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