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U.S. CH 5

Industrialization: 1865-1901

TermDefinition
1. laissez-faire policy that government should interfere as little as possible in the nation's economy
2. entrepreneur One who organizes, manages, and assumes the risk of a business or enterprise
resource material used in the production process, such as money, people, land, wood, or steal
practice to do something repeatedly so it becomes the standard
3. Edwin Drake also known as Colonel Drake, was the first American to successfully drill for oil.
4. Alexander Graham Bell was a Scottish-born scientist, inventor, engineer, and innovator who is credited with patenting the first practical telephone.
5. Thomas Alva Edison In his 84 years he recorded 1,093 patents (singly or jointly) and was the driving force behind the phonograph, the incandescent light bulb and one of the earliest motion picture cameras. He also created the world's first industrial research laboratory.
6. Morrill Tariff 1861 was an increased import tariff in the United States, adopted on March 2, 1861, during the administration of President James Buchanan. This raised rates to encourage industry and to foster high wages for industrial workers.
7. time-zone A region in which the same Standard time is kept
8. land grant a grant of land by the federal government especially for roads, railroads, or agricultural colleges
integrate to combine two previously separate things
investor one who puts money into a company in order to gain a future financial reward
9. Pacific Railway Act 1862 authorized the Union Pacific Railroad and the Central Pacific Railroad to build a railroad and a telegraph line beginning in Omaha, Nebraska, and ending in Sacramento, California. The act provided land from the public domain and government bonds to help pay for the construction.
10. Grenville Dodge a Union army officer on the frontier and pioneering figure in military intelligence during the Civil War, he was the coordinator for the Union Pacific Railway
11. Leland Stanford an American tycoon, industrialist, politician, and the founder (with his wife, Jane) of Stanford University; he was the coordinator of the Central Pacific Railway
12. Cornelius Vanderbilt Shipping and railroad tycoon; was a self-made multi-millionaire who became one of the wealthiest Americans of the 19th century.
13. Jay Gould leading American railroad developer and speculator; one of the ruthless robber barons of the Gilded Age, whose success at business made him one of the richest men of his era.
14. Credit Mobilier Scandal 1872-1873 damaged the careers of several Gilded Age politicians. Major stockholders in the Union Pacific Railroad formed a company, the Crédit Mobilier of America, and gave it contracts to build the railroad. They sold or gave shares in this construction to influential congressmen.
15. James J. Hill Canadian-American railroad executive. He was the chief executive officer of a family of lines headed by the Great Northern Railway, which served a substantial area of the Upper Midwest, the northern Great Plains, and Pacific Northwest.
16. corporation an organization that is authorized by law to carry on and activity but treated as though it were a single person
17. stock money or capital invested or available for investment or trading
18. economies of scale the reduction in the cost of a good brought about especially by increased production at a given facility
19. pool a group sharing and some activity, for example, among railroad owners who made secret agreements and straits among themselves
20. vertical integration the combining of companies that supply equipment in services needed for a particular industry
21. horizontal integration combining of many firms engaged in the same type of business into one corporation
22. monopoly total control of a type of Industry buy one person or one company
23. trust a combination of firms or corporations formed by illegal agreement, especially to reduce competition
24. holding company A company whose primary business is owning a controlling share of stock in other companies
distribution the act or process of being given out or dispersed to clients, customers, or members of a group
consumer a person who buys what is produced by an economy
25. Andrew Carnegie American industrialist who amassed a fortune in the steel industry then became a major philanthropist.
26. John D. Rockefeller founder of the Standard Oil Company, became one of the world's wealthiest men and a major philanthropist. Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in 1863 by investing in a Cleveland, Ohio, refinery.
27. deflation a decline in the volume up available money or credit that results in lower prices, and, therefore, increases the buying power of money
28. trade union an organization of workers with the same trade or skill
29. industrial union an organization of common laborers and Crafts workers in a particular industry
30. blacklist a list of persons who are disapproved of or who are to be punished or boycotting
31. lockout a company tool to fight Union demands by refusing to allow employees to enter its facilities to work
32. arbitration settling a dispute buy agreeing to accept the decision of an impartial outsider
33. injunction a court order where buy one is required to do or to refrain from doing a specified act
34. closed shop an agreement and watch a company agrees to hire only union members
restraint the act of limiting, restricting, or keeping under control
constitute to be composed of, made up of, or form from
35. Marxism Early American Socialism. idea that workers would eventually revolt, seize control of the factories, and overthrow the government
36. Knights of Labor founded in 1869 opposed strikes, preferring to use boycotts to pressure employers. they also supported arbitration, a process in which a their party helps workers and employers reach agreements. wanted an 8 hour day, equal pay for women, abolition of child labor, creation of workers owned factories
37. American Federation of Labor a national federation of labor unions in the United States founded in Columbus, Ohio, in December 1886 by an alliance of craft unions disaffected from the Knights of Labor, a national labor association. promoted the interests of skilled workers
38. Samuel Gompers found the Federation of Organized Trades and Labor Unions in 1881 as a coalition of like-minded unions. In 1886 it was reorganized into the American Federation of Labor, with Gompers as its president. He would remain president of the organization until his death (with the exception of one year, 1895)
39. gross national product the total value of goods and services produced by a country during a year