American History Industrialization- Chapter 9
Terms in this set (36)
What is laissez faire?
belief that government should not interfere in the nation's economy
What does economies of scale mean?
the reduction in the cost of a good brought about especially by increased production at a given facility
What is the right-of-way and why was it important to the railroad?
land provided along with the railroad and it created towns
What country did Central Pacific hire workers from?
What is vertical integration?
integrating companies that contribute to production of the same end product
What is horizontal integration?
integrating companies that produce the same product
Where did the transcontinental railroad finish?
promontory point, Utah (May 10, 1869)
What was the Credit Mobilier scandal?
investors signed contracts w/themselves and over charged for their work
What is the difference in costs for big companies versus small companies?
big- high fixed costs but low operating costs
small- low fixed costs but high operating costs
What is the new way people started shopping?
What was Montgomery Ward and Sear Roebuck?
one of the first companies to start mailing items through catalogues
What is an entrepreneur?
one who organizes, manages, and assumes the risks of a business or enterprise
What is a robber baron?
people who built their fortunes by swindling investors and taxpayers, bribing government officials and cheating on their contracts and debts
What was the only railroad not forced into bankruptcy?
The Great Northern Railroad (James J Hill)
What is a trust?
a combination of firms or corporations formed by a legal agreement, especially to reduce competition
What is a holding company?
a company whose primary business is owning a controlling share of stock in other companies
Who was Gustavus Smith?
hired an engineer to develop the refrigerated railroad car
Who was Thaddeus Lowe?
invented the ice machine
What was the Morrill Tariff?
reserved years of deciling tariffs
What was the main power source before the Civil War?
What issues faced the North and South after the Civil War?
North: little physical destruction, infrastructure still in tact, no major lifestlye changes
South: many reconstruction problems; cities, railroads rebuilt; new labor force due to no slavery
Who was George Bissell?
showed us how petroleum could be turned into Kerosene for lanterns and stoves
Who was Edwin Drake?
drilled first oil well near Titusville, PA
Who was Alfred Nobel?
invented dynamite; Nobel prize for academics, science, peace
Who was Isaac Singer?
first commercially successful sewing machine (1851)
Who was Alexander Graham Bell?
invented telephone(1876) also taught deaf children
Who was Thomas Edison?
created phonograph(1876) and first electric light bulb (1879) also responsible for electronic generators
Who was Cornelius Vanderbilt?
former steamboat captain, railroad tycoon-3 major railroads lead to Grand Central Station-shrewd in business
Who was John D. Rockefeller?
oil refineries(first U.S. billionaire) cut throat and bought people out
Who was J. Pierpont Morgan?
Banking finance-big player in economic stability-step in and buy stock on wall street to save others during Great Depression (somewhere in the middle of robber baron and captain of industry
Who was Andrew Carnegie?
"man of steel" immigrant started off working in factory then owning it then builds an iron mill (rags to riches) PBS public libraries
Who was Jay Gould?
western union (money order) fundamentals for communication- telegram
Who was Andrew Mellon?
investment banker (Alcoa steel, Gulf oil) only gives a few million to education
Who were the Big Four?
Leland Stanford, Charley Crocker, Mark Hopkins, Collis H. Huntington
What is a corporation?
an organisation that is authorized by law to carry on activity but treated as through it were a single person
What is the largest mail order house?
Sears Roecuck and Mongomery Ward
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