Industrialization Quiz 3 Flashcards
What did Alexander Grahm Bell do?
invented telephone in 1876
What did Thomas Edison do?
“Wizard of Menlo Park”
versitile but known for electric light bulb
What did J P Morgan do?
Banker/Financer
Orchestrated deals in RR, insurance, and banking
Bought Carneige’s steel operation for $400 million
Started US Steel Company
Greedy
What did John Rockefeller do?
Standard Oil Company 1882
Horizontal integration
crushed competitors
Who was Andrew Carneige?
Poor irish immigrant who lived in Pittsburg and worked for a steel company
By 1900, he produced 1/4 Bessuer steel and made $25 million
Vertical Integration
What did Cornelious Vanderbuilt do?
Created NY Central RR
very successful
What is vertical integratio?
Bought out and controlled all aspects of industry
What is horizontal integration?
allied or bought companies to monopolize
What is a uion?
unity of common thinkers (strength in #s)
What is the Bessemer Process?
produce steel cheaper and economically
What is the internal combustion engine?
Petroleum based engine to run planes and cars
What is Gospel of Wealth?
newly rich should give money to poor to help society
What is plutocrocy?
government by the wealthy
What is interlocking directorates?
creaded by Rockefeller
placed his own men on the board of directors at other companies to gain influence and reduce competiton
What are trusts?
monopoly corporation
What is Labor Day?
created to keep strikes under control in 1884
What are ironclad oaths?
workers were banned from joining unions
What are yellow day contacts?
workers were banned from joining unions
What was the Haymarket bombing?
1886
explosion in Chicago that hurt Knights of Labor
What is hte Sherman Anti Trust Act?
forbade combinations (pools, trusts, directorates) in restraint to trade without any distinciton whether or not they were good or bad
What is the National Labor Union?
1886
excluded chinese, women, and blacks
argued for 8 hour workdays
What was the Knights of Labor
1869-1881 Secret union simular to National Labor Unions it only barred liquor dealers, bankers, professional gamblers, lawyers, and stock holders advocated social and economical reform won strikes for 8 hour wrok days Led by Powderly
What was the American Federation of Labor?
self governing nations; each kept their independence
1866
Samuel Gompers founded it
What was the Pittsburg Plus?
designed by steel lords
kept the south at an economic disadvantage in the steel industry
What was Closed shop?
emplorers agree to only hire Union members
Members must remain in Union to keep their jobs
What was the Colored Labor Union?
Black labor organization in 1860s
What is a Captain of Industry?
Positively impacted Industrial Rev
What is a Robber Baron?
Negatively impacted industrial rev
CR: Andrew Carneige donating most of his money to fund libaries, schools, and employees?
C
CR: JP Morgan posititvely enhancing the US steel to compete globally
C
CR: Carnegie and Frick dectectives to protect strikers. Ten men were killed and hundreds were injured
R
CR: J P Morgan loaned $65 mill to gold to safeguard the collaps of the government
C
CR: Vanderbuilt cut shipping rates to the point other competition was cut off
C
CR:Hill donated seed, grain, and cattle to farmers who were affected by depression
C
CR: Rockefeller often resorted to using spies and extortion to influence rr to work in his gavor by offering him kickbacks and rebates that were dienied to his competitiors
R
In 1869, Gould and Fish cornered the gold market by briibing US treasury secretary to drive up price of gold
R
By 1890, 75% of US wealth was held by the richest 9%
C
Between 1860-1890, the US patent office issued over 400,000 patents
C
Which Industry was considered a catalyst of economic growt during the Gilded Age?
RR
What was the population of Chicago and NYC in 1900?
1,700,000
3,000,000
What year was Birmingham AL founded?
1871
What industry was Birmingham built on?
steel
How were workers treated during the Gilded Age?
Forbiden to strike
paid low wages
forced to work long hours
working conditions were bad
What were some methods used by buisness men to create monopolies nd increase profits?
manipulating stock market
bribing politicians and officials
cheating stock holders
ruining competition
What industry did Carnegie control?
Steel
What industry did Gould control?
RR
What industry did Rockefeller control?
Oil
What industry did Morgan control?
Banking
What was the Gilded Age?
post civil war era
what is a catalyst?
speed up purposly
wwhat is a dynmo?
electric generator
What is unscrupulous?
not having moral or ethnic standards
What is recession?
economic depression
What is gross nationl product (GNP)
the total monetary value of all final goods and service produced in a company for one year
What is a entrepreneur?
Busness founder
What is a trust?
a group that gets together to monopolize
When does the Civil War end?
1865
When was Standard Oil founded?
1870
When did Edison invent the light bulb?
1879
When was the Interstate Commerce Act passed?
1887
When was the Homestead Strike?
1892
