Second industrial Revolution Flashcards
What factors contributed to the growth of industry?
- Plentiful natural resources
- Improved transportation
- Growing population
- High immigration
- New inventions
- Investment capital
What is a patent?
Government document giving an inventor exclusive rights to his/her product for a number of years
What is the bessemer process?
Process to blast hot air on steel to burn off impurities
What is standard time?
System that divides the United States into 4 time zones. Used to make transportation and business across the country be on the right time.
What is a corporation?
A business owned by investors who buy part of the company through shares of stock. A coporation owns into many different types of trades and types of products.
What is a trust?
A legal group created to hold stock in many companies, often in the same industry.
What is a monopoly?
A company that tries to wipe out competition and control an industry onto themselves.
What is are philanthropists?
People who give large sums of money to charities.
What is the Gilded Age?
A time period where the wealth of America disguised society’s problems, including corrupt politics and widespread poverty.
What are sweatshops?
Places where workers labored for long hours under poor conditions for low wages.
What is socialism?
Economic system where all members of society own all businesses, sharing work and profits
What is anarchism?
Belief in the abolishment of all governments
What spurred the second industrial revolution?
The development of steel
What was steel used for?
- Heavy machinery
- Railroad tracks
- Bridges
- Skyscrapers
Who developed the Bessemer process?
William Kelly and Henry Bessemer
What were the advantages of the Bessemer process?
It made it faster and inexpensive to produce steel
What are the advantages of steel?
- Industrial cities developed (Cleveland; Pittsburgh; Gary, Indiana)
- Railroad were made longer because of stronger rails
- Buildings could go higher and bridges longer
- Used in nail and wire because it doesn’t rust