Gilded Age Flashcards
Gilded Age
1865-1900, by Mark Twain
Second Industrial Revolution
War increased production, became economic powerhouse
Rise of Industry Workforce
Population tripled with more immigrants
Rise of Industry Free Enterprise
Capitalism- individuals own most businesses, laissez faire- hands of from businesses
New inventions telephone
Alexander Graham Bell, 1876, women were secretaries
New Inventions Light Bulb & Technology
Thomas Edison, created general electric company
George Westinghouse- electricity over long distances
Bessemer Process
efficient & cheaper way to make stronger steel
Railroads
Time zones help with scheduling, transport goods, Mass production- lots of products quickly resources in factories
Corporations
Group of ppl who share ownership of business, businesses grew larger
Monopolies
Formed by large company who buys an entire product, makes prices
Trusts
Merging businesses together, under 1 control, small businesses were out of business
JP Morgan
Influential financial banker, made holding companies,, bought stock from railroads, controlled 1/2 of RR mileage
Cornelius Vanderbilt
Worked with steamships & RR, standardized size, made RR monopoly
John D Rockefeller
Founded standard oil, controlled 90% of oil, horizontal integration
Horizontal integregation
Gaining control of business that make same product (oil)
Andrew Carnegie
Scottish immigrant, found US steel company, used Bessemer & vertical integration
Vertical integration
Gaining control of businesses that make up all parts of products development
Robber Barons
bad description of men who formed monopolies & trusts, hurt consumers, low wages
Captains of industry
good description to same men, provided jobs, built economy, made universities, museums, libraries
Gospel of Wealth
1889 written by Carnegie, businessmen have responsibility to give $ away, & spent better from rich
Social Darwinism
Survival of fittest for ppl, rich were successful & better fit, poor were less fit
Old immigration
Northern western Europe, (Irish, German) skilled & educated, settled of farms
New immigration
after 1870, eastern & southern Europe (Italy, Poland, russia) unskilled, porr, catholic/Jewish, settled in cities
Push factors
forces out of Homeland, religious persecution, economic problems, lack of jabs, war
Pull factors
encourage moving, religious freedom, cheap land, factory jobs
Ellis Island
Immigration station in NYC for European immigrants, officials decided who stays, health, money, skills determined if good
Angel island
Immigration station on West coast for Asian immigrants. harsher poorer conditions for periods of time
