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Heintz USH Ch 17
Chapter 17: Industrial Supremacy Identifications
| Question | Answer |
|---|---|
| *********************************** | Abram S. Hewitt |
| -Wrote "Wealth of Nations" in 1776 -Promoted Laissez-Faire Capitalism -Wrote about "invisible hand" -Wanted "Pure Market System" -No gov. interference -freedom of choice -private property -earned profit -competition | Adam Smith |
| -Patented telephone in 1876 -1885 AT&T formed! (American Telephone & Telegraph Company) | Alexander Graham Bell |
| ************************************ | American Socialist Party |
| -A political philosophy that states that government is unnecessary and harmful -Anarchists were once considered wild, violent enemies of the state | "Anarchism" |
| -Invented by Henry Bessemer and William Kelly -Could produce steel from iron in 30 minutes -Lowered cost from $200 to $4 a ton -Railroad expansion -Barbed wire, farm equipment, bridges, skyscrapers -Greatly increased steel productio | Bessemer-Kelly Method |
| -Economic system in which all businesses and means of production are privately owned -Prices, wages are determined by buisness owners -Business owners are allowed to keep profits | Capitalism |
| -Created first gasoline-powered car in America | Charles Duryea and Frank Duryea |
| ******************************** | Chicago Union Stockyard |
| -Workers and Businessmen compromising on work issues -Essentially Unions' duty | Collective Bargaining |
| *********************************** | Cornelius Vanderbilt |
| -Unions containing workers from a specific trade -The former organized members according to skill level -The latter treated all workers equally, regardless of skill level | Craft and Industrial Unionism |
| -Edwin Drake decided to drill for oil in a small Pennsylvania town -Setbacks and near bankruptcy caused the operation to be nicknamed "Drake's Folly" -The operation was a success, started oil boom -Kerosene was used as lubricant, gasoline thrown out | "Drake's Folly" |
| -Wrote "Looking Backward: 2000-1887" -Suggested socialist society would emerge -Class divisions would disappear -All would be equal | Edward Bellamy |
| -The island that served as a gateway to many immigrants to the US from 1892 to 1934 | Ellis Island |
| -A legal "war" over ownership of the Erie Railroad | Erie War |
| -Founder and leader of Industrial Workers of the World (IWW) | Eugene V. Debs |
| -Taylorism, "Scientific Management" -Thought that production could be maximized scientifically | Fredrick Winslow Taylor |
| -Contrasted Social Darwinism -Believed wealthy owed society -Wealth should be used when alive to help community -"All revenue generated beyond your own needs should be used for the good of the community." | Gospel of Wealth |
| -Edison, Carnegie invested in Marconi as a consulting engineer -1901, transmitted telegraph signals across Atlantic ocean | Guglielmo Marconi |
| -Was heavily involved in the Homestead incident -In charge of mill while Carnegie was in Scotland | Henry Clay Frick |
| -Popularized "assembly line production", created conveyor belt -Could produce 1 car every 93 minutes -Cut costs from $825 --> $265 a car -Interchangeable parts -$5 wage | Henry Ford |
| -Wrote "Progress and Poverty" -Said that current taxes were inefficient -Wanted a tax on land owners | Henry George |
| -First applied Darwinism to society -"Social Darwinism" | Herbert Spencer |
| -A firm or company that "holds" unbought stock of another company | Holding Company |
| -"Bootstraps" philosophy -Essentially Social Darwinism -Wrote "Sink or Swim" -Said that anyone could become wealthy if they actually worked for it | Horatio Alger |
| -Made his fortunes on sewing machine royalties | I. M. Singer |
| -A theoretical hand that guides market goers to make decisions in favor of the whole economy | "Invisible Hand" |
| -A leader in labor law reforms -Pardoned three people in Haymarket affair | John P. Altgeld |
| -A powerful financer -Merged with Carnegie Steel to form United States Steel Corperation | J. P. Morgan |
| Labor Contract Law | |
| Law of Supply and Demand | |
| -Contradicted Social Darwinism -Said that human reasoning surpasses nature -Said that Laissez-Faire ideals were "unnatural" -Socialist ideals -Believed that gov. regulation and education aided society | Lester Frank Ward |
| Marxism/Communism | |
| -Abandon your previous life and become an American just like us! Or else! Yay! | "Melting Pot" |
| "Middle Manager" | |
| Molly Maguires | |
| -When one company becomes the sole producer or owner of a good or service -Horizontal integration | Monopoly |
| ************************** | National Labor Union |
| -First sustained, controlled, powered, heavier-than-air flight -Dec. 17, Orville had success at Kitty Hawk | Orville Wright and Wilbur Wright |
| -A businessman who completely controls his workers | Padrones |
| -Originally a private detective agency -Often were hired by businesses and government as bodyguards and investigators | Pinkertons |
| -A licence given to an inventor that gives them sole rights to an invention on the condition that the blueprints become public property. | Patent |
| -An agreement among competing firms over prices, marketing, and production | Pool/Cartel |
| -Usually industrialists -Displayed their wealth -Bribed Governments -Promoted tariffs -Created monopoly -Charged unnaturally high rates -Exploited workers for maximum profits | "Robber Barons" |
| -Leader of American Federation of Labor (AFL) -Organised skilled workers -Used collective bargaining | Samuel Gompers |
| -An economic system in which the government owns some companies and means of production | Socialism |
| -The economic principle that determines the market price of items -The price is determined by the quantity of the item and the amount that people are willing to pay for it | Supply and Demand |
| -Leader of the Knights of Labor -Not very influential | Terence V. Powderly |
| -1879, patented incandescent light bulb -Allowed factories to work at night -Formed Edison Electric Light Company -Later merged with GE | Thomas A. Edison |
| ******************************* | Trust |
| -Expanded Spencer's Social Darwinism -Believed millionaires were products of natural selection -Pro-capitalist -Anti-socialist -Did not want poor to be aided -Would prevent "natural selection" | William Graham Sumner |
| -An organization of women of all classes united for the purpose of establishing better working conditions and women's suffrage | Women's Trade Union League |
| -Established one of the first US oil refineries -1870, formed business trust: Standard Oil -At one time, controlled 90% of US Oil Companies -Horizontal Integration | J. D. Rockefeller |
| -Came from poor Scottish family -1861, age 26, started Freedom Iron Company -used Bessemer Process to make steel -1899, formed Carnegie Steel Company -Vertical Integration | ***Andrew Carnegie |
| -Helped the country -Provided progress, "fair paying jobs" -Drove technology innovations -"Earned" their riches -"Gave back to community" | ***Captains of Industry |
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