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Chapter 9- Industrialization

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Gross National Product
total value of all goods and services produced in a nation
Edwin Drake
drilled 1st oil well in the US, in Pennsylvania in 1859
Laissez Faire
idea that government should play as small a role as possible in economic affairs
Entrepeneurs
people who risk their capital in origanizing and running a bussiness
Alexander Graham Bell
He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country.
Thomas Alva 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.
Pacific Railway Act
1862 legislation to encourage the construction of a transcontinental railroad, connecting the West to industries in the Northeast (Union Pacific and Central Pacific RR)
Greenville Dodge
Man in charge of the Union Pacific Railroad, an engineer and former Union general that began pushing towards Omaha
Theodore Dehone Judah
Railroadman from Connneticut who was the first serious dreamer of a transcontinental railroad. He created a partnership with wealthy investors in California and founded the Central Pacific Railroad, but died before seeing his dream come true.
Leland Stanford
One of the "Big Four" tycoons who became president of the Central Pacific Railroad and later went on to become governor of California.
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.
Time Zones
in order to stay on schedule and avoid wrecks, railroads standardized these in 1883
Land Grants
Land government gave to citizens in order to build a railroad.
Jay Gould
he often practiced inside trading , the prince of the railroad "robber barons" who master the fine art of buying rundown railroads, making cosmetic improvements, paying dividends out of capital and selling out at a profit, meanwhile using corporate funds for personal speculation and judicious bribes
Credit Mobiler
Construction company formed in 1864 by owners of the Union Pacific RR, used it to dishonestly skim railroad profits for themselves
James J. Hill
created the great northern railroad. probably the greates railroad builder of all, he saw his railroad building as a public duty. also did the southern pacific railroad, completed in 1884.
Corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Stockholders
A group of people that make up a corporation by sharing ownership in a certain company
Economies of Scales
prodution increases the cost of each item produced is often lowered
Fixed Costs
Costs that do not vary with the quantity of output produced
Operating Cost
the expense of maintaining property (e.g., paying property taxes and utilities and insurance)
Pools
agreements between companies to maintain prices at a certain level
Bessemer Process
A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities., made steel making faster and cheaper
Vertical integration
absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
Horizontal integration
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
Trust
something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)
Holding Company
a company with controlling shares in other companies
Deflation
a contraction of economic activity resulting in a decline of prices
Trade Unions
association of trade workers formed to gain higher wages and better working conditions, organizations of workers with the same trade or skill
industrial union
An association of all workers in the same industry, regardless of the job each worker performs
Blacklist
List that circulated among employers, beginning in 1947, containing the names of persons who should not be hired.
lockout
an attempt by management to put pressure on unions by temporarily closing the business
Marxism
the economic and political theories of Karl Marx and Friedrich Engels that hold that human actions and institutions are economically determined and that class struggle is needed to create historical change and that capitalism will untimately be superseded
Knights of Labor
one of the most important American labor organizations of the 19th century, demanded an end to child and convict labor, equal pay for women, a progressive income tax, and the cooperative employer-employee ownership of mines and factories
arbitration
the process by which the parties in a dispute submit their difference to the judgment of an impartial person or group appointed by mutual consent
Haymarket Riot
This riot was a direct result of the extreme tensions between laborers and the wealthy business owners. The McCormick Reaper Company was on strike, 4 people had just been killed, tensions were high, and anarchists showed up and began speaking at the rally attended mainly by immigrant workers in May 1886 at Haymarket Square. It was originally intended as a rally to protest the establishment of a National Wage. Someone in the crowd threw a bomb, a riot broke out, 7 policemen died, and as a result 8 innocent German immigrants were arrested and the Knights of Labor were blamed for the riot. The riot resulted in the loss of all sympathy for laborers, and a fear anarchy in the middle class, which became a huge obstacle for the AF of L and Knight's of Labor.
Eugene V. Debs
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American Federation of Labor
The first federation of labor unions in the United States. Founded by Samuel Gompers in 1886.
Closed Shops
empolyers could only hirer union memebers
Women's Trade Union League
a U.S. organization of both working class and more well-off women formed in 1903 to support the efforts of women to organize labor unions and to eliminate sweatshop conditions, dedicated to promoting women's labor issues