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Laissez-Faire capitalism

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allowing industry to be free of state intervention, especially restrictions in the form of tariffs and government monopolies.

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Gospel of Wealth

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Essay written by Andrew Carnegie. -Promoted Social Darwinism -Wealth among the few was the natural and most efficient result of capitalism -Great wealth brought responsibility

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Social Darwinism

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A theory that the laws of evolution by natural selection also apply to social structures.

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"Horatio Alger" stories

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virtue, honesty and industry would be rewarded with success, wealth and honor.

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Factory workers/conditions

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horrid conditions, insufferable work hours, strikes were common and the development of unions began

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Vertical Integration

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Combining into one organization all phases of manufacturing from mining to marketing.

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Horizontal Integration

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buying out all other competition at the same phase; establishes a monopoly.

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Standard Oil

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A predominant integrated oil producing, transporting, refining, and marketing company. It operated as a major trust and was one of the world's first and largest multinational corporations until it was dissolved by Supreme Court in 1911; John D. Rockefeller.

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2nd Industrial Revolution

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Begun in the mid-nineteenth century and centered in the United States and Germany, it was sparked by an array of innovations and inventions in the production of metals, machinery, chemicals, and foodstuffs, and transformed the economy and society into its modern urban-industrial form

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Transatlantic Cable

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crossed the Atlantic Ocean from Foilhommerum, Valentia Island, in western Ireland to Heart's Content, in eastern Newfoundland.

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Bessemer Process

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1st in expersive industrial process for massproduction of steel from molten pig iron, after Henry Bessemer, took patent on the process in 1855

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Telephone

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1861, telegraph lines ran from east of San Francisco brought instant communication to the East

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Electric Power (lighting) impact

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Electricity was more more flexible than other energy because didn't ned to be built in specific area. Revolutionized industry and worked in the homes of ordinary citizens.

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Transcontinental railroad

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Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west

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Panic of 1893

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Serious economic depression beginning in 1893. Began due to rail road companies over-extending themselves, causing bank failures. Was the worst economic collapse in the history of the country until that point, and, some say, as bad as the Great Depression of the 1930s.

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Time zones (railroads)

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created after transcontinental railroad, shifts usually started at daybreak, railroad schedules needed a set time

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Knights of Labor

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one of the most important American labor organizations of the 19th century, demanded an end to child and convict labor, equal pay for women, a progressive income tax, and the cooperative employer-employee ownership of mines and factories

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American Federation of Labor

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group of independent national unions; mainly used walkouts & boycotts; wanted better wages, hours, conditions

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"Iron law of wages"

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minimum wage theory

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Anti-union actions

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scabs, injunctions, yellow-dog contracts, private guards, etc.

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Pullman Strike

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A 1894 strike by railroad workers upset by drastic wage cuts. The strike was led by socialist Eugene Debs but not supported by the American Federation of Labor. Eventually President Grover Cleveland intervened and federal troops forced an end to the strike. The strike highlighted both divisions within labor and the government's new willingness to use armed force to combat work stoppages

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Haymarket bombing

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(1886); people were rallying for the workers who were striking in Chicago. The police came and someone threw a bomb; people killed, trial followed, and some men sentenced to death.

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Interstate Commerce Act 1886

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Established the ICC (Interstate Commerce Commission) - monitors the business operation of carriers transporting goods and people between states - created to regulate railroad prices

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Sherman Anti-Trust 1890

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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. However, it was initially misused against labor unions

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U.S. v E.C. Knight

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The Supreme Court ruled that since the Knight Company's monopoly over the production of sugar had no direct effect on commerce, the company couldn't be controlled by the government. It also ruled that mining and manufacturing weren't affected by interstate commerce laws and were beyond the regulatory power of Congress.

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Adam Smith

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theory on free trade book

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R H Macy

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From New York turned the department store into a national institution he took on 2 partners. He opened four retail dry good stores.

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Gustavus Swift

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In the 1800s he enlarged fresh meat markets through branch slaughterhouses and refrigeration. He monopolized the meat industry.

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Eugene Debs

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Leader of the American Railway Union, he voted to aid workers in the Pullman strike. He was jailed for six months for disobeying a court order after the strike was over.

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Samuel Gompers

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President of the AFL, he combined unions to increase their strength.

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J P Morgan

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Business man -refinanced railroads during depression of 1893 - built intersystem alliance by buying stock in competeing railroads - marketed US governemnt securities on large scale

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Cornelius Vanderbilt

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The railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical. This man was one of the few railroad owners to be just and not considered a "Robber Barron"

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Andrew Carnegie

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Built a steel mill empire; US Steel Corporation

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Thomas Edison

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LIGHT BULB AND POWER

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Cyrus Field

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American businessman who laid the first telegraph wire across the Atlantic. This cut down the time it took for a message to be sent from Europe to American and vice-versa.

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George Eastman

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Developed a paper-based photographic film. Introduced a system where customers could send the film/camera to a factory where for $10, the film was developed and printed and the camera reloaded.

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Frank Woolworth

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principal founder in 1912 of the F.W. Woolworth Company, opened the first five-and-dime stores. He was the first to use self service display cases so customers could examine what they wanted to buy without the help of a salesman

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George Westinghouse

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An american entrepreneruer and engineer who invented the railroad and the air brake. Demonstrated the advantages of high voltage alternating current for transmission over great distances

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Alexander Graham Bell

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TELEPHONE

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