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Big Business
SS Grade 8
| Question | Answer |
|---|---|
| Who built the largest steel plant in Pennsylvania? | Andrew Carnegie |
| controls all aspects of industry from raw materials to finished products (iron mines, railroad, steamship lines) | vertical integration |
| building the strongest steel at the lowest price | Bessemer process |
| combining businesses | consolidation |
| to conform or adopt | standardize |
| linking (railroads) | network |
| owner of a railroad car factory | George Pullman |
| invented an airbrake that stops all railcars at one time; allowed for faster and larger trains | George Westinghouse |
| created to stop the confusion of local times | Time zones |
| had a steamship factory and then owned raillines | Cornelius Vanderbuilt |
| built the Northern transcontinental railroad without government assistance | James Hill |
| fixed rates (railroads made farmers paid more) | pools |
| discounts (railroads gave only to best customers) | rebates |
| What is one positive effect of the railroads? | created jobs (Steelworkers, lumberjacks) |
| What is one negative effect of the railroads? | rate wars |
| Oil for kerosene and started the Standard Oil Company | John D. Rockefeller |
| Carnegie's belief that extremely wealthy people had the responsibility to spend their money in order to benefit the common good | Gospel of Wealth |
| shares of corporate profit paid to investors | dividends |
| banking- gained control of major investors and corporations | JP Morgan |
| a group of corporations run by a single board of directors | trust |
| an economic system where goods and services are exchanged with little government interference | Free Enterprise System |
| companies that controlled over 90% of industry | monolopy |
| a labor rally in Chicago in 1886 that ended in violence when a bomb exploded | Haymarket Riot |
| negative industralist | Robber Barons |
| positive industralist | Captains of Industry |
| people who oppose organized government | anarchists |
| an economic system based on the private ownership of property, a market economy and the goal of making a profit | Capitalism |
| the belief that only strong businesses will survive | Social Darwinism |
| founded by Samuel Gompers, made up of only skilled workers; separate unions formed; used collective bargaining and negotiating | American Federation of Labor |
| founded by Powderly; made up of skilled and unskilled workers | Knights of Labor |
| a NYC sweatshop where a fire broke out. The doors were locked. The girls had to leap to death. 150 died. Laws changed after (sprinklers, escapes) | Triangle Shirtwaist Factory Fire |
| oil refinery bought by Rockefeller | Standard Oil Company |
| shares of a business bought by investors | stock |
| mass produced cars on a assembly line | Henry Ford |
| a strike that occurred because wages were cut, but rent was not. Workers walked off, but were court ordered to stop strike | Pullman Strike |
| In 1892, the Carnegie Steel Co cut wages and there was a bloody confrontation | Homestead Strike |
| This prohibited the formation of trusts and monolopies | Sherman Antitrust Act |
| a court order to stop an action | injunction |
| a person who gives a generous amount of money to charities | philanthropist |
Created by:
bcataldi25
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