrial growth in the U.S., driven by technological advancements, an expanding workforce, and increased production efficiency.
Gilded Age
A period from the 1870s to early 1900s marked by economic growth, political corruption, and stark wealth inequality, as big businesses thrived while many workers struggled.
reasons for economic growth
Reasons for Economic Growth – Factors included abundant natural resources, a growing labor force due to immigration/post war, advancements in technology, and a pro-business government.
railroads
Expanded transportation networks connected markets, facilitated westward expansion, and spurred industrial growth by lowering costs and increasing production.
Corporations
Large businesses formed corporations to raise capital through stock sales, reducing individual liability and enabling massive expansion.
Sears and Roebuck
A pioneering mail-order company that revolutionized retail by making a wide variety of goods accessible to rural Americans through catalogs.
Jane Addams
A social reformer who co-founded Hull House in Chicago to help immigrants and the poor, advocating for labor rights and social justice.
Thomas Edison
An inventor who developed the electric light bulb, phonograph, and motion pictures, greatly influencing modern industry and daily life.
John D. Rockefeller
Founder of Standard Oil, he dominated the oil industry through monopolistic practices, becoming one of the wealthiest individuals in history.
Standard Oil
Rockefeller’s oil empire, which controlled nearly 90% of U.S. oil refining, using horizontal and vertical integration to eliminate competition.
Andrew Carnegie
A steel magnate who used vertical integration to control the steel industry, later becoming a major philanthropist promoting education and libraries.
Mother Jones
A prominent labor activist who fought for workers’ rights, child labor laws, and better conditions for coal miners.
Haymarket Riot
A violent labor protest in Chicago in 1886 that turned deadly when a bomb exploded, leading to anti-labor sentiment and a crackdown on unions.
Homestead Steel Strike
A violent 1892 labor dispute at Carnegie Steel’s Homestead plant, where striking workers clashed with private security, leading to deaths and a setback for labor unions.
Holding company
A business structure where a corporation owns enough stock in other companies to control them without merging, often used to form monopolies.
