history test 1

Question 1

why did industrial revolution begin?

Answer 1

bc industries were huge and expensive, to raise capital

Question 2

stock

Answer 2

• small amounts possible
• transferrable
• 1000s of ppl can buy it, which adds up

Question 3

limited liability

Answer 3

when you invest, you’re not liable for any damage the corporation may cost

Question 4

what is a corporation

Answer 4

legally, a corporation = a person

Question 5

hierarchy of corporations

Answer 5

employees > CEO/management > board of directors > stockholders

Question 6

vertical integration

Answer 6

when a company takes over all the different businesses on which it relies for its primary function

Question 7

horizontal integration

Answer 7

when a corporation combines a number of firms engaged in the same enterprise into a single corporation (consolidation. for ex. many different railroad lines into one company. one cam buy out competitors)

Question 8

monopoly

Answer 8

when a company takes dominating control of a section of the market//industry

Question 9

holding company

Answer 9

central corporate body that would buy up the stock of various members and establish direct, formal ownership of them

Question 10

gospel of wealth

Answer 10

• developed in response to social darwinism
• ppl of great wealth had not only great power but also great responsibility to use their $ for social progress
• andrew carnegie said ppl should consider any $ in excess of own needs = trust funds

Question 11

lester frank ward

Answer 11

• civilization not governed by natural selection buy by human intelligence, which could shape society
• believed an active gov’t trying to make positive change = society’s best hope

Question 12

edward bellamy

Answer 12

• wrote book about person who fell asleep and woke up in the yr 2000
• believed in new society created by peaceful evolutionary process: single large trust controlled by gov’t (which distributes abundance of industrial econ. equally among ppl) instead of lots of trusts
• he called it nationalism

Question 13

social darwinism

Answer 13

• idea that ppl who succeeded deserved their success
• ppl who didn’t were bc they were lazy, stupid, etc.
• misapplication of darwinism
• appealed to leaders bc it legitimized their success

Question 14

commodore vanderbilt

Answer 14

• consolidated large railroad companies into one

- name associated with excessive corporate power

Question 15

*study IMPACT OF THE I.R. ON SOCIAL CLASSES

Answer 15

in notes, friday 9. 12. 14

Question 16

mobility

Answer 16

ability of someone to move from one class to another

Question 17

symbols of middle-class

Answer 17

• piano

- souvenir from travel

Question 18

identity

Answer 18

• there is not only class identity, but gender, race, nationality
• tensions within a class about gender, etc.
• tried to eliminate tensions so a group could form union

Question 19

school rates&raquo_space; jobs during 1910ish

Answer 19

• 10% graduated from high school&raquo_space; middle-class/white-collar jobs
• most ppl dropped out cuz higher education not necessary&raquo_space; blue-collar/working class

Question 20

molly maguires

Answer 20

militant labor organization in coal region that used lots of violence (sometimes instigated by owners who wanted excuse to suppress unionization)

Question 21

knights of labor

Answer 21

• first effort to create national labor organization
• open to all
• wanted 8hr work day, abolition of cild labor
• worked on long- range reform of econ.
• died out

Question 22

american federation of labor (AFL)

Answer 22

• large national union that consisted of lots of autonomous local unions that had their own independence and power
• focused on immediate reform
• came after knights of labor

Question 23

samuel gompers

Answer 23

leader of AFL who focused on immediate objectives

Question 24

haymarket bombing

Answer 24

• strike held in haymarket square
• someone through bomb that killed police
• lots of violence ensued
• ppl wanted to see punishment
• 8 scapegoats

Question 25

union

Answer 25

workers within a single corporation united to petition for better working rights

Question 26

homestead strike

Answer 26

- Amalgamated Association (of iron and steel workers) was powerful trade union - demand for skilled workers declined - they only maintained foothold in homestead plant - henry clay friiickk kept cutting wages, union didn't do anything bc they knew they weren't strong enough, but finally they decided to hold a strike - friickk called in guards (pinkerton) and hired nonunion workers - amalgamated technically won - after that, troops were sent in - eventually, after a radical tried to kill friiickk, public opinion went down, they shrunk

Question 27

henry clay frick

Answer 27

- person trying to suppress amalgamated in homestead strike - he cut wages, which caused strike - he brought in troops to suppress

Question 28

pullman strike

Answer 28

- pullman palace car company had town for workers - cut wages without reducing rent - workers went on strike - transportation was paralyzed bc no workers - governor was sympathetic, didn't call out militia - president got involved, sent troops to chicago area - strike quickly collapsed

Question 29

role of gov't in homestead strike

Answer 29

- when friickkk shut down plant, he called for guards | - they came to aid and attempted to suppress amalgamated

Question 30

3 labor weaknesses

Answer 30

1. not much solidarity bc of tensions with race, nationality, gender, etc. 2. not many held permanent jobs >> immigrants planned to return home, a lot ppl moved from place to place 3. corporate organizations had too much $ and power, had support of all levels of gov't

Question 31

*DON'T FORGET

Answer 31

THE FIRST PAGE, LOOK THROUGH BOOKS FOR INVENTION-Y STUFF

Question 32

role of gov't in pullman strike

Answer 32

- when governor refused to call militia, pres. grover cleveland got involved and ordered troop to chicago area - fed. court issued order forbidding union to strike - when they defied, they were arrested and imprisoned - federal troops protected hiring of new workers after that

Question 33

alexander graham bell

Answer 33

developed first phone with commercial capacity

Question 34

impact of electrical power

Answer 34

improved generators, large power plants to furnish electricity to whole city, electric power become commonplace in streets, factories, offices, homes (edison and brush)

Question 35

bessemer process

Answer 35

- process for converting iron into more durable and versatile steel - blows air through molten iron to burn out impurities - made possible steel use in great quantities

Question 36

blast furnaces

Answer 36

- usually iron and steel furnaces were built into hills - cylindrical iron shells with brick - taller, could produce much more metal per week

Question 37

new transportation systems

Answer 37

- new steam engines to speed unloading of ore | - emergence of railroads due to steel companies

Question 38

rise of the petroleum industry

Answer 38

- lubrication for machines - discovered it can be used in many products - first oil well - industry became big

Question 39

henry ford

Answer 39

car??

Question 40

the wright brothers

Answer 40

- glider that can be propelled by internal-combustion engine - eventually began taking passengers - commercial flight didn't become big until much later