APUSH Gilded Age Part 2 – Flashcards
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The Union Pacific and Central Pracific companies began in Omaha and Sacramento and met in Promontory Point in Utah to build this.
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Transcontinental Railroad
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more direct routes, greater speed, greater safety and comfort, more dependable schedules, a larger volume of traffic, and year-round service
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Advantages of railroads
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Baltimore and Ohio, Erie Railroad, New York Central Railroad, and Pennslyvania Railroad
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Four Great Trunk Lines
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Owned New York Central Railroad
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Commodore Vanderbilt
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Banker who took control of railroad industry through cutting fixed costs, eliminating competition and rebates, and establishing a "voting trust"
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JP Morgan
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Created by Henry Bessemer, it made increased steel production possible by blasting air through molten iron.
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Bessemer Process
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A single company owns and controls the entire process from raw materials to the maufacture and sale of the finished product
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Vertical Integration
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A Scottish immigrant who grew to monopolize the steel industry through vertical integration, but eventually sold out to JP Morgan
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Andrew Carnegie
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Carnegie justified monopolies through social Darwinism and argued that the wealthy had a God-given responsibility to carry out projects of civil philanthropy for the benefit of society
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The Gospel of Wealth
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When a single company achieves control of an entire market
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Monopoly
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A legal concept that allows one person, called a trustee, to manage another person's property.
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Trusts
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The joining together of two or more companies or organizations to form one larger one.
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Mergers
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A company that owns the stock of companies that produce goods, but doesn't actually produce anything itself
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Holding Company
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The combining of many firms engaged in the same type of business into one large corporation
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Horizontal Integration
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Created the Standard Oil Company through the use of trusts/horizontal integration, vertical integration, hiring scientists, and being thourough and ruthless.
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John D. Rockefeller
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Invented the Kodak Camera and the process for coating gelatin on photographic dry plates
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George Eastman
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Invented the telephone
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Alexander Graham Bell
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Inventor of the light bulb, phonograph, etc. and owner of the most patents
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Thomas Alva Edison
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Established by Uriah S. Stephens, platform included an 8 hour work day and abolition of child labor; taken over by Powderly
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Knights of Labor
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Loose alliance of national craft unions calling for higher wages, shorter hours, and vetter working conditions; established by Samuel Gompers
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American Federation of Labor
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Employers believed supply and demand, not the welfare of workers, dictated wages.
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Iron Law of Wages
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Forbade workers to interfere with their employers' business and upheld by this court decision
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In re Debs and Court Injunction
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Court struck down a law limiting bakery workers to a 60 hour week and 10 hour day because baking was safer than mining.
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Lochner v. New York
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Workers campaigning for the 8 hour work day in Chicago called for a protest and police intervention led to a bomb being thrown. Americans feared the labor movement and anarchism.
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Haymarket Square Riot
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Henry Clay Frick cut wages of steel workers 20% causing AFL affiliates to strike.
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Homestead Stike
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Lockouts, blacklists, yellow dog contracts (agreement not to join unions), private guards/statemilitias, and court injunctions
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Tactics for defeating unions
