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US History - Age of Innovation & Industry / Big Business
Vanderbilt, Rockefeller, Carnegie, Morgan, Edison
Terms in this set (29)
A method to make steel quickly and cheaply by blasting hot air through melted iron to remove impurities.
a corprorate expansion strategy that involves joining or consolidating competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth.
a corporate expansion strategy that involves a company taking over its suppliers and distributors to gain total control over the quality and cost of a product; the company controls each step in a product from the raw materials to distribution
a negative term for business leaders who has become rich through ruthless and unscrupulous business practices
a policy of minimal government interference or regulation (control) in business; government is "hands off" the economic affairs of business
An economic and social philosophy, based on Charles Darwin's theory of evolution, that says the best-run businesses led by the most capable people will survive and prosper. Competition will ensure the survival of the best businesses.
a complete control over an industry, achieved by buying up or driving out of business all competitors
Sherman Anti-Trust Act
an 1890 law that banned the formation of trusts and monopolies in the United States
a company recognized by law to exist independently from its owners, with the ability to own property, borrow money, sue, or be sued.
Examples: google, Microsoft, Ford, McDonalds
a method of consolidating competing companies in which participants turn their stock over to a board of trustees who run the companies as one large corporation. The purpose is to eliminate competition and control prices (thus establishing a monopoly). There are anti-trust laws to prevent these monopolies.
Captains of Industry
a business leader whose means of gaining personal fortune contributed positively to the country in some way
Term used to describe the corporations and monopolies since the industrial revolution of the late 1800s.
faster, more practical means of transporting goods, lowered production costs, created national markets, served as a model for big business, stimulated other industries
An example of big business that was made possible by Captain of Industry Andrew Carnegie. It helped fuel industrialism in America and the manufacturing center was Pittsburgh.
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.
John D. Rockefeller
Formed Standard Oil Company and controlled 95% of all the oil refineries in America; an American industrialist and philanthropist. Rockefeller revolutionized the petroleum (oil) industry and defined the structure of modern philanthropy. He became the world's richest man and first US billionaire, and is often regarded as the richest person in history
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. He produced 1/4 of the nation's Bessemer steel
an American financier, banker, philanthropist, and art collector. He financed the reorganization of banks, railroads, and insurance companies.
Standard Oil Company
John D. Rockefeller's oil company formed in 1870. Through ruthless competition and superb organization, the Standard Oil trust controlled 90% of oil refining in the US by 1880.
American inventor who is best known for inventing the electric light bulb, the phonograph, and motion pictures.
1870s - 1890s; time period where America looked good on the outside but on the inside had corrupt politics and growing gap between the rich & poor
Alexander Graham Bell
American inventor who created the telephone and revolutionized the way Americans communicated
US Steel Company
Andrew Carnegie's steel company that was the biggest due to his improvements of the Bessemer process. It was later sold to JP Morgan
an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by the government
a bold, ambitious person who establishes a new business.
Examples: Mark Zuckerberg, Walt Disney, Oprah
to give generous donations to good causes
a person who gives money to support worthy causes.
Example: Bill & Melinda Gates
Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west
Promontory Point, Utah
where the Union Pacific and Central Pacific railroads met; joined the railroads to create America's first transcontinental railroad
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