Ap History "Industrial development"
What was the major source of financing for the transcontinental railroads?
A majority of the funding for the railroads came mostly from governors, federal government had also provided 155 million acres of land for railroad development.
Who was Henry George?
A writer and reformer who wrote "Progress and Poverty" to explain why poverty was still present in society. (Against Monopolies)
Who was Thomas Alva Edison?
America's most prolific inventor (Mostly known for the invention of the light bulb)
What made Andrew Carnegie an exceptional businessman?
Andrew Carnegie produced 1/3 of the steel in the nation
Who was Edward Bellamy?
He published Looking Backward in which he criticizes the social injustices of the day and pictured a utopian government that had nationalized big business serving the public good.
What was "Morganization" aka the "Morgan System" for the railroads?
It was a 3 step process designed to restore financial stability to the railroad
Who was the person behind the development of US Steel?
J. P. Morgan combined the Federal Steel Company with the Carnegie firm to form United States Steel (The first Billion $ company)
Who was Lester Frank Ward?
Lester Frank Ward believed that Social Darwinists had misapplied the work of Charles Darwin
What was "Social Darwinism" and why was it important?
Social Darwinism is a philosophy that emphasized the concepts of "Natural selection of businesses" and "Survival of the fittest"
Who wrote "The Gospel of Wealth" and why was it written?
The Gospel of wealth was written by Andrew Carnegie to outline his belief that wealth was to be used for the good of humanity
Why was the Interstate Commerce Commission created?
The Interstate Commerce Commission to oversee the conduct of the railroad industry (To stop them from monopolizing)
What did the SCOTUS rule on in Munn v. Illinois and the Wabash case?
The SCOTUS upheld the power of government to regulate private industries. Then shortly after reversed their decision declaring that only congress could regulate interstate commerce
Which railroads combined to make the first transcontinental railroad?
The first transcontinental was predominantly built by the Central Pacific Railroad Company of California (CPRR) and Union Pacific (with some contribution by the Western Pacific Railroad Company)
What was different about Sears, Roebuck and Co?
They had a mail order business and discounted prices which allowed for greater customer reach
What was the ruling by the SCOTUS in the Standard Oil case?
They ordered the dissolution of the company
What action did the railroads take as self-regulation?
They standardized the gauge of track so all trains would operate of the same rails
What famous case came out of the SCOTUS in 1895?
United States vs E. C. Knight co (E. C. Knight co Won)
Who was responsible for creating Standard Oil Trust?
William Rockefeller
What is a holding company?
a company created to buy and possess the shares of other companies, which it then controls.
What philosophies emerged to support the growth of big business?
laissez faire economic system and the Social Darwinism