Chapter 17 Flashcards
2nd Industrial Revolution
also known as the Technological Revolution, was a phase of rapid industrialization (electricity, steel, transportation improvements) in the final third of the 19th century and the beginning of the 20th.
Invention of Telephone
1876 by Alexander Graham Bell
Invention of Radio
1901 by Guglielmo Marconi
Invention of Typewriter
1878 by Christopher Latham Sholes
Invention of Cash Register
1879 by James Ritty
Invention of Electricity (light bulb)
1879 by Thomas Edison
Invention of Airplane
1903 by Wilbur and Orville Wright
an American mechanical engineer who sought to improve industrial efficiency. Summed up his efficiency techniques in his 1911 book The Principles of Scientific Management.
Frederick Winslow Taylor
the principles or practice of scientific management
“Taylorism”
an American captain of industry and a business magnate, the founder of the Ford Motor Company, and the sponsor of the development of the assembly line technique of mass production.
Henry Ford
generally regarded as the first affordable automobile, the car that opened travel to the common middle-class American; some of this was because of Ford’s efficient fabrication, including assembly line production instead of individual hand crafting
Model T
where a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment in a company or partnership. If a company with limited liability is sued, then the claimants are suing the company, not its owners or investors.
limited liability
an American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and Henry Flagler as a corporation in Ohio, it was the largest oil refinery in the world of its time.
Standard Oil
an American multinational conglomerate incorporated in New York and headquartered in Boston, Massachusetts. As of 2018, the company operates through the following segments: aviation, healthcare, power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, and oil and gas. (Thomas Edison)
General Electric
a Scottish-American industrialist, business magnate, and philanthropist. He led the expansion of the American steel industry in the late 19th century and is often identified as one of the richest people. His 1889 article proclaiming “The Gospel of Wealth” called on the rich to use their wealth to improve society, and stimulated a wave of philanthropy.
Andrew Carnegie