Unit 4 Day 2 Flashcards
Who “exemplified American success”
Andrew Carnegie
What industry didi Carnegie make his name in?
Steel
What did Carnegie deem to expensive?
collective bargaining
How did Carnegies’ union die out?
Violence and prosecution
T/F: There were more employees of large corporations than farmers and artisans in Antebellum America
True
What prompted millions of migrants to cross continents in search of jobs?
Industrialization
Did the industrialization cause inflation or deflation?
Inflation
Between 1877 and 1900, American’s average real per capita increased from $388 to what?
$573
What is Carnegie referring to in this quote: “the poor enjoy what the rich could no before afford. What were the luxuries have become the necessaries of life.”
Despite the increased wealth gap, everyone’s standard of living rose.
What does this quote refer to: “Take care of the pennies, and the pounds will take care of themselves”
Tracking revenue and expenses carefully
What cause the internal structure adopted in many large and complex corporations
the management revolution
What North American natural resource helped drive industrialism?
Coal
What was like a “giant cup of coffee for the economy”
Fossil fuels
Who invented the assembly line?
Gustavus Swift
What was the model in which a company controlled all aspects of production and who pioneered it?
Vertical integration/Gustavus Swift`
What industry was Gustavus Swift in?
Meat packing
What technique gave a few firms unprecedented market control
predatory pricing
Who was the “king of petroleum”
John D. Rockefeller
Who did Rockefeller ally with to control the oil market’s boom and bust cycles
railroad executives
What process included merging competitors to your business?
Horizontal integration
Who pioneered Horizontal integration?
Rockefeller
What new legal form did Rockefeller’s lawyers create?
The trust
What was a trust?
An organized small group of associates (trustees) to hold stock from a group of combined firms
What 2 things did business tycoons such as Rockefeller, Swift, Carnegie, and Singer depend on
Fossil fuels and rapid long-distance communication
What term in popular usage referred to any large corporation that seemed to wield excessive power
“the trusts”
What did some states do to trusts
Outlaw it
What was the first state that allowed the creation of holding companies
New Jersey
By 1900, how many companies help 1/3 of the nations productive capacity
100
What was the nations first billion dollar corporation?
U.S. Steel
Who created U.S. steel?
J.P. Morgan
Which essay of Carnegie’s argued that corporate titans attained their wealth through talent
“The Gospel of Wealth”
What did Carnegie argue that wealth was
A “public trust”
What belief did Carnegie deem as essential to the success of the new industrial order
Social Darwinism or “survival of the fittest”
What do “robber barons” and “industrial statesmen” refer to
early industrialists
Which companies were the first to set up research laboratories
Bell Telephone and Westinghouse
What 2 things did corporate power depend on
Production and mass consumption
Who pioneered the department store
John Wanamaker
What does this quote refer to “Life will Cost You Less and Yield You More Than You Dreamed Possible”
Department stores
What companies used money-back guarentees
mail-order empires
What does this quote refer to “Don’t be afraid to make a mistake”
Mail-order companies and fear of quality
What was the first magazine with a million subscribers
Ladies Home Journal
What was the name for people in high level positions in corporations
White collar workers
What was the name for employees who labored with their hands
Blue collar employees
What were departments handling specific activities monitored by
Middle managers
What became a “familiar sight on city streets and in remote country stores”
Traveling salesmen
“Say to him, ‘Now, Mr. Blank, what color shall I make it?”
Salesmen scripts
Who believed that one must sell to customers based on their “instinct of escape and combat” and was taught at Harvard Business School
Walter Dill Sott
What dead-end job did employers begin to assign to women
secretarial work
What new industry game women many oppurtunities
The telephone
What did many wage working jobs turn into, essentially
Independent contractors
What does this quote refer to “had not been brought up under such a system of slavery”
Dislike for a wage working or 9-5 job
Who were known as “pushers”
foremen