Chapter 13 Flashcards
Time zones
1880s
24 time zones
Because of trains and railroad lines
Bessemer process
Makes steel affordable
Needed for railroads, bridges, skyscrapers
Laissez-Faire
Allowed businesses to operate under minimal government regulation
Andrew Carnegie
Steel
Rags to riches
John D. Rockefeller
Oil
Horizontal integration
Lower prices to buy competitors out of business then buy them out then raise the prices
Rockefeller first to use this
Ohio state law- prevents one company from owning another, Rockefeller couldn’t buy out competitors
Vertical integration
Increased power by gaining control of many different businesses, companies reduce cost and charge higher prices to competitors
No middle man
“Natural selection”
Only the fittest survived to reproduce
“Robber barons”
Shared capitalist
Rich wealthy men that cheat Americans out of things, workers live bellow poverty level
Why was Bill Gates in court?
Monopoly
Social Darwinism
Declared wealth was a measure of ones inherent value and those who had it were the most “fit”
Used to justify beliefs and conditions
Trust=
Monopoly
ICC
Interstate commerce commission
Oversee railroad operations
Sherman Antitrust Act
Outlawed any trust operated “in restraint of trade or commerce among the several states”
Sweatshops
Small, hot, dirty, dark workshops