Unit 12 Flashcards
monetary assistance usually paid to individuals or businesses by government to reduce the costs of purchases
subsidy
making everything the same (like gauges of railroad track)
standardization
major railway line between large cities
trunk line
one of the 1st businessmen to build trunk lines and standardize RR tracks (NY to Chicago)
Cornelius Vanderbilt
process by which blasted air through molten iron made stronger steel
Bessemer Process
steel magnate whose steel company used vertical integration to control every phase of the steelmaking process; became major philanthropist after selling company
Andrew Carnegie
someone who gives away their own money to charity
philanthropist
businessman who bought Carnegie Steel in 1900 for $400 million and formed US Steel
J. P. Morgan
largest company in the world in 1900; 1st billion dollar company
US Steel
formed Standard Oil and utilized horizontal integration
John D. Rockefeller
process by which one company buys out all other companies within the same industry (example: Standard Oil buys up all other oil companies)
horizontal integration
process by which one company buys up all other companies RELATED to the production of the parent company’s product (example: Carnegie Steel buys up iron ore mining company, railway company, and steel distributors)
vertical integration
negative term used to describe rich capitalists who were supposedly “robbing” the common man by making millions off products they sold
Robber Barons
Prohibited any “combination” or “conspiracy” that restrained trade or commerce; never enforced
Sherman Anti-trust Act (1890)
idea that said business should NOT be regulated by govt, BUT instead by laws of supply and demand
laissez faire (“let it be”
idea that said rich people were more “fit” of human species; poor people were “unfit”; said welfare would hurt human species by preserving the “unfit”
Social Darwinism
idea that said God wanted rich to be rich; proof was that He gave them superior work ethic
“Gospel of Wealth”
invented telegraph
Samuel Morse
invented telephone
Alexander Graham Bell
invented phonograph, light bulb, generator; set up research facility at Menlo Park, NJ
Thomas Edison
idea that to increase efficiency, large jobs were broken into small steps and workers did one thing ALL day
Scientific management/Taylorism
union that tried to unite all workers in USA and won 8 hour day for federal govt employees
National Labor Union, 1866
union led by Terence Powderley; desired socialist society (more radical); included African-Americans and women
Knights of Labor, 1869
union led by Samuel Gompers; concentrated on wages and working conditions (less radical); skilled, white, males
American Federation of Labor