Ch18 and a bit of ch17 Flashcards
Manufacture of capital goods fueled the income growth; _________ was the critical element
Steel production
American economy experienced unprecedented growth and per capital income rose nearly ___ between 1877 and 1900
50%
Between 1865 and 1900, RR tracks increased from _______ miles to approx. __________ miles
35,000
193,000
RR’s helped immensely by ______ and __________,
example; through land grants and money
States
The US government
Gilded age
A period of enormous economic growth and ostentatious displays of wealth during the last quarter of the 19th century
Cornelius Vanderbilt known as the _________, owned as the New York central RR
“Commodore”
Who controlled Eerie Railroad and Western Union Telegraph company
Jay Goald
George Westinghouse created the _________
Air Brake
When is the Transcontinental railroad line finished and where
1869
At Prom on-by Point, Utah
What were 2 key developments of steel production
1) Bessemer converter (mass produce steel)-made by Henry B.
2) Turbine engine
Who dominated the steel industry
Andrew Carnegie
US steel was created from the company of ________
Andrew Carnegie
Andrew Carnegie donated over ____
$350 million
Who dominated the oil industry, especially refinement
And he founded standard oil
John D. Rockefeller
John D. Rockefeller donated over _____
$520 million
Industrialists created ________ that eliminated competition
Monopolies
Use of ________,_______, and ________ companies also provided advantages for the industrialists
Rebates, trust and holding
Trust
A system in which the corporation gives shares of their stock to trustees who hold the stock ‘in trust’ for their stockholders
Rebates
A deduction from an amount to be paid or a return of part of an amount given in payment
Holding company
Company or firm that owns other companies outstanding stock
Who invented the lightbulb
Thomas Edison
What did Alexander Graham Bell invent?
“Centennial transmitter”
In 1900: _____ becomes the dominant communications carrier in the US
AT&T
JP Morgan was a:
Wall Street investment banker
How did JP Morgan restore order to the RR industry?
By consolidating them into 6 regional systems
JP Morgan hated wasteful competition and pioneered business ________
Mergers
In 1901; JP Morgan purchased __________
For approx: _____
Carnegie Steel
$500 M
After JP Morgan purchased the company he created _______; the first billion dollar corporation
U.S. Steel
“Social Darwinism”
Applied the theories of species evolution and “fitness” to business and society
Justified economic inequality as a positive good
What were some disciples of “Social Darwinism”
Herbert Spencer in Britain and William Graham Summer in the U.S.
“Gospel of wealth”
Wealthy have an obligation to better society
Climate of tolerance- growth of Big business aided by the following factors:
- Govt.’s Policy of laissez faire
2. Supreme Court’s interpretation of the fourteenth amendment, corporations=persons
Political campaigns during the Gilded age drew __________
Record turnouts
Why did political campaigns draw a record turnout?
Patronage (spoils system very influential); ethnic and religious loyalties
“Waving the bloody shirt”
1892 campaign cartoon showing Uncle Sam denying entry to the White House to the democratic candidates in favor of the republican candidates
Although the _______ still voted democrat, at the state and local levels political loyalties shifted and new groups emerged
Ex: “Readjusters”
“Solid South”
“New south”
Post-reconstruction south became more diversified economically, although agriculture was still dominant
In national politics, _______ replaced class as the dominant issue for determining citizenship
Gender
Jim Crow laws
System of racial segregation
Jim Crow laws segregated African Americans from _________
Public facilities
Jim Crow laws
_______ voting rights and _______ other basic civil rights
Curtailed and denied
(Readjusters)
Coalition of African Americans and whites determined to lower the state debt and more money on _________
education
(Readjusters)
Universal political rights for all ________ but continued segregation in private
males
Democrats fight back-
Issue w/racial mixing- protect womanhood
(Threatening of white southern womanhood)
Reached apex with ________
Lynching