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USH II - Chapter 17

Abundant raw material; technological innovation Industrial growth
first commercial use for telephones Alexander Graham Bell
Among greatest inventors in history Thomas A. Edison
1,093 patents Thomas A. Edison
Steel purification method that injected air into the steel Bessemer-Kelly Method
Abram Hewitt Open-Hearth Method
steel purifying method from EU Open Hearth Method
first oil well Edwin L. Drake
Titusville, PA - 1859 Edwin L. Drake
first heavier than air plane to fly and survive - Wright Brothers
Flyer One first plane
Kitty Hawk, North Carolina Location of first flight
First American gasoline driven motor vehicle Charles and Frank Duryea
Father of scientific management Fredrick Winslow Taylor
Tried to help companies increase efficiency Fredrick Winslow Taylor
built first of his famous cars, 1914 Henry Ford
assembly line system Henry Ford
Railroad tycoons Cornelius Vanderbilt Collis P. Huntington James J. Hill
Railroad tycoons Cornelius Vanderbilt
Railroad tycoon Collis P. Huntington
Railroad tycoon James J. Hill
Father of the Modern Steel Industry Andrew Carnegie
US Steel Andrew Carnegie; J. Pierpont Morgan
Combining a number of firms doing the same thing Horizontal Integration
Buying things that your company needs Vertical Integration
Wealthiest business tycoon John D. Rockefeller
Business tried to control competition and reduce instability by concentrating their economic power Consolidation
cartels; agreements between companies to stabilize rates and divide markets Pools
transferring stock to smaller shares (trustees) for protection Trusts
central corporate bodies buy up the stock of various members of a trust and establish direct ownership Holding companies
"survival of the fittest" applies to businesses Social Darwinism
English philosopher; chief proponent for Social Darwinism Herbert Spencer
American supporter of Spencer's ideas William G. Sumner
"Anchors of Diamonds" Russell H. Conwell
rags to riches story Horatio Alger
believed the government should be involved in the planning of the good for society Lester F. Ward
blamed poverty on the greed of the wealthy Henry George
Looking Backward Edward Bellamy
manipulation of prices; boom bust economy inequality Problems of monopoly
25 million between so many years Immigrants
William H. Sylvis attempted to unite various labor unions National Labor Union
Uriah Stephens grew to over 7,000 members Knights of Labor
Samuel Gonkers attempt to put skilled works in unions American Federation of Labor
Chicago - McCormick Harvester Company Haymarket Square Incident
Carnegie Steel Plant, PA; lasted four months; National Guard sent in to end it Homestead Strike, 1892
Pullman Railroad Car ; Pullman Strike, 1894
Eugene V. Debs
Sources of labor weakness
Created by: m.christie