Industrialization Flashcards
first person to successfully use a steam engine to drill for oil
Edwin L. Drake
a cheap and efficient process for making steel, developed around 1850
Bessemer process
in 1876 he established the world’s first research laboratory in NJ, perfected incandescent light bulb, invented entire system for producing and distributing electrical power
Thomas Alva Edison
invented telephone
Alexander Graham Bell
created the typewriter in 1867 and changed the world of work
Christopher Sholes
a railroad line linking the Atlantic and Pacific coasts of the United States, completed in 1869
Transcontinental Railroad
built a factory for manufacturing sleepers and other railroad cars on the illinois prairie
George M. Pullman
a construction company formed in 1864 by owners of the Union Pacific Railroad, who used it to fraudulently skim off railroad profits for themselves
Credit Mobilier
an 1877 case in which the Supreme Court upheld states’ regulation of railroads for the benefit of farmers and consumers, thus establishing the right of government to regulate private industry to serve the public interest
Munn v. Illinois
a law, enacted in 1887, that established the federal government’s right to supervise railroad activities and created a five-member Interstate Commerce Commission to do so
Interstate Commerce Act
Scottish-born industrialist who developed the U.S. steel industry; his is a rags-to-riches story as he made a fortune in business and sold his holdings in 1901 for $447 million. He spent the rest of his life giving away $350 million to worthy cultural and educational causes
Andrew Carnegie
monopolistic business practices which established control of all aspects of production from raw material to finished product as a way to cut costs and capitalize on lack of competition
Vertical and horizontal integration
Social Darwinism
an economic and social philosophy - supposedly based on the biologist Charles Darwin’s theory of evolution by natural selection - holding that a system of unrestrained competition will ensure the survival of the fittest
established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
John D. Rockefeller
a law, enacted in 1890, that was intended to prevent the creation of monopolies by making it illegal to establish trusts that interfered with free trade
Sherman Antitrust Act