Chapter 18 - Industrialization and the Rise of Big Business Flashcards
(14 cards)
What is the main focus of Chapter 18?
The chapter focuses on how technological inventions and the rise of big business transformed the U.S. economy and society between 1870–1900, while also examining the struggles of laborers and the birth of consumer culture.
What role did inventors play in industrialization during the late 19th century?
Inventors created transformative technologies—especially in communications, electricity, and steel—that fueled industrial growth and changed everyday life.
Who were the key industrial tycoons and what were their contributions?
Andrew Carnegie (steel), John D. Rockefeller (oil), and J.P. Morgan (finance) were instrumental. They used strategies like vertical/horizontal integration and trusts to build large, powerful corporations.
How did industrialization affect workers?
It led to poor wages, long hours, and unsafe conditions. Early labor unions like the Knights of Labor and AFL emerged to advocate for workers’ rights, despite public opposition and violent clashes.
What characterized the new consumer culture of the late 1800s?
Increased production, advertising, and availability of consumer goods led to a culture centered around material consumption, spurred by department stores, catalogs, and branding.
What is “scientific management”?
A method by Frederick Taylor emphasizing efficiency and productivity through breaking work into tasks.
Define “social Darwinism”.
A theory that applied natural selection to society, suggesting the fittest individuals or businesses would naturally succeed.
What is a “trust” in business?
A legal arrangement allowing trustees to manage assets or companies for investors, often used to create monopolies.
What is vertical integration?
A strategy where a company controls all stages of production from raw materials to finished goods.
What was the Haymarket affair?
A rally and riot in 1886 in Chicago where a bomb killed several policemen at a peaceful workers’ rights rally.
What is a holding company?
A central corporate entity that controls multiple companies by holding the majority stock in each.
What is horizontal integration?
A growth method where a company merges with or acquires similar companies.
Who were the Molly Maguires?
A secret group of Pennsylvania coal miners using scare tactics to highlight miners’ issues.
What does the term “robber baron” refer to?
A negative label for wealthy businessmen who profited during the late 19th-century railroad boom.
