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APUSH, chapter 17
Amsco APUSH book, chapter 17 terms.
Terms in this set (58)
A man who used his profits from the steamboat business to merge local railroads into the NY Central RR.
New York Central RR
Built in 1867, a line that ran from New York City to Chicago and operated more than 4500 miles of track.
A major route between large cities; smaller branch lines connected the trunk line with outlying towns.
Federal Land Grants
Large Subsidies in the form of loans and land grants provided by the federal government
The first railroads running from California to the rest of the Union
Union and Central Pacific
The Union Pacific ran westward across the Great Plains, starting from Omaha, Nebraska, while the Central Pacific traveled across the dangerous mountain terrain of the Sierras by pushing eastward from Sacramento, CA.
A speculator who entered the RR business to make a quick profit, he made his millions by selling off assets and watering stock.
Watered Stock; Pools
stock that inflates the value of a corporation's assets and profits before selling its stock to the Public./ Pools: A way to increase profits, in which competing companies agreed secretly and informally to fix rates and share traffic.
Panic of 1893
A financial panic that forced a quarter of all railroads into bankruptcy.
J. Pierpont Morgan
A banker who quickly moved in to take control of the bankrupt railroads and consolidate them.
When the same directors ran competing companies
The son of Cornelius Vanderbilt, who inherited his father's railroad empire.
Second Industrial Revolution
The growth of the nation that focused on heavy industry and the production of steel, petroleum, electric pwr, and the industrial machinery to produce other goods.
A process created to produce large quantities of steel; the blasting of air through molten iron to produce high quality steel.
A shrewd business genius, who in the 1850s had worked his way up from being a poor Scottish immigrant to becoming the superintendent of a PA railroad.
A business strategy employed by Andrew Carnegie, by which a company would control every stage of the industrial process, from mining the raw materials to transporting the finished product.
The first billion-dollar company and also the largest enterprise in the world.
John D. Rockefeller
A youthful businessman who founded a company that would come to control most of the nation's oil refineries by eliminating its competition.
Protestant Work Ethic
the idea that hard work and material success are signs of God's favour.
Standard Oil Trust
John D. Rockefeller's Oil Refinery Company.
Middleclass citizens feared the trusts' unchecked power, and urban elites resented the increasing influence of the new rich. After failing to curb trusts on the state level, reformers finally moved Congress to pass the Sherman Antitrust Act in 1890.
Sherman Antitrust Act (1890)
An act passed in 1890 which prohibited any "contract, combination, in the form of trust or otherwise, or conspiracy in restraint of trade or commerce."
United States vs. E.C. Knight
A case in which the Supreme Court ruled that the Sherman Antitrust Act could be applied only to commerce, not to manufacturing.
The idea of government regulation of business.
Economist who argued that business should be regulated, but not by government, instead by the "invisible hand" of the law of supply and demand.
The idea that Charles Darwin's theory of natural selection and survival of the fittest should be applied to the marketplace.
One of the leading and most influential of the social darwinists.
Survival of the Fittest
Part of Charles Darwin's theory in biology...that those who are fittest for the environment will survive.
Gospel of Wealth
In which a number of Americans found religion more convincing than social Darwinism in justifying the wealth of successful industrialists and bankers.
A reverend who preached that everyone had a duty to become rich.
Protestant Work Ethic
The idea that hard work and material success are signs of God's favour.
Samuel F.B. Morse
The man who invented the first workable telegraph, first successfully demonstrated in 1844.
Invented by Cyrus W. Fields; made it possible to send messages across the seas in an instant's time.
Alexander Graham Bell
Inventor of the telephone in 1876.
An instrument in communications technology.
Thomas A. Edison; Research Laboratory
Possibly the greatest inventor of the 19th century; established a research laboratory in 1876 in Menlo Park, NJ, for the purpose of inventing new technologies.
A remarkable inventor who was responsible for holding more than 400 patents and aslo for the development of the air brake for railroads in 1869 and a transformer for producing high voltage alternating current in 1885.
Goods sold in stores across the nations to consumers.
Sears; Roebuck; Montgomery Ward
Two large mail-order companies, known for their thick catalogs.
Concentration of Wealth
By the 1890s, the richest 10 percent of the US population controlled nine-tenths of the nation's wealth.
A popular novelist who wrote about young men of modest means who become rich and successful through honesty, hard work, and a little luck.
Movement into a higher economic bracket.
Salaried workers whose jobs generally do not involve manual labour
The citizens who were neither rich nor poor, and supported the economy by being consumers, and also hard workers.
David Ricardo; Iron Law of Wages
A man who justified low wages; famous for ____________ in which he argued that raising wages arbitrarily would only increase the working population, and the availability of more workers would in turn cause wages to fall, thus creating a cycle of misery and starvation.
Scab; Lockout; Blacklist; Yellow-Dog Contract; Injunction
unemployed persons desperate for jobs; closing the factory to break a labour movement before it could get organized; names of pro-union workers circulated among employers; workers being told, as a condition for employment, that they must sign an agreement not to join a union; calling in private guards and state militia to put down strikes; obtaining court _________ against strikes.
Railroad Strike of 1877
One of the worst outbreaks of labour violence in the century erupted in 1877, during an economic depression, when the railroad companies cut wages in order to reduce costs.
National Labour Union
The first attempt to organize all workers in all states---both skilled and unskilled, both agricultural workers and industrial workers.
Knights of Labour
A group founded in 1869 as a secret society in order to avoid detection by employers.
Terence vs. Powderly
The leader of the Knights of Labour, who helped the society to go public in 1881. He advocated a variety of reforms including 1) worker cooperatives "to make each man his own employer," 2) abolition of child labour, and 3) abolition of trusts and monopolies.
Haymarket Bombing (1886)
On May 4, workers held a public meeting in Haymarket Square, and as police attempted to break up the meeting, someone threw a bomb, which killed seven police officers. The bomb thrower was never found, but 8 anarchist leaders were tried for the crime, and seven were sentenced to death.
American Federation of Labour
Concentrated on attaining practical economic goals. Found in 1886 as an association of 25 craft unions, the _______ did not advocate a reform program to remake American society.
The leader of the AF of L between 1886 and 1924, he went after the basics of higher wages and improved working conditions.
Homestead Strike (1892)
Henry Clay Frick, the manager of the Homestead Steel Plant near Pittsburgh, precipitated this strike in 1892 by cutting wages by nearly 20 percent.
Pullman Strike (1894)
A strike of the workers living in George Pullman's model company town near Chicago. In 1894 he announced a general cut in wages and fired the leaders of the workers' delegation that came to bargain with him.
Eugene V. Debs
The leader of the American Railroad Union who directed railroad workers not to handle any trains with Pullman cars.
In re Debs
A case in which the Supreme Court approved the use of court injunctions against strikes, which gave employers a very powerful weapon to break unions.
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