Unit 4 Flashcards
Causes of the Second industrial revolution
large supply of natural resources
new inventions
growing cities
what natural resources
oil, coal
how was oil first used
kerosene
what did edwin drake do
used steam engine to drill for oil
what was steel used for
skyscrapers, bridges, railroad tracks
why new inventions
worked faster and more efficiently
what did thomas edison invent
light bulb
electrical power plants
direct current electricity
what did christopher sholes invent
typewriter
what did the typewriter affect
the workplace
what did alexander graham bell invent
telephone
importance of telephone
instant communication over long distances
what did Henry Ford invent
Model T and assembly line
why did cities grow
immigration brought new workers
about immigration
worked for lower wages
spent money on new products
increased population density
who was nikola tesla
serbian american who worked with thomas edison, then became his rival
man who invented the 20th century
what did tesla do
discovered and utilized alternating current electricity
what does ac do
transmits energy over longer distances
importance of railroads
fast travel over long distances
increased trade between cities
when was the transcontinental railroad built
1869
who invented the compressed air brake
George Westinghouse
what else did westinghouse do
operated AC power plants
competed with edison
what happened in 1872
credit mobilier scandal
what happened at the credit mobilier scandal
Union Pacific Railroad bribed congressmen with shares in the Credit Mobilier Construction company, and congressmen approved federal subsidies for the cost of constructing the railroads
what was grange’s union of farmers
fought railroads, lowering shipping prices
what was the interstate commerce act
government gains more control over railroads
when was the interstate commerce act
1887
what is capitalism
private businesses run most industries and competition determines who much goods cost, workers are paid
what is laissez faire
let the people do as they please, less government regulation
what is laissez faire literally
hands off
where does competition occur
free market
what is social darwinism
only the best people survive and succeed
what did andrew carnegie do
controlled virtually the entire steel industry
believed in a free market
vertical integration
what is vertical integration
buy up companies that provide raw materials
what did john d. rockefeller do
owner of standard oil
attempted to create a monopoly
formed trust
horizontal integration
what is a monopoly
exclusive possession or control of the supply or trade in a commodity or service
what is trust
several companies turn over stock to one group of trustees who work as one large mega company
what is horizontal integration
buy up competitors
negative aspects of big business
too much power for too few
once a monopoly is formed, owner can charge as much as he wants
mistreated workers
how were workers mistreated
long hours
low pay
poor conditions
what was a labor union
formed by workers to demand improvements in salaries and working conditions
what did samuel gompers do
formed american federation of labor
how did gompers act
strikes
collective bargaining
what is collective bargaining
negotiating between workers and business owners
who was Karl Marx
German philosopher who lived in England
Marx’s beliefs
against capitalism economics drive history bourgeoisie benefited, proletariat suffered remove inequalities of wealth communism
what political system removes inequalities of wealth
marxism