The Gilded Age Flashcards
What three things happened to large railroads during and after consolidation?
- They ruthlessly eliminated their competition
- They expanded their railroads
- They became extremely wealthy
Railroads led to consolidation. What is consolidation?
Large companies buying out smaller ones
The expansion of railroads led to what for what companies?
Boosting for steel, coal, and timber compaines
What did the railroads do? They…
Divided the U.S. Into time zones
What did Henry Ford introduce?
The assembly line
What did Thomas Edison introduce? (4)
- Electric Lights
- Electric Streetcars and Subways
- Motion Picture Camera
- Phonograph
What did the Wright Brothers do?
They had the first flight
When did the Wright brothers have the first flight?
1903
Corporation
A business owned by many investors
Trust
a group of corporations led by a single board of directors
What were the effects of railroads (5)
- They boosted coal, steel and timber companies
- they expanded railroad companies
- they created consolidation
- they made large railroad companies very wealthy
- they divided the U.S. Into time zones
______ __________ named the time period “the gilded age” because it was a great time of _________.
Mark Twain
Change
Gilding
taking a cheap metal such as lead and covering it with a thin layer of gold
What did Henry Bessemer do?
developed a way to make cheap steel
New Business organizations such as corporations and trusts led to the rise of “___ __________”
Big Business
What did Robber Barons (Captains of Industry) do?
They led the way for new businesses
What were two things that the captains of industry did?
Their Businesses expand the economy
They employ thousands
What were two things the robber barons did?
They ruthlessly eliminate their competition
Their factories hav horrible working conditions
Name 3 famous robber barons
Andrew Carnegie
J.P. Morgan
John D. Rockefeller
collective bargaining
allowed Unions to negotiate contracts, wages, hours, etc. for all workers
Assembly line
- A product moves from worker to worker
- Each worker performs one task in the making of the product
Monopoly
Companies that control all businesses in a particular industry
Trust
a group of corporations led by a single board of directors
Effects of steel
allowed for the building of taller buildings which allowed cities to grow up as well as out (made housing more affordable)
Thomas Edison
Started the “invention factory” at Menlo Park, NJ, a research laboratory where he and others created hundred of inventions
