APUSH Unit 5 Period 6 (1865-1898)
Study online at https://quizlet.com/_5g3sms
1. The Industrial (1850) Industry mostly located in the north; industry's
Economy value surpassed agriculture. US technology exceeded eu-
rope in such areas as rubber, coal power, mass produc-
tion, and the telegraph. Cheap immigrant labor threatened
the established workers' jobs
2. Alexander G. Bell He was an American inventor who was responsible for
developing the telephone (1876). This greatly improved
communications in the country.
3. Thomas Edison Invented the lightbulb, worked from factory in Menlo Park,
NJ in late 19th century. Also had a part in development
of power plants and other factory innovations; last quarter
of 19th century is called age of invention. He invented the
phonograph, light bulb, electric battery, mimeograph and
moving picture.
4. Andrew Carnegie A Scottish-born American industrialist and philanthropist
who founded the Carnegie Steel Company in 1892. By
1901, his company dominated the American steel industry.
Steel king; integrated every phase of his steel-making
operation. Ships, railroads, etc. pioneered "Vertical Inte-
gration"; his goal was to improve efficiency by making
supplies more reliable controlling the quality of the product
at all stages of production and eliminating the middleman
5. US Steel Carnegie sold his company in 1900 for over 400 million to
a new steel combination headed by JP Morgan. The new
corporations, United States Steel, was the first billion dol-
lar company and also the largest enterprise in the world,
employing 168,000 people and controlling over 3/5th of
the nation's steel business.
6. John Rockefeller Rockefeller was a man who started from meager begin-
nings and eventually created an oil empire. In Ohio in
1870 he organized the Standard Oil Company. By 1877 he
controlled 95% of all of the refineries in the United States.
It achieved important economies both home and abroad
by it's large scale methods of production and distribution.
, APUSH Unit 5 Period 6 (1865-1898)
Study online at https://quizlet.com/_5g3sms
He also organized the trust and started the Horizontal
Merger.
7. Standard Oil John D. Rockefeller's company, formed in 18670, which
came to symbolize the trusts and monopolies of the gild-
ed age. By 1877 standards oil controlled 95% of the oil
refineries in the U.S. It was also one of the first multina-
tional corps. And at times distributed more than half of the
company's kerosene production outside the U.S. By the
turn of the century it had become a target for trust-busting
reformers, and in 1911 the Supreme Court ordered it to
break up into several dozen smaller companies.
8. Leland Stanford A member of the Big Four, was one of the financial bankers
of the enterprise. Helped build the Central Pacific Railroad.
Ex-governor of California with useful political connections.
9. J.P. Morgan Businessman who refinanced railroads during depression
of 1893, built intersystem alliance by buying stock in com-
peting railroads, and marketed US government securities
on large scale.
10. Bessemer An industrial process for making steel using a Bessemer
Process converter to blast air through through molten iron and thus
burning the excess carbon and impurities.
11. Laissez faire Economic liberalism that believes in unrestricted private
enterprise and no government interference in the econo-
my. "Government hands off".
12. Horizontal Inte- The practice perfected by John D. Rockefeller of dominat-
gration ing a particular phase of the production process in order
to monopolize a market.
13. Vertical Integra- The practice perfected by Andrew Carnegie of controlling
tion every step of the industrial production process in order to
increase efficiency and limit competition.
14. Social Darwinism Believers in the idea, popular in the late 19th century, that
people gained wealth by "survival of the fittest". Therefore,
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