The rise of Big Business-Apush – Flashcards
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Bessemer Process
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A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
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Thomas Edison
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Light Bulb
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Menlo Park
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A research laboratoy set up by Thomas Edison in New Jersey. A team of experts refined Edison's ideas and translated them into practical inventions. It was a place for science and new discoveries.
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Alexander Grahm Bell
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Invented the telephone and improved the communitcations industry, which helped spur industrial growth in the late 19th Century.
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Wright Brothers
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Airplane
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Model T
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A cheap and simple car designed by Ford. It allowed for more Americans to own a car.
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Henry Ford
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. American businessman, founder of Ford Motor Company, father of modern assembly lines, and inventor credited with 161 patents.
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Social Darwinism
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A social theory which states that the level a person rises to in society and wealth is determined by their genetic background.
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Herbert Spencer
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(1820-1903)-English philosopher who argued that in the difficult economic struggle for existence, only the "fittest" would survive.
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William Graham Sumner
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He was an advocate of Social Darwinism claiming that the rich were a result of natural selection and benefits society. He, like many others promoted the belief of Social Darwinism which justified the rich being rich, and poor being poor.
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Horatio Alger
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Popular novelist during the Industrial Revolution who wrote "rags to riches" books praising the values of hard work
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John D Rockefeller
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Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
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Standard Oil
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Established in 1870, it was a integrated multinational oil corporation lead by Rockefeller
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Horizontal Integration
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Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
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Vertical Integration
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Practice where a single entity controls the entire process of a product, from the raw materials to distribution
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JP Morgan
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An influential banker and businessman who bought and reorganized companies. His US Steel company would buy Carnegie steel and become the largest business in the world in 1901
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Taylorism
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A set of ideas, also referred to as "scientific management," developed by Frederick Winslow Taylor, involving simple, coordinated operations in industry.
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Assembly Line
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Production method that breaks down a complex job into a series of smaller tasks
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Robber Barons
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Refers to the industrialists or big business owners who gained huge profits by paying their employees extremely low wages. They also drove their competitors out of business by selling their products cheaper than it cost to produce it. Then when they controlled the market, they hiked prices high above original price.
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Gospel of Wealth
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the belief that those entrusted with societys riches had to prove themselves morally responsible
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Munn vs. IL
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A Supreme Court Case that allowed the government to regulate railroads
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Wabash Ruling
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1886 supreme court case that decreed that individual states had no power to regulate interstate commerce
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Sherman Antitrust Act
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First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting.
