US History.docx - Gilded Age 1870s 1890s time period looked...

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Gilded Age 1870s - 1890s; time period looked good on the outside, despite the corrupt politics and growing gap between the rich and poor Technological (Second Industrial) Revolution based on steel, railroads, electricity, oil-based products Alexander Graham Bell He was an American inventor who was responsible for developing the telephone. Thomas Edison American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures. Telephone A device that converts sound into electrical signals that can be transmitted over distances. Invented by Alexander Graham Bell. Free Enterprise System An economic system in which people are free to operate their businesses as they see fit, with little government interference. Laissez-Faire No government intervention in business.
Corporation A business that is owned by many investors. Bessemer Process A process for making steel more efficiently, patented in 1856. Entrepreneurship Accepting the risk of starting and running a business. Monopoly A market in which there are many buyers but only one seller. Andrew Carnegie A business man that increased his power through by gaining control of the many different businesses that make up all phases of steel production development. John Rockefeller Creator of the Standard Oil Company who made a fortune on it and joined with competing companies in trust agreements that in other words made an amazing monopoly. Robber Baron a negative term for business leaders that implied they built their fortunes by stealing from the public
Captain of Industry business leader who has a positive impact Philanthropy Giving money to help the poor Political Machines Corrupt organized groups that controlled political parties in the cities. A boss leads the machine and attempts to grab more votes for his party. Political Boss representative for or head of the political machine; gained votes for their parties by doing favors for people. Immigration Coming to live permanently in a foreign country Push and Pull Factors The push factor involves a force which acts to drive people away from a place and the pull factor is what draws them to a new location. Nativists
U.S. citizens who opposed immigration because they were suspicious of immigrants and feared losing jobs to them Ethnic Ghettos immigrants lived here due to cultural similarities, especially in big cities Child Labor Children were viewed as laborers throughout the 19th century. Many children worked on farms, small businesses, mills and factories. Labor Union An organization of workers that tries to improve working conditions, wages, and benefits for its members Strikes times when workers refuse to work until owners improve conditions Knights of Labor 1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed Haymarket Massacre Was when there was a peaceful protest at the the Haymarket square and a bomb was thrown at the police and the police started shooting at innocent people

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