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