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