Industrialization And The Gilded Age Flashcards
What are new technological innovations during industrialization?
- Bessemer process
- First oil well in Pennsylvania
- Combustion engine increased demand for oil
- Electricity
- Telegraph/telephone
Who created the telephone?
Alexander G. Bell
Who created the electric lightbulb?
Thomas Edison
Who created the airplane?
Orville and Wilbur Wright
What is a Corporation?
It’s a big business with stocks and shareholders.
What is the free enterprise system?
Individuals are free to produce and sell what they wish and can buy whatever they can afford
What is a monopoly?
Complete control over a product or service
Who were the four monopolies of industry and what were they on monopoly over?
John D. Rockefeller, Oil
Cornelius Vanderbilt, Trains
Andrew Carnegie, Steel
J Pierpont Morgan, Banking
What does a philanthropist do?
They give away money.
What are the pros of big business?
They are efficient and have low prices, they hire a large number of workers, they produce large quantities, and resources for research and development.
What are the cons of big business?
They have unfair competitive advantages, they exploit workers, they are less concerned about pollution, and unfair influence over the government.
What is the laissarz-faire?
It’s the idea government should not interfere in the operation of a free market but something should be done about anti-competitive practices
What were the conditions of labor?
Long hours, low wages, poor conditions, boring and repetitive tasks, child labor, and lack of security or benefits.
What is a union
A union is a group of people working for better rights
What is the close the shop union
Places were only union members could be hired
