Unit 7 Modules 6.3, 6.4, 6.6-6.8 Flashcards
The control of all elements in a supply chain by a single firm. For example, Andrew Carnegie, a steel producer, sought to own suppliers of all the raw materials used in steel production.
Vertical integration
The ownership of as many firms as possible in a given industry by a single owner. John D. Rockefeller pursued a strategy when he bought up rival oil refineries.
Horizontal integration
act outlawing monopolies that prevented free competition in interstate commerce.
Sherman Antitrust Act, 1890
1889 essay by Andrew Carnegie in which he argued that the rich should act as guardians of the wealth they earned, using their surplus income for the benefit of the community.
Gospel of Wealth
someone who became both the heroes and the villains of their age. They engaged in ruthless practices that would lead some to label the new industrialists robber barons, but they also created systems of industrial organization and corporate management that altered the economic landscape of the country and changed the place of the United States in the world, Between 1870 and 1900
Andrew Carnegie
Founded in 1869, a labor federation that aimed to unite workers in one national union and challenge the power of corporate capitalists. more diverse one Helped in the Haymarket Riot
Knights of Labor
1866 rally from Chicago to Illinois that resulted in violence. This was about the federal government failing to enforce its own law (an eight-hour day law). In its aftermath, the union movement in the United States went into temporary decline.
Haymarket Square Riot
Trade union federation founded in 1886. Led by its first president, Samuel Gompers, this sought to organize skilled workers into trade-specific unions.
American Federation of Labor
Term popularized in the 1880s by newspaper editor Henry Grady, a proponent of the modernization of the southern economy in order for this to emerge.
“New South”
Multifamily apartment buildings that housed many poor urban dwellers at the turn of the twentieth century. these were crowded, uncomfortable, and dangerous.
Tenements
Term created by Mark Twain and Charles Dudley Warner to describe the late nineteenth century. It implies the golden appearance of the age was a shell covering corruption and materialism of the era’s superrich under the surface.
Gilded Age
how the lavish spending on goods and services that are acquired mainly for the purpose of displaying income or wealth. In the 1899 book The Theory of the Leisure Class by Thorstein Veblen, he talks about this as the behavioral characteristic of the nouveau riche. While working and living conditions were difficult for poor immigrants, middle-class Americans actually saw their work time decrease. When there was a Rise of Consumer Society.
Conspicuous consumption
an American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and a long-lasting, practical electric light bulb. He also created the world’s first industrial research laboratory and held a world-record 1,093 patents.
Thomas Alva Edison
The belief associated with the late nineteenth and early twentieth centuries and popularized by Herbert Spencer that drew upon some of the ideas of Charles Darwin. Stressing individual competition and the survival of the fittest, this was used to justify economic inequality, racism, imperialism, and hostility to federal government regulation.
Social Darwinism
Russell Conwell’s speech saying that anyone can become rich if they work hard enough, and preached “you ought to get rich, it is your duty to get rich”. The theme of the lecture was that opportunity lurks in everyone’s backyard, and how everyone can and ought to get rich and then use that money for the good of others.
Acres of Diamonds
French for “let things alone.” Advocates of this believed that the marketplace should be left to regulate itself, allowing individuals to pursue their own self-interest without any government restraint or interference.
Laissez Faire
designed the Brooklyn Bridge as a Steel-cable suspension bridge.
John Roebling
Baseball was considered this as it became very popular throughout America and many believe that it has long been woven into the fabric of American life and identity with so many people enjoying the sport.
“National Pastime”
His telephone revolutionized communications. By 1880 fifty-five cities offered local service and catered to a total of 50,000 subscribers, most of them business customers. In 1885, He established the American Telephone and Telegraph Company (AT&T), and long-distance service connected New York, Boston, and Chicago. By 1900 around 1.5 million telephones were in operation.
Alexander Graham Bell
A Premier landscape architect who designed when leisure time for Americans became a thing.
Frederick Law Olmsted
the founder of the mammoth Standard Oil Company, specialized in this technique. In the mid-1870s, he brought a number of key oil refiners into an alliance with Standard Oil to control four-fifths of the industry. At the same time, the oil baron ruthlessly drove out of business or bought up marginal firms that could not afford to compete with him.
John D. Rockefeller
American shipping and railroad magnate who acquired a personal fortune of more than $100 million. He founded the New York Central Railroad Company, which was A business tycoon who amassed a fortune in the steamboat business and invested this fortune in the consolidation of many smaller rail lines under one company.
Cornelius Vanderbilt
joined forces with Thomas Alva Edison to finance the Edison Electric Illuminating Company, which in 1882 provided lighting to customers in New York City. Goods produced by electric equipment jumped in value from $1.9 million in 1879 to $21.8 million in 1890. In 1892, he helped Edison merge his companies with several competitors and reorganized them as the General Electric Corporation, which became the industry leader.
J.P. Morgan
was the first truly American musical genre by Scott Joplin that was Popular between 1899 and 1918.
“Ragtime”
typically young, male, and either Catholic or Jewish and spoke little or no English. Many were unskilled agricultural laborers with little money or education. Between 1880 and 1921, 70% of all immigrants to the U.S. came from southern and eastern Europe
“New Immigrants”
From 1892 to the early 1920s, around 75% of all immigrants entered the US through the immigration processing center at this, located in New York Harbor. Immigrants had to pass a health examination and anyone with a “serious” health problem or disease was not let into the US.
Ellis Island
The belief that foreigners pose a serious danger to the nation’s society and culture. they sentiment rose in the United States as the size and diversity of the immigrant population grew.
Nativism
