Semester Vocabulary Exam Flashcards
American Petroleum pioneer who drilled the first commercial oil well in the US, drawing oil prospectors to the West.
Edwin L. Drake
Irish-American labor organizer who helped organize coal miners in the Great Strike of 1877 and led a march of injured child workers to expose the cruelties of child labor.
Mary Harris Jones
Leader of the American Railway Union and supporter of the Pullman Strike; he was the Socialist Party candidate for president five times.
Eugene V. Debs
A cheap and effective process for making steel, developed around 1850.
Bessemer process
American inventor with over 1,000 patents, who invented the light bulb and established a power plant that supplied electricity to parts of New York.
Thomas Alva Edison
African-American inventor who invented the carbon filament and played a key role in helping Thomas Edison develop a long-lasting incandescent light bulb.
Lewis H. Latimer
American inventor and newspaper editor who invented the typewriter in 1867, changing the world of work.
Christopher Sholes
American inventor and educator whose interest in electrical and mechanical devices to aid the hearing impaired led to the development and patenting of the telephone.
Alexander Graham Bell
American industrialist and owner of the Pullman Palace Car Company; he invented the railroad sleeping car, started a factory to build them, and founded the town of Pullman, Illinois, to house the workers.
George M. Pullman
A railroad line linking the Atlantic and Pacific coasts of the United States, completed in 1869.
Transcontinental Railroad
American business leader who controlled the New York Central Railroad and up to 4,500 miles of railroad track.
Cornelius Vanderbilt
A construction company formed in 1864 by owners of the Union Pacific Railroad, used 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 the government to regulate private industry to serve the public interest.
Munn vs. Illinois
A law enacted in 1887 that reestablished the federal government’s right to supervise railroad activities and created a five-member Interstate Commerce Commission to do so.
Interstate Commerce Act
American industrialist and humanitarian who focused his attention on steelmaking and made a fortune through his vertical integration method.
Andrew Carnegie
In French, meaning ‘to let do,’ a form of capitalism that allows companies to conduct business without intervention by the government.
Laissez-faire
An economic and social philosophy, supposedly based on biologist Charles Darwin’s theory of evolution and natural selection, holding that a system of unrestrained competition will ensure the survival of the fittest.
Social Darwinism
A company’s taking over its suppliers and transportation to gain control over the availability and cost of its product.
Vertical integration
The merging of companies that make similar products.
Horizontal integration
American banker who made a fortune taking over and merging businesses built by others, building a reputation for turning around mismanaged companies and making them more efficient.
J.P. Morgan
American industrialist and philanthropist who made a fortune in the oil business and used vertical and horizontal integration to establish a monopoly on the oil business.
John D. Rockefeller
A business organization in which competing companies are under the control of a single group of trustees.
Trust
Having complete control in the marketplace without any outside competition.
Monopoly
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