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Industr of America
Vocabulary
| Question | Answer |
|---|---|
| Edwin Drake | successfully used a steam engine to drill for oil in 1859. This started an oil boom |
| Bessemer process | a process used to make steel in a more efficient & less costly way |
| Thomas Edison | invented the light bulb & a system for producing electricity |
| Christopher Sholes | invented the typewriter in 1867 |
| Alexander Graham Bell | invented the telephone in 1876 |
| Transcontinental Railroad | the joining of the Central Pacific & Union Pacific Railroads, spanning the United States |
| George Pullman | manufacturer of railroad cars. Built a town nearby for the employees & maintained firm control over it |
| Credit Mobilier | a company formed by Union Pacific RR stockholders used to skim money from the railroad for themselves. This scandal also implicated government officials who received payoffs for their silence. |
| Munn v. Illinois | established government regulation of the railroads in 1877 |
| Sherman Anti-Trust Act | law established in 1890 to prevent the creation of monopolies by making it illegal to establish trusts that interfered with free trade |
| Samuel Gompers | Union leader & president of the American Federation of Labor(AFL). |
| American Federation of Labor | an alliance of trade and craft unions, formed in 1886 (AFL) |
| Collective bargaining | negotiations between the representatives of workers & employers to reach agreement on wages, benefits, hours, & working conditions |
| strike | a work stoppage intended to force an employer to respond to demands |
| Eugene V. Debs | socialist who was a founding leader of the Industrial Workers of the World (IWW or Wobblies) & the American Railway Union (ARU) |
| socialism | an economic & political system based on government ownership of business and property and on equal distribution of wealth |
| Industrial Workers of the World | a labor organization for unskilled workers, formed by a group of radical unionists and socialists in 1905 |
| scab | a person who works while others are on strike |
| Mary Harris "Mother" Jones | co founder of Industrial Workers of the World and organizer of the United Mine Workers |
| Interstate Commerce Act | passed in 1887, reestablishing the federal government's right to supervise railroad activities |
| Andrew Carnegie | one of the 1st industrial moguls to make his own fortune (in steel). Rose "from rags to riches" |
| vertical integration | a company's taking over its suppliers & distributors to gain control over the quality & cost of the product |
| horizontal integration | the merging of companies that make similar products |
| Social Darwinism | an economic & social philosophy, based on Charles Darwin's theory of evolution by natural selection that believed that unrestrained (unregulated) competition would ensure the survival of the fittest |
| monopoly | a complete control over an industry, achieved by buying up or driving out of business all competitors |
| holding company | a corporation formed to buy up the stock of other companies, thus creating a monopoly |
| John D. Rockefeller | head of Standard Oil - used trusts to control 90% of the refining business |
| trust | 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 |
Created by:
MrsBirenbaum
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