Gilded Age/Second Industrial Revolution Flashcards
What was the Gilded Age?
*The age between the Civil War and WWI.
*The American economy grew rapidly
*Society went through a transformation from an agrarian to an industrialized economy and technology improvements.
*Individuals were able to use monopolies to amass great wealth.
*Marked by political corruption and shady business deals.
What is the Transcontinental Railroad?
*A continuous rail line constructed between Omaha, Nebraska and San Francisco Bay, California.
*It significantly boosted trade and commerce, allowing goods to be transported more efficiently between the East and West coasts.
What’s the significance of the Transcontinental Railroad?
The railroad opened the way for the settlement of the West, provided new economic opportunities, stimulated the development of towns and communities, and generally tied the country together.
What is the Chinese immigration and Exclusion Act?
A set of laws passed in 1882 that barred Chinese immigration for 10 years and prevented Chinese already in the country from becoming citizens.
Why were the Chinese immigration and Exclusion Act passed?
This act was a response to rising anti-Chinese sentiment fueled by economic competition as they were willing to work for lower wages, and it marked the first significant law to restrict immigration based on nationality.
Why was electricity important?
It was essential to industrial and urban growth as it was more flexible and reliable than water or stream. It powered new industries and advancements in manufacturing and transportation.
Why was petroleum important?
*Oil became essential for transportation and manufacturing.
*It spurred competition among businesses, which encouraged innovation and efficiency within various sectors reliant on petroleum products.
Why was steel important during the Gilded Age?
*Steel became essential for constructing skyscrapers, bridges, and railways.
*Using the Bessemer Process, it made the production of steel cheaper and more efficient.
Why was the Internal combustion engine important?
- Significantly increased industrial productivity. Factories could run continuously with higher output rates, which led to reduced production costs.
*Early models were used primarily in automobiles and trucks. Caused the transition from horse-drawn carriages to motor vehicles, revolutionizing transportation.
Who was Henry Ford?
An American inventor who introduced the first moving assembly line in 1913.
What is the Bessemer Converter?
A method invented by Henry Bessemer in 1856 to produce steel by blowing air through molten iron which oxidizes and removes carbon and impurities resulting in high-quality steel.
Why was the Bessemer Converter important?
This technique revolutionized steel production in the 19th century, making it cheaper and more efficient, which ultimately fueled advancements in construction, transportation, and manufacturing.
What is the Assembly line?
A manufacturing process that involves dividing work into simple, repetitive tasks performed by workers in a sequence on a moving conveyor belt. This method increases efficiency by allowing workers to focus on specific tasks, resulting in faster production times and lower costs.
What was the Assembly Line important?
*This method increases efficiency by allowing workers to focus on specific tasks, resulting in faster production times and lower costs.
*It drastically reduced the time it took to build a car from over 12 hours to about 90 minutes which helped make the car more accessible to the common folk.
Who was Thomas Edison?
An American inventor and businessman that developed many influential devices including the phonograph, the motion picture camera, electric light bulb, and an electric distribution system.
What is social darwinism?
*The application of Darwin’s Theory of Evolution to other aspects of life.
*The belief that only the fittest survive in human political and economic struggle and the poor were poor due to natural selection in society.
* It also promotes the idea that certain races and classes are superior to others and justified harsh working conditions, low wages, and exploitation.
What is Horizontal integration?
A business strategy where a company acquires or merges with other companies at the same level of the supply chain, effectively increasing its market share and reducing competition.
What is Vertical Integration?
A business strategy where a company controls multiple stages of production or distribution within the same industry. This approach allows companies to reduce costs, increase efficiency, and enhance control over the supply chain.
What are monopolies?
A single company or entity has exclusive control over a market or industry, allowing it to dictate prices and eliminate competition as the monopolist has no concern for competitors.
Who was Andrew Carnegie?
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
What is the concept of the Gospel of Wealth?
An idea that wealthiest individuals had a moral obligation to give back to society and improve the lives of the less fortunate and advance society.
Ex: Carnegie followed this through his philanthropic efforts included the establishment of over 2,500 libraries across the United States, which aimed to provide access to education and knowledge for all.
Who is John Rockefeller?
An American industrialist and philanthropist who founded the Standard Oil Company, which dominated the oil industry and became one of the first multinational corporations in the world.
What is Standard Oil?
*An American oil producing, refining, and marketing company founded by Rockefeller in 1870.
*Standard Oil controlled approximately 90% of U.S. oil refineries at its peak, making it one of the most powerful corporations in American history.
*The company used aggressive tactics such as undercutting competitors’ prices and using railroads to gain favorable shipping rates.
What was the Homestead Strike of 1892?
A violent strike at the Homestead Works in Pittsburgh a decision to cut wages by nearly 20% and poor working conditions. The riot was ultimately put down by the Pennsylvania state militia, illustrating the government’s willingness to side with industrialists over workers during this period.
