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CH 15 1.1

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QuestionAnswer
1.1 Pacific Railway Acts in 1862 1st transcontinental railroad accelerating industrialization railroads; first big buisness
1.1 Union Pacific Railroad Built westward from Omaha, Nebraska. Employed many Irish immigrants and Civil War veterans.
1.1 Central Pacific Railroad Built eastward from Sacramento, California. Chinese immigrants - 90% of workers
1.1 Railroad Challenges? Harsh weather; snow; heat Dangerous working conditions; environmental and accidents Conflicts with native tribes
1.1 George Pullman Created a factory for manufacturing sleepers and other RxR cars on Illinois prairie nearby town; housing, shops, churches, & services Controlled by the company; WAGE SLAVERY
1.1 Robber Barons successful industrialists whose business practices were often considered ruthless or unethical.
1.1 Robber Barons Actions: Paid little attention to customers or competitors Ruined, suppressed, and exploited workers Used intimidation, violence, corruption, conspiracies, and fraud Bought and sold politicians Monopolized industries through trusts
1.1 Munn v. Illinois the government's right to regulate private industries that impact the public interest
1.1 Interstate Commerce Act a commission to investigate complaints and sue companies that violated its regulations.
1.1 Carnegie’s Empire Henry Bessemer Process Technique that involved blowing air through molten iron to remove impurities and mass-produce steel
1.1 Carnegie’s Empire Andrew Carnegie Left the PA RxR and entered the steel business By 1899, the Carnegie Steel Company manufactured more steel than all the factories of Great Britain
1.1 Vertical Integration A company’s taking over its suppliers and distributors and transportation systems to gain total control over the quality and cost of its product
1.1 Horizontal Integration The merging of companies that make similar products
1.1 Social Darwinism and Business Charles Darwin Introduced the theory of biological evolution through natural selection. Key idea: “Survival of the fittest.”
1.1 Social Darwinism Philosophers and economists applied Darwin’s ideas to society and economics. Belief that the strong (wealthy, powerful, successful) naturally rise to the top. The weak (poor, less successful) fail because of their own shortcomings.
1.1 Laissez-faire “allow to do” → government should NOT interfere in the economy.
1.1 Laissez-faire explained: Social Darwinists argued that government regulation (like helping the poor or regulating business) interfered with natural competition. Supported by advocates of big business during the Gilded Age.
1.1 Oil Tycoon Edwin Drake Drake used an old steam engine to power the drill.
1.1 Oil Tycoon John D. Rockefeller Owner of the Standard Oil Company Merged competing companies in trust agreements Stockholders gave their stocks to the Trustees and were given dividends of profit in return
1.1 Ida Tarbell Wrote The History of the Standard Oil Company Revealed the illegal means used by Rockefeller to monopolize the early oil industry.
1.1 Muckrakers Investigative journalists during the Progressive Era who exposed corruption, scandal, and other wrongdoing in business, government, and society
1.1 Philanthropists Rockefeller Gave away $500 million Rockefeller Foundation gave funds to University of Chicago and a medical institute that helped cure yellow fever
1.1 Philanthropists Carnegie Donated 90% of his wealth
Created by: durine swaby
 

 



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