Bessemer Process
New invention that helped speed up the production of steel
Transcontinental Railroad
was built to connect the transportation of goods and services from eastern U.S. to western U.S.
Alexander Graham Bell
invented the telephone in 1876
Telephone
allowed people to communicate across long distances
Thomas Edison
electric lightbulb, motion picture, phonograph
Free Enterprise System
individual are free to produce and sell whatever they wish
National Market
advertising through newspapers and magazines throughout the country.
Corporation
when a company issues stocks to shareholders
Entrepreneur
a person who is always looking for business ventures to make a profit
Gilded Age
a time period in which entrepreneurs were living lavishly from 1865 to 1900
Captain of Industry
name for entrepreneurs known for creating the modern industrial economy
Robber Baron
another name given to Gilded Age entrepreneurs because of their ruthless tactics they took to gain more power and money.
Andrew Carnagie
entrepreneur who started poor and gained a monopoly over the steel industry
Philanthropy
a person who invests in creating opportunity for poor people to succeed.
John D. Rockefeller
entrepreneur who started poor before gaining a monopoly in the oil industry
Monopoly
when a corporation takes control of an industry by crushing the competition
Interstate Commerce Act
an act instituted to stop the unfair costs on farmers to ship goods. It was the first time Congress became involved in big business
Sherman Anti-trust Act
laws passed to stop monopolies and trusts.
Child Labor
using workers under the age of 15 to work for cheap.
Laissez-Faire
Belief that government should take a "Hands Off" approach to business
Union
Organizations created to help better the working environment for workers
Knights of Labor
the first major Union created. It fell apart because it worked with unskilled workers.
AFL
Major union created that fell apart because it didn't allow unskilled workers to become members
Samuel Gompers
founder of the AFL
closed shops
places where only union members could gain employment
labor union members
Eight hours for work, eight hours for rest, eight hours for what we will!"
-I.G. Blanchard, "Eight Hours," 1878
Which groups goals were expressed in this song?
Inventions
telegraph, telephone, typewriter, and the sewing machine
This list represents
sewing machine
made the process of producing clothing faster
Promontory, Utah
place where the transcontinental railroad connected
catalogs
became the Gilded Age best advertisement
reasons that favored big business expansion
High birth rate
constant stream of immigrants
Population growth to 76 million
free enterprise system
people are free to produce and sell what they wish
Positives of Big Business
-Large business is more efficient which leads to lower prices.
-Hire large numbers of workers.
-Produce goods in large quantities.
-Have the resources for expensive research and to invent new items.
negatives of big business
-Unfair competitive advantage.
-Often exploited workers.
-Often unconcerned about pollution they may cause.
-Have an unfair influence on government rules that affect them.
Conditions of Labor
10-14 hours a day
6 days a week
Wages ranged from $3 to $12 a week.
Women and children were paid less.
Conditions were dangerous.
This list represents
Knights of labor
They supported equal pay for women and opposed child labor.
American Federation of Labor
union that united workers with similar economic interests.
Haymarket Affair
violent protest in Chicago where a bomb was set off and killed six police officers
represents Andrew Carnegie
represents John D Rockefeller
represents JP Morgan
represents Violent protests
represents Monopolies
represents political bosses
Boss Tweed
closed factories
action entrepreneurs took when workers protested
a major affect of Industrialization on American workers
skilled craftsmen were replaced by unskilled workers
allowed American entrepreneurs to invest without interference
Laissez-Faire
innovation
We don't make the things others do. We make them better.
Terrence Powderly
Knights of Labor
transcontinental railroad