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Vocab 2

10/16/17

TermDefinition
Thomas Edison United States inventor, invention included the phonograph and incandescent electric light and the microscope and kinetoscope.
Gospel Of Wealth is an article written by Andrew Carnegie in June of 1889 that describes the responsibility of philanthropy by the new upper class of self-made rich.
Interstate Commerce Act 1887 a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices. The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates.
Alexander Graham Bell a Scottish-born scientist, inventor, engineer, and innovator who is credited with patenting the first practical telephone and founding the American Telephone and Telegraph Company (AT&T) in 1885.
Child Labor Laws passed over many decades, beginning in the 1830s, by state and federal governments, forbidding the employment of children and young teenagers, except at certain carefully specified jobs.
Trans-Continental Railroad A train route across the United States, finished in 1869. It was the project of two railroad companies: the Union Pacific built from the east, and the Central Pacific built from the west.
Sherman Anti-Trust Act A federal law passed in 1890 that committed the American government to opposing monopolies. The law prohibits contracts, combinations, or conspiracies “in the restraint of trade or commerce.”
Bessemer Process a process of making steel from pig iron by burning out carbon and other impurities by means of a blast of air forced through the molten metal.
John D. Rockefeller An American businessman of the late nineteenth and early twentieth centuries; a founder of the Standard Oil Company. Rockefeller was the richest man in the world at his retirement and was noted for founding many charitable organizations.
Union An organization of workers formed to promote collective bargaining with employers over wages, hours, fringe benefits, job security, and working conditions.
Monopoly A monopoly is characterized by a lack of competition, which can mean higher prices and inferior products.
Philanthropy altruistic concern for human welfare and advancement, usually manifested by donations of money, property, or work to needy persons, by endowment of institutions of learning and hospitals, and by generosity to other socially useful purposes.
Created by: broalogy