Stack #55312
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| Cornelius Vanderbilt | "commodore" used his millions earned from a steamboat business to merge local railroads into the New York Central RR
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| New York Central Railroad | NYC to chicago, 1867, 45oo miles of tracks
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| trunk line | a major route between large cities, connected to outlying towns by smaller branch lines
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| federal land grants | 170 million acres of land were distributed to multiple railroad companies by the federal government, hoping it would lead to settlement
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| transcontinental rr's | 1st- CA to the restof the union, recruited many immigrants, also 4 others built
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| union and central pacific | 2 railroad companies that built the transcontinental rr, union- plains, from Omaha, NB, used war veterans and irish; central- mountain passes east from sacramento, sierras, used chinese
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| Jay Gould | went into the railroad business for quick profits and made millions by selling off assets and watering stocks
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| watered stock/ pools | inflating the value of a coprporation's assets and profits before selling its stock to the public
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| rebates | discounts
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| Panic of 1893 | a quarter of the RR's went into bankrupcy
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| J. Piermont Morgan | moved in to help the railroads in the financial [panic of 1893 when they went bankrupt; headed the u.s. steel corporation once it was sold to him
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| interlocking directorates | when the same directors ran competing companies> monopolies
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| WIlliam Vanderbilt | son of cornelius, inherited transportation empire, "The public be damned"
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| Second Industrial Revolution | a major shift in the nature of industrial production, from textiles/clothing/leather to steel/petroleum/electric power/ industrial machinery
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| bessemer process | blasting air through motlen iron producing high quality steel
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| andrew carnegie | shrewd business genius, 1850's from poor scottish immigrant to the superintendent of a PA RR, manufactured steel in 70's> vertical int.
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| vertical integration | a company would control every strage of the industrial process
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| u.s. steel | carnegie sold his company to morgan, became, u.s. steel, 1st billion dollar company, largest enterprise in the world
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| john d rockefeller | company controlled most of the oil refineries of the country by eliminating competition
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| protestant work ethic | that hard work and material success re signs of gods favor
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| standard oil trust | controlled 90% of the oil refinery business, rockefeller's, hor.int.
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| horizontal integration | former competitors were brought under a single coporate umbrella
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| antitrust movement | middleclass> feared unchecked power of new rich & urban elites> resented their increasing influence
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| sherman antitrust act | 1890, prohibited any contract, combination, in the form of trust or otherwise, or conspiracy in restraint of trade or commerce
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| US v. E. C. Knight | ruled the sherman could only be appliled to commerce, not manufacturing
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| Alexander graham bell | 1876, invented the telephone
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| Adam smith | The wealth of the nations, argues business should b regulated, not by govt but by supply and demand, the invisible hand
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| social darwinism | natural selection in the marketplace
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| herbert spencer | most influential darwinist, english social philosopher
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| thomas edison | phonograph, lamp thing, dynamo, motion picture camera, laboratory
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| george westinghouse | 400 patents, transformer, air brake
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| russell conwell | reverand, acres of diamonds
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| samuel f. b. morse | 1844, telegraph
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| transatlantic cable | Cyrus w fields, 1866
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| Nat'l Labor union | 1868, 640000 members, for higher wages, broad social programs, womens rights, and 4 blacks, monetary reform, worker cooperation, 8hr day, lost support after a depression
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| sears, roebuck, montgomery ward | mail order companies, put stores out of work, thick catalogs
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| concentration of wealth | richest 10% controlled 90%
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| horatio alger | self made men novels, gave hope for ppl to become wealthy
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| Knights of labor | 1869, secret society to avoid detection by employers
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| terence v powderly | led knights
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| middle class | was expanding, more jobs> doctors lawyers, public emplyoers, storekeepers
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| david ricardo-iron law of wages | justified low waqges, argued it would increase working population, wages would fall
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| scab;lockout;blacklist;yellow-dog contract;injunction | unemployed persons desperate 4 jobs, closing a factory to break a labor moevemnt, names of prounion workers, agreement not to join a union, for strikes>tactics for defeating unions
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| rr strike of 1877 | Baltimore and ohio rr, 11 states, 2/3 shutdown
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| Haymarket bombing | Chicago's mccormick harvester plant, may 4, bomb thrown
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| American fed of labor | more practical economic goals, higher wages and improved working conditions
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| samuel gompers | led union^
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| Homestead strike | by henry clay frick, of homestead steel plant, cut wages by 20%
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| pullman strike | cut wages of employers making sleeping cars, fires leaders
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| eugene v. debs | led american rr union, led boycott
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| in re debs | 1895, aproved use of injunctions
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