U.S. History Exam 1 - FLASHCARDS - 1_21 Lecture 2
Who was Andrew Carnegie?
Was self taught. Established Carnegie Steel
What type of company was Carnegie Steel?
A vertically integrated company
What is a vertically integrated company?
Form of business organization in which all stages of production of a good, from the acquisition of raw materials to the retailing of the final product, are controlled by one company.
Who was Carnegie Steel producing more than by 1900?
More than Britain
Who mastered telegraphy in the railroad business?
Andrew Carnegie
Who did Andrew Carnegie sell to?
U.S. steel in 1901
Who was the second richest man in the world in 1900?
Andrew Carnegie with a net worth of 298.3 billion
What was the Gospel of Wealth?
Sought to improve mankind
Who was John D Rockefeller?
owned Standard Oil which controlled 90% of oil production in the US
Who built an oil refinery in Cleveland?
John D Rockefeller in 1863
What did Standard Oil control by 1879?
Over 90 percent of the nation’s oil supply
What type of company did John D Rockefeller want?
A horizontally integrated company
What was a Robber Baron?
derogatory metaphor for social criticism applied to businessmen who used unscriptulous methods to get rich
What was a Captain of Industry?
A business leader whose means of amassing a fortune contributed positively to the country in some way. For example: productivity, market growth, jobs.
What was The Trust?
Arangement that gives trustee legal power to manage someone else’s money or company without saying they own it. Started by Samuel Todd in 1882
How many trusts did the Standard Oil company have?
9 shareholders and 41 companies under their control
When did Rockefeller retire and what was his fortune?
In 1897 with 318 billion in today’s money
What was the Rockefeller foundation?
Organization with the goal make the world a better place
What was the Gilded Age?
Growing division between rich and poor. By 1900, the top ten percent owned more than 3 quarters of the nation’s wealth. Growing middle class worked white collar jobs.
By 1900, how many more women had entered the workforce?
20 percent
What was the Great Railroad Strike of 1877?
Workers for the Baltimore and Ohio railroad went on strike over pay reduction in West Virginia
How many child laborers were there by 1900?
2 million child laborers. One out of every 6
How did the railroad strike of 1877 end?
West Virginia’s militia was called out, but refused to intervene because they were sympathetic to the strikers. Strike ended when President Hayes used federal troops. 100 people were killed and millions of dollars in damages.
What was the work day standard before 1900?
Ten hour day, six days a week
