Chapter 24 Flashcards
During the Gilded Age, most if the railroad barons
built their railroads with federal land grants and loans
The greatest economic consequence of the transcontinental railroad network was that it
united the nation into a single, integrated national market.
The greatest single factor helping to spur the amazing industrialization of the post-Civil War years was
the railroad network
The United States changed to standardized time zones when
the major rail lines decreed common fixed times so that they could keep schedules and avoid wrecks
The two industries that the transcontinental railroads most significantly expanded were
mining and agriculture
Early railroad owners formed pools in order to
avoid competition by dividing business in a particular area
In the case of Wabash, St. Louis, and Pacific Railroad Company V. Illinois, the U.S. Supreme Court held that state legislatures could not regulate railroads because
railroads were interstate businesses and could not be regulated by any single state
One of the most significant aspects of the Interstate Commerce Act was that it
represented the first large-scale attempt by the federal government to regulate business
The single largest source of a critical raw material that fueled early American industrialization was the
Mesabi iron range of Minnesota
The vast, integrated, continental U.S. market greatly enhanced the American inclination toward
mass manufacturing of standardized industrial products
Two technological innovations that greatly expanded the industrial employment of women in the late nineteenth century were the
typewriter and the telephone
Andrew Carnegie
vertical integration
John D. Rockefeller
trust
J.P. Morgan
interlocking directorate
Andrew Carnegie
steel
John D. Rockefeller
oil
J.P. Morgan
banking
James Duke
tobacco
America’s first billion-dollar corporation was
United States steel
The first major product of the oil industry was
kerosene
Believers in the doctrine of “survival of the fittest” like Herbert Spencer and William Graham Sumner, believed that
the wealthy deserved their riches because they had demonstrated greater abilities than the poor
To help corporations, the courts ingeniously interpreted the Fourteenth Amendment, which was designed to protect the rights of ex-slaves, so as to
avoid corporate regulation by the states
The Sherman Anti-Trust Act prohibited
private corporations or organizations from engaging in “combinations in restraint of trade”
During the age of industrialization, the South
remained overwhelmingly rural and agricultural
