The Second Industrial Revolution
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25 terms
Terms | Definitions |
|---|---|
 Bessemer Process | A new way to make steel. American steel mills began working faster and for more cheep. |
| Edwin L. Drake | Hired to extract oil from the ground in Pennsylvania by company looking to profit. Drilled the first commercial oil well. |
| Wildcatter | Oil prospectors |
| Transcontinental Railroad | Railroad that crosses the whole country. |
| Entrepreneur | Risk takers who use their money and talets to launch new ventures. |
| Capitalism | An economic system in which private buisnesses run most industries. |
| Laissez-faire | Form of capatalism that allows companies to conduct buisness without intervention by the government. |
| Social Darwinism | Philosophy that adapted the ideas of the British scientist Charles Darwin and applied them to human society. |
| Monopoly | When a trust is gained complete control over an industry, they hold this. It meant that they had no compition to other firms. |
| John D. Rockefeller | Known as a superb buisness leader. His Standard Oil begain as |
| Vertical Integration | Aquiring companies that suplied his buisness. Allows low costs and high profits. |
| Hirizontal Intetration | Taking over other companies that produced the refineries. |
| Andrew Carnegie | Rags to riches life. Gave money to education which he gained from oul and steel companies. |
| Cornelius Vanderbilt | Owned as many as 4,500 miles of railroad track. Another industrial leader. |
| Sherman Antitrust Act | Act that made it illegal to form trusts that interfered with free trade. It also prohibited monopolies and activities that hindered cometition in the marketplace. |
| Sweatshop | Cramped workshops set up in shabby tenement buildings. Especially common in the garment industry. |
| Knights of Labor | Powderly, the leader, accepted unskilled workers, woman, african americans, and even employers as members. By 1886 had more than 700,000 members. |
| Blacklists | Lists of people perceived as troublemakers, whom they refused to hire. |
| Samuel Gompers | Formed the American Federation of Labor and was a union member organized the group. |
| Eugene V. Debs | Leader of the American Railway Union. Workers went on strike with his help. |
| Mass Transit | Public transportaion systems that carry large numbers of people and make regular stops along established routes. |
| American Federation of Labor | Group of skilled workers, union members, used strikes and other tactics which won wage increases and shorter work weeks. |
| Alexander Graham Bell | Developed device that could transmit voices using electricity. Known as the inventor of the telephone. |
| Thomas Alva Edison | Invented the light bulb. |
| Orville and Wilbur Wright | Ohio bicycle makers who tackled the challenge systematically. Preformed the first true flight in an airplane. |
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