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Chapter 6 Section 3 part 1

Terms in this set (24)

A Andrew carnegie
One of the first industrial moguls/rags to riches model
1) continually searched for ways to make better products more cheaply
2) he attracted talented people by offering them stock in the company
What were management practices of carnegies
Vertical intergration
Process in which Carnegie bought out his suppliers -- coal fields and iron mines, ore freighters, and railroad lines-- in order to control the raw materials and transportation systems
Horizontal Integration
Companies that make similar products merge
Social Darwinism
The philosophy called __________ grew out of the English naturalist Charles Darwin's theory of biological evolution
Herbert Spencer
What English philosopher used Darwin's biological theories to explain the evolution of human society
Laissez faire
According to ________ the marketplace should not be regulated
William G. Sumner
Political science professor at Yale university
William G. Sumner
Promoted the theory that success and failure in businesses were governed by natural law and that no one had the right to intervene
When one corporation bought out the stock of another
When did the merger usually occur?
Set up holding company
What was one way to create monopoly
Holding company
Corporation that did nothing but buy out the stock of other companies
Banker J. P. Morgan
Who headed United States Steel
John D. Rockefeller
Who established Standard Oil Company
They came to work on railroads
After civil war why did Mississippi get so many Chinese people
Irish immigrants
Pacific unions used what kind of workers from the east
360 / 24= 15. Every hour earth rotates 15 degrees
How did Dowd set up the time zones
Management (watch workers so they don't go join Union)
Make money off the worker
What were 2 purposes of Pullman
Owners of Union Pacific railroad company created their own railroad construction firm. They always had lowest bid because they knew inside info.
Credit mobile liar
Newspaper reporter
Who broke the credit mobile liar scandal
1) upset with issues of government land grants
2) railroad fixed their prices to high for the farmers to make a profit
3) charged different prices for people (farmers high rate, businesses low rates)
What are the three abuses of the railroads
A farmer who belonged to the grange and sought legislation to help farmers
What's a granger
Capped railroad frate rates
What were granger laws in general
Granges (Illinois) laws stayed. Railroads were defined as public utilities (any service on which the public defend for their lively hood (job, welfare, safety, etc))
Munn vs illinois
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