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Flashcards in Industrialization Quiz 3 Deck (61):
1

What did Alexander Grahm Bell do?

invented telephone in 1876

2

What did Thomas Edison do?

"Wizard of Menlo Park"
versitile but known for electric light bulb

3

What did J P Morgan do?

Banker/Financer
Orchestrated deals in RR, insurance, and banking
Bought Carneige's steel operation for $400 million
Started US Steel Company
Greedy

4

What did John Rockefeller do?

Standard Oil Company 1882
Horizontal integration
crushed competitors

5

Who was Andrew Carneige?

Poor irish immigrant who lived in Pittsburg and worked for a steel company
By 1900, he produced 1/4 Bessuer steel and made $25 million
Vertical Integration

6

What did Cornelious Vanderbuilt do?

Created NY Central RR
very successful

7

What is vertical integratio?

Bought out and controlled all aspects of industry

8

What is horizontal integration?

allied or bought companies to monopolize

9

What is a uion?

unity of common thinkers (strength in #s)

10

What is the Bessemer Process?

produce steel cheaper and economically

11

What is the internal combustion engine?

Petroleum based engine to run planes and cars

12

What is Gospel of Wealth?

newly rich should give money to poor to help society

13

What is plutocrocy?

government by the wealthy

14

What is interlocking directorates?

creaded by Rockefeller
placed his own men on the board of directors at other companies to gain influence and reduce competiton

15

What are trusts?

monopoly corporation

16

What is Labor Day?

created to keep strikes under control in 1884

17

What are ironclad oaths?

workers were banned from joining unions

18

What are yellow day contacts?

workers were banned from joining unions

19

What was the Haymarket bombing?

1886
explosion in Chicago that hurt Knights of Labor

20

What is hte Sherman Anti Trust Act?

forbade combinations (pools, trusts, directorates) in restraint to trade without any distinciton whether or not they were good or bad

21

What is the National Labor Union?

1886
excluded chinese, women, and blacks
argued for 8 hour workdays

22

What was the Knights of Labor

1869-1881
Secret union
simular to National Labor Unions
it only barred liquor dealers, bankers, professional gamblers, lawyers, and stock holders
advocated social and economical reform
won strikes for 8 hour wrok days
Led by Powderly

23

What was the American Federation of Labor?

self governing nations; each kept their independence
1866
Samuel Gompers founded it

24

What was the Pittsburg Plus?

designed by steel lords
kept the south at an economic disadvantage in the steel industry

25

What was Closed shop?

emplorers agree to only hire Union members
Members must remain in Union to keep their jobs

26

What was the Colored Labor Union?

Black labor organization in 1860s

27

What is a Captain of Industry?

Positively impacted Industrial Rev

28

What is a Robber Baron?

Negatively impacted industrial rev

29

CR: Andrew Carneige donating most of his money to fund libaries, schools, and employees?

C

30

CR: JP Morgan posititvely enhancing the US steel to compete globally

C

31

CR: Carnegie and Frick dectectives to protect strikers. Ten men were killed and hundreds were injured

R

32

CR: J P Morgan loaned $65 mill to gold to safeguard the collaps of the government

C

33

CR: Vanderbuilt cut shipping rates to the point other competition was cut off

C

34

CR:Hill donated seed, grain, and cattle to farmers who were affected by depression

C

35

CR: Rockefeller often resorted to using spies and extortion to influence rr to work in his gavor by offering him kickbacks and rebates that were dienied to his competitiors

R

36

In 1869, Gould and Fish cornered the gold market by briibing US treasury secretary to drive up price of gold

R

37

By 1890, 75% of US wealth was held by the richest 9%

C

38

Between 1860-1890, the US patent office issued over 400,000 patents

C

39

Which Industry was considered a catalyst of economic growt during the Gilded Age?

RR

40

What was the population of Chicago and NYC in 1900?

1,700,000
3,000,000

41

What year was Birmingham AL founded?

1871

42

What industry was Birmingham built on?

steel

43

How were workers treated during the Gilded Age?

Forbiden to strike
paid low wages
forced to work long hours
working conditions were bad

44

What were some methods used by buisness men to create monopolies nd increase profits?

manipulating stock market
bribing politicians and officials
cheating stock holders
ruining competition

45

What industry did Carnegie control?

Steel

46

What industry did Gould control?

RR

47

What industry did Rockefeller control?

Oil

48

What industry did Morgan control?

Banking

49

What was the Gilded Age?

post civil war era

50

what is a catalyst?

speed up purposly

51

wwhat is a dynmo?

electric generator

52

What is unscrupulous?

not having moral or ethnic standards

53

What is recession?

economic depression

54

What is gross nationl product (GNP)

the total monetary value of all final goods and service produced in a company for one year

55

What is a entrepreneur?

Busness founder

56

What is a trust?

a group that gets together to monopolize

57

When does the Civil War end?

1865

58

When was Standard Oil founded?

1870

59

When did Edison invent the light bulb?

1879

60

When was the Interstate Commerce Act passed?

1887

61

When was the Homestead Strike?

1892