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unit 7 flashcards honors american history
Terms in this set (44)
what three factors led to america's immense industrial boom?
~wealth of natural resources
~government support for business
~growing urban population that provided cheap labor markets for new products.
who successfully used a steam engine to drill for oil?
where did the oil boom spread through?
kentucky, ohio, illinois, indiana, and later texas
define the bessemer process?
injecting air into molten iron to remove the carbon and other impurities
what industry was the biggest consumer of steel?
what other inventions increased the demand for steel?
barbed wire, farm equipment, building of the brooklyn bridge, creation of a skyscraper
what did thomas alva edison do?
established the worlds first research laboratory.
what did edison perfect?
perfected the incandescent light bulb
what was edison's goal?
produce one minor invention every 10 days and one major invention every 6 months
what invention changed the world of work?
what did alexander graham bell invent
when did andrew carnegie come to america?
at age 12
what did carnegie do to be rewarded with oppportunity to buy stock?
single-handedly relaying messages that unshared a triangle of freight and passenger trains.
carnegie's success was due in part to what?
management practices that he initiated and soon became widespread.
how did carnegie attract talented people to work for him?
by offering them stock in the company and encourged competition among his assistants.
define vertical integration?
ability to control all of the steps required to turn raw materials into a finished product.
define social darwinism
supported laissez-faire, by which success and failure in business where governed by natural law and no one had the right to intervene
social darwinism promoted what notion?
"survival of the fittest to society"
no government involvement in the economy
within 10 years of entering the refining business, how much control did rockefeller have of the refining business?
define horizantal integration
expansion in one area of production
how did rockefeller reap huge profits?
~paying his employees extremely low wadges and driving his competitors out of business by selling his oil at a lower price than it costs to produce it
~then when he controlled the market, he hiked his prices far above original levels
total control over the market
how much money did rockefeller give away?
he gave away over $500 million
what all did rockefeller establish?
~he established the rockefeller foundation
~provided funds to fund the university of chicago
~created a medical institution that helped find a cure for yellow fever
how much did carnegie donate from his wealth over his lifetime?
90% of his wealth
~his fortune still supports the arts and learning today
~helped fund the libraries across the united states
~UNIVERSITY in pittsburgh he helped fund
define the sherman antitrust act
made it illegal to form a trust that interfered with free trade between states or with other countries
why did the sherman antitrust act need to be passed
government was concerned that expanding corporations would stifile free competition
what was the problem with the sherman antitrust act?
difficult to enforce because the definition of a trust was not clearly defined.
what was the first big business
what did railroads promote
promoted trade and interdependence
who invented the sleeping car?
what else did george pullman create
a town for all of his workers
in this community what types of basic things were provided?
residents lived in clean well-constructed brick houses and apartment buildings town offered services and facilities such as doctors offices shops and athletic fields
what was the problem with this community
pullman had too much control over this enviroment
why were farmers angry with railroads
for not selling land to settlers but to businesses
what were passed in response to these railroad abuses
what were granger laws
established maximum freight rates and prohibited price discrimination
describe the munn v. illinois case
supreme court case giving states authority to regulate railroads for their benefit of farmers and consumers
what was important about munn v. illinois
helped establish the federal governments right to regulate private industry to serve the public's interstate
what three things did the commerce act do
~restablished the right of federal government to supervise railroad activities
~set up a commission to investigate complaints
what did the interstate commerce act create
interstate commerce commission to regulate the railroad industry
discounts given to a favored shipper in the form of cash payments
private agreement to divide available business and ensure profits for all envolved
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