exam 1 - unit 3 - chapter 18 Flashcards
business investors sought the latest ideas upon which they could capitalize both to transform the nation as well as
make a personal profit
what was our industrialization encouraged by
great britians industrial revolution
for both families and businesses, the new tech advances represented
a fundamental change in their way of life
who patented the telephone in 1876
alexander graham bell
what bell the first to invent the concept of the telephone
no, but he was the first to capitalize on it
what did bell create after securing the patent on the telephone
the national bell telephone company
what is the national bell telephone company now known as
at&t
who created the light bulb and was possibly the greatest inventor of the turn of the century
thomas alva edison
what did thomas edison famously say
he said that he “hoped to have a minor invention every ten days and a big thing every month or so”
what year did edison devote himself fully to be an inventor
1876
what else did edison invent
phonograph, mimeograph, motion picture projector, dictaphone, and the storage battery
what did edison create for other inventors
a factory dedicated to inventing, before that, inventors worked at home
the end of the 19th century was a period in history that offered tremendous ______ ______ to those who had the right combination of ____, ________, and ____
financial rewards
skill
ambition
luck
who believed that it was the job of the wealthy to give back in their lifetime to the greater community
andrew carnegie
whos success was built on the backs of ruined and bankrupt companies
rockefeller
who questioned the impact on the working class and the dangers of consolidating too much power and wealth into one individuals hands
progressive reformers
who sought wealth stricktly through the investment in and subsequent purchase of others hard work
j.pierpont morgan
who was a “robber baron” and built a massive estate and lived on it
cornelius vanderbilt
who insisted on up-to-date machinery and equipment and urged his men who worked at and managed his steel mills to constantly think of innovative ways to increase production and reduce cost
carnegie
what was “the gospel of wealth” by carnegie about
its about his belief that, given the circumstances of their successes, they should serve as benefactors to the less fortunate public. give back
carnegie was born into wealth t/f
f
was carnegie a steel or oil manufactuer
steel
was carnegie vertical or horizontal integration
vertical
was rockefeller a oil or steel manufactorer
oil
was Rockefeller vertical or horizontal
horizontal
rockefeller was ____ most of his life
rutheless
rockefeller developed a plan to ____ his competitors and create a true ______ in the refining industry
crush
monopoly
what is the growth via mergers and acquisitions of similar companies
horizontal integration
what is a trust
a small group of trustees possess legal ownership of a business that they operate for the benefit of other investors
who created the trust
rockefeller
who bought out carnegie in 1901
j. pierpont morgan
how much did carnegie sell for
$500 million
what did morgan create
the US steel corporation
what was US steel capitalized at
1.4 billion
what was the country’s first billion dollar firm
US steel corporation
who suffered the most from the inequity of their positions
factory workers
what was the results of factory owners having no restrictions
employees had long hours in dehumanizing and poorly paid work
did the acts of protest and violence from overwork workers gain any lasting positive effects
no
the century ended with the majority of american laborers unrepresented by any ____ or _____. leaving them vulnerable to the power wielded by factory ownership
collective or union
what was an average factory work week
60 hours, 10 hours per day, 6 days per week
what was the average steel mill work week
12 hrs a day, 7 days a week
how many americans lost their lives and were injured on the job as late as 1913
25,000 lost their lives
7000,000 injured
what was fredrick taylors principles of scientific management
stop-watch managementt
what was stop watch management
they used stop watch studies to divide manufacturing tasks into short repetitive segments
why were children hired to work
they were small enough to hit among the machines and could be paid for a fraction of an adult mans pay
from 1870 to 1900, child labor…
tripled
what did the knights of labor do
they let unskilled workers into a union. people who were not skilled and could do a simple job
what brought down the KOL
haymarket affair
anarchist
someone who doesn’t trust any form of gov
what was the haymarket affair
there was a quiet protest and when police arrived someone threw a bomb into the police, killing one officer and injuring one
how many anarchists at the protest were charged with murder
7
who did the press blame for the haymarket affair
the KOL and the powderly
the kol saw their member ship decline to barely ________ by 1886
100,000
what company only allowed skilled workers
american federation of labor
who led the american federation of labor
samuel gompers
what happened if skilled workers went on strike
they would have more powerful of an impact bc they are harder to replace
read the homestead and pullman strikes
what led to a rise in advertising
americans had more options; mail order, department stores
advertising between businesses began to grow bc of
more options
