Apush Chapter 17 Questions And Answers – Flashcards
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Alexander Graham Bell
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first telephone
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Factors that contributed to the growth of American industry
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1. raw materials 2. large and growing labor supply 3. surge in technological innovations 4. group of entrepreneurs 5. fed. gov. that assisted the growth of business 6. expanding domestic market
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Cyrus W. Field
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transatlantic telegraph
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Among the most revolutionary innovation
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ELECTRICITY in the 1870s
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Turn of the century electricity usage
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1. street railway 2. factories 3. offices homes
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Bessemer Process
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an industrial process for making steel using a Bessemer converter to blast air through through molten iron and thus burning the excess carbon and impurities
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Open hearth process
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a process for producing steel by oxidizing and removing the impurities in molten iron using external heat and a blast of air or oxygen.
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New Blast furnaces
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Before: made of stone Now: redesigned as cylindrical iron shells lined with brick
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New transportation systems
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1. steam freighters 2. railroads
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Rise of Petroleum industry
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1st oil well in Titusville, PN - George Bissell showed substance could be burned in lamps - Drake established Titusville PN, OH, WV
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Two technologies critical to automobile
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1. creation of gasoline 2. internal combustion engine
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Frank Duryea
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built the first gasoline driven motor vehicle in America
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By 1917
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5 million cars on the road
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Wright Brothers
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- Kitty Hawk, North Carolina - 120 feet and 12 seconds
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National Advisory Committee on Aeronautics in 1915
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American airplanes became a significant pressure in Europe during World War I
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Corporate Research and Development
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- coincided with a decline in government support for research - helped corporations attract skilled researchers
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"Taylorism"
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scientific management, encouraged the development of mass production techniques and the assembly line, led to a revolution in American education of social science.
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Assembly line
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mechanical system in a factory whereby an article is conveyed through sites at which successive operations are performed on it
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Model T prices
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950 in 1914 to 290 in 1929
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Importance of government subsidies
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railroad: 30,000 to 193,000 subsidies were vital to this expansion great railroad combinations Vanderbilt, Hill, Huntington
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Limited liability
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the liability of a firm's owners for no more than the capital they have invested in the firm
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First to adopt new corporate form of organization
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Pennsylvania and other railroads
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Andrew Carnegie
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scottish immigrant steelworks in Pittsburgh dominated the industry associate Frick Sold out to J. P. Morgan merged the Carnegie interest with others to create the United States Steel Corporation
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horizontal integration
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the combining of competing firms into one corporation (Rockefeller before he expanded vertically)
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vertical integration (CARNEGIE STEEL)
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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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Pool arrangements
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pool is an informal agreement between a group of people or leaders of a company to keep their prices high and to keep competition low. The Interstate Commerce Act in 1887 made railroads publicly publish their prices and it outlawed the pool.
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Failure of pools
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Lead to consolidation
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Trust
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pioneered by Rockefeller (standard oil) perfected by J. P. Morgan
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J. P. Morgan perfection
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under a trust agreement, stockholders in individual corporations transferred their stocks to a small group of trustees in exchange for stocks. Owners of trust certificates often had no direct control over the decision of the trustees they simply received a share of the profits.
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1889: New Jersey
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allowed its laws of incorporation to permit companies to buy up other companies
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Holding company
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a company whose primary business is owning a controlling share of stock in other companies
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Turn of the century
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1 percent of the corporations in America were able to control more than 33 percent of manufacturing
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LEAD TO
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a raging debate over concentrated economic and political power
