USHH Gilded Age Flashcards
(81 cards)
What was the Gilded Age?
The Gilded Age occurred from the 1870s to 90s, characterized by high-level production and a switch from laissez-faire due to the need for government involvement.
What factors contributed to the occurrence of the Gilded Age?
Innovation, immigration, availability of raw materials, and less government intervention with businesses.
What was the 2nd Industrial Revolution?
A period marked by industrial growth in the US, UK, and Germany, set by the Civil War and the expansion of railroads.
What were some technological advancements during the 2nd Industrial Revolution?
Steel and petroleum production, high tariffs to protect industries, and the construction of skyscrapers.
What was the impact of the transcontinental railroad?
It spurred industrialization and urbanization, interconnected the country, and facilitated easier transportation of goods.
What was the Pacific Railway Act?
Congress granted money and land to Union Pacific and Central Pacific to build the transcontinental railroad.
Who built the Union Pacific Railroad?
The Union Pacific Railroad was built westward from Omaha, primarily by Irish immigrants.
What was Credit Mobilier?
A scandal where Union Pacific overcharged for work and engaged in corruption by bribing government officials.
Who built the Central Pacific Railroad?
The Central Pacific Railroad was built eastward from Sacramento, primarily by Chinese immigrants.
Who was Leland Stanford?
A robber baron who played a significant role in building the transcontinental railroad.
Who was Cornelius Vanderbilt?
Known as the ‘father of the railroad,’ he used railroad pools to create competition.
What was the significance of the Munn v. Illinois case in 1877?
The Supreme Court ruled that states had the right to regulate businesses of a public nature, such as railroads.
What was the Wabash case of 1886?
The Supreme Court ruled that states could not regulate interstate commerce, only the federal government could.
What was the Interstate Commerce Act?
The first large-scale legislation to regulate corporations, requiring railroad rates to be just and establishing the ICC.
What was the role of the Interstate Commerce Commission (ICC)?
A federal regulatory agency that governed the rules and regulations of the railroading industry.
What inventions did Thomas Edison create?
Edison created the phonograph, motion picture camera, and lightbulb.
What is vertical integration?
A business strategy where companies control the entire supply chain to avoid dependence on others.
Who was Andrew Carnegie?
A Scottish immigrant known as the father of the steel industry and a philanthropist who supported public libraries.
What did Gustavus Swift invent?
He invented the refrigerated train car, revolutionizing the meatpacking industry.
What is horizontal integration?
A business strategy where companies own all their competition by buying them out or running them out of business.
What are trusts?
Organizations that manage the assets of other companies, often with a single director managing rival companies.
Who was John D. Rockefeller?
The owner of Standard Oil, known for creating a monopoly and using horizontal integration.
What was the Sherman Anti-Trust Act?
Legislation aimed at regulating trusts, initially ineffective but used to break down corporations.
What was Henry Grady’s vision for the New South?
A vision for a self-sufficient economy in the South with capitalist values, industrial growth, and improved race relations.