History: chapter 14
Bessemer process
A cheap way of producing steel, done by blowing hot air through pig iron, thereby removing the impure and leaving only the good steel
Laissez faire
A hands off approach to the government regulation of economy
Pool
Agreement between corporations to keep the price of certain goods a certain level in order to maximize profits
Thomas Eddison
American genius, his Labratory in Menlo Park, New Jersey invented and patented hundreds of devices
Corporations
Business organizations owned by stock holders (stock shares)
Horizontal integration
Combining many companies doing the same business into one large super corporation (standard oil)
Monopoly
Companies that control the entire market share of a certain product
Holding companies
Companies that do not produce any products, but the control the companies that produce said goods
Trust companies
Companies that owns the shares of many other companies, legally thereby controlling all the businesses done by the oil company
Lockout
Companies turn away workers in an attempt to break up striking workers
Edwin Drake
Drilled the first oil well near Titusville, Pennsylvania
It provided for the construction of the transcontinental railroad with a huge government land subsidies
Explain the provisions of the Pacific Railway Act
Leland Stanford
Former governor and senator from California who brought in the Chinese laborers to work on the railroads in the west
Greenville dodge
Former union general who opened up the Union Pacific railroad and ushered in the great cattle towns
By placing large adds in newspapers throughout the country and the world
How did manufacturers spur the growth of businesses during the late 1800s
It interested the size of markets and spent great amounts of money of infrastructure and other business resources
How did railroad expansion in the United States lead to industrial growth
Put developement of industry in the hands of entrepreneurs and not in the hands of government bureaucrats
How did the principles of the free enterprise system encourage the rise of industry
Fueled meteoric rise of industrial and economic expansion
How did the production of oil affect the American economy
Revolutionizes business by opening up new markets for invention and expanded the sale of goods
How did the use of electrical power effect the Economic developement of the United States
Time zones
Initiated by the Americsn railway association, divided the country into four area to keep track of shipping goods across the country.
Credit moblier
Investors including many congressmen, who controlled both the railroad and their investment companies, paid inflated bills, thereby defrauding other investors and the federal government out of millions of dollars
Gross national product
Is the total value of all goods and service produced
Hay market square riot
Knights of labor organized protests in Chicago. They wanted an 8 hour work day. Grenades were tossed into a crowd of policemen surrounding the protestors. Eight dead, many wounded, anarchy ruled the day
Land grant
Land that was granted to railroad companies to use as a source of fundraising for the building of rail lines
Jay gould
Millionaire investor who's corrupt schemes swindled millions from investors
Cornelius Vanderbilt
New York railroad tycoon who built Grand central station and directed the New York to Chicago rail lines
Close shop
Only union workers were allowed to work here
Deflation
Prices fall, the value of money goes up
Pacific railway act
Provided for the construction of a transcontinental railroad by the union and central railroad companies
James j. Hill
Railroad entreprenuer who built the great northern rail line in Minnesota and prospered by shipping goods to Asia
Enterprenuer
Risk takers who used their own money to organize and run a business
Andrew carnegie
Scottish immigrant who controlled the steel industry during the 1800s and founded the mega corporation - us steel
Alexander Grahm Bell
Scottish inventor who invented the telephone by using electrical currents to transmit sounds
Molly Maguires
Secret society of coal miners who terrorized the management of of coal mines in Pennsylvania
Knights of labor
Th first nationwide industrial trade union
Trade union
The organizing of workers with a specific trade
Vertical integration
To control all the different businesses involved the making of a product (Carnegie steel, auto industry)
Industrial union
To organizing of workers with many skills
Morrill Tariff
Triple the Tariff on imports and help to protect the growing new American industrial systems
Economics of scale
Using large manufacturing facilities to mass produce huge quantities of good (sold cheaply)
Poor and unsafe working conditions, low pay and high specific and repetitive tasks
What aspects of industrial life causes frustration for workers in the 1800 sand led to the rise of the unions
General lack of regulatory laws
What factors led to the rise of big business
Congress subsidized railroads and sold land below market value to spur industry and farming
What role did the federal government play in increasing industrialization in America after the civil war
Marxism
Workers struggle against their bosses to control their lives and their working environment