Industrial Revolution Flashcards
(38 cards)
Andrew Carnegie
Owned a steel company and created a steel plant in pittsburg PA. He had verticle integration over the process of making steel.
John D. Rockafeller
Known for oil. Put many companys out of business
J.P. Morgan.
A big banker. Took over many businesses such as CArnegie steel and created US steel corp
Henry Ford
Created his own car brand. Used the assembly line to create his cars
George Pullman
made sleeping cars, lavratories, and dining cars
George Westington
Made airbrake so one person can stop the train at once
Cornelius Vanderbilt.
Railroads. Created Networks with rail roads.Created Time zones
Terence Powderly
made union for skilled and unskilled workers from all sorts of life. Head of knights of labor union
verticle integration
controlling all aspects of the industry from raw materials to finished prducts such as iron mines, railroad,steamship lines,and warehouses.
Bessemer process
produced strong steel at a lower cost,this allowed steel to be more commonly used in items like nails,screws,needles,and skyscrapers
consolidation
combining of like businesses
standerized
everything is the same
network
linking of railroads
time zones
networks create the need for time zones
pools
companys come together to charge the same price
rebates
discounts only for the best costumers
effect of railroads on economy
helped grow the economy and made more jobs for people to have
gospel of wealth
rich should give to the poor
divedends
small portions of a companys profit
trust
group of corparations
free enterprise system
private induviduals own businsesses
monoply
one seller owns all forms of business
triangle fire
fire that killed many girls in the workplace. Made fire safety better
pullman strike
resulted in violence