5.2 - Industrialization
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jillianmullin on December 1, 2011
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26 terms
Terms | Definitions |
|---|---|
 James J. Hill | Railroad entrepreneur who built and operated the Great Northern Railroad from St. Paul, Minnesota to Everett, Washington; without any federal grants or subsidies, the Great Northern Railroad made money by shipping goods to Asia, GNR became the most successful transcontinental railroad and the only one that wasn't eventually forced into bankruptcy |
| Cornelius Vanderbilt | A 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. |
| Andrew Carnegie | A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry. He pioneered vertical integration as a way to run a corporation, and was an anti-trust advocate as well as a philanthropist. |
| John D. Rockefeller | An American industrialist and philanthropist. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. He kept his stock and as gasoline grew in importance, his wealth soared and he became the world's richest man and first U.S. dollar billionaire, and is often regarded as the richest person in history |
| J.P. Morgan | Banker who buys out Carnegie Steel and renames it to U.S. Steel. Was a philanthropist in a way; he gave all the money needed for WWI and was payed back. Was one of the "Robber barons", He refinanced railroads during depression of 1893 and built intersystem alliance by buying stock in competeing railroads - marketed US government securities on large scale. |
| Phillip Armour | an American businessman who founded Armour and Company, the giant American meatpacking firm., owner of meat packing plant who realized he was losing money. Used "unusable" parts of cows for other purposes including food. |
| Jay Gould | An American financier that was partnered with James Fisk in tampering with the railroad stocks for personal profit. He, like other railroad kings, controlled the lives of the people more than the president did and pushed the way to cooperation among the kings where they developed techniques such as pooling. He gained control of the Erie Canal and who caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892). |
| Alexander Graham-Bell | He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country. |
| Thomas Edison | This scientist received more than 1,300 patents for a range of items including the automatic telegraph machine, the phonograph, improvements to the light bulb, a modernized telephone and motion picture equipment. |
| Stock watering | Price manipulation by strategic stock brokers of the late 1800s. The term for selling more stock than they actually owned in order to lower prices, then buying it back. |
| pool rebate | -informal agreement between a group of people or leaders of a company to keep their prices high and to keep competition low -Interstate Commerce Act in 1887 made railroads publicly publish their prices and it outlawed this |
| Herbert Spencer | A founder of agnosticism who also promoted the notion that man's activities should be governed by the principles of Darwinian evolution. In particular, regarding govt's role, he believed that govt. should not coddle the weak. Survival of the fittest and natural selection were principles in the evolution of species that applied in man's world and it was inappropriate for man to interfere with the natural forces. Such "social Darwinism" - though not supported by Darwin himself or other scientists who supported the theory of evolution, was used by some in 19th century to justify domination of one race over another. Survival of the Fittest and natural selection. |
| William Graham Sumner | 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. As a sociologist, his major accomplishments were developing the concepts of diffusion, folkways, and ethnocentrism. Sumner's work with folkways led him to conclude that attempts at reform were useless. He was a staunch advocate of laissez-faire economics, arguing that the practices of the Gilded Age were rather plutocracy. |
| land grant | a grant of public land (as to a railway or college) |
| Grange | an association formed by farmers in the last 1800s to make life better for farmers by sharing information about crops, prices, and supplies, Was the Patrons of Husbandry- a social and educational organization through which farmers attempted to combat the power of the railroads in the late 19th Century. |
| vertical integration | practice in which a single manufacturer controls all of the steps used to change raw materials into finished products |
| trust | A legal body created to hold stock in many companies, often within an industry, designed to control prices or restrict competition in a certain industry |
| interlocking directorate | a board of directors, the majority of whose members also serve as the board of directors of a competing corporation |
| company town | a town or city in which most or all real estate, buildings (both residential and commercial), utilities, hospitals, small businesses such as grocery stores and gas stations, and other necessities or luxuries of life within its borders are owned by a single company., A residential, industrial and commercial area owned by the business that all the residents work for. They usually exploited workers. |
| Union Pacific Railroad | Began in Omaha in 1865 and went west. Central Pacific: Went east from Sacramento and met the Union Pacific Railroad at Promontory Point, Utah on May 10, 1869, where the golden spike ceremony was held. Transcontinental railroad overcharged the federal government and used substandard materials. Hired chinese immigrants and was one of the first railways. |
| Credit Mobilier | a joint-stock company organized in 1863 and reorganized in 1867 to build the Union Pacific Railroad. It was involved in a scandal in 1872 in which high government officials were accused of accepting bribes. This was a fraudulent construction company created to take the profits of the Union Pacific Railroad. Using govn't funds for the railroad, the Union Pacific directors gave padded construction contracts to Congress members |
| Central Pacific Railroad | A railroad that started in Sacramento , and connected with the Union Pacific Railroad in Promentary Point, Utah. Many immigrants were hired. |
| Bessemer process | 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, A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities., Bessemer invented a process for removing air pockets from iron, and thus allowed steel to be made. This made skyscrapers possible, advances in shipbuilding, construction, etc. |
| United States Steel | J. P. Morgan and the attorney Elbert H. Gary founded U.S. Steel in 1901 (incorporated on February 25) by combining the Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company for $492 million. It was capitalized at $1.4 billion, making it the world's first billion-dollar corporation. |
| gospel of wealth | This was a book written by Carnegie that described the responsibility of the rich to be philanthropists. This softened the harshness of Social Darwinism as well as promoted the idea of philanthropy. The belief that those entrusted with societys riches had to prove themselves morally responsible. |
| New South | The term has been used with different applications in mind. The original use of the term "New South" was an attempt to describe the rise of a South after the Civil War which would no longer be dependent on now-outlawed slave labor or predominantly upon the raising of cotton, but rather a South which was also industrialized and part of a modern national economy. |
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