Industrialization Flashcards

Terms Definitions
Henry Ford
1863-1947. American businessman, founder of Ford Motor Company, father of modern assembly lines, and inventor credited with 161 patents.
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.
Laissez-Faire Capitalism
Minimal governmental interference in the economic affairs. Adam Smith and Francois Quesnay.
Social Darwinism
The application of ideas about evolution and "survival of the fittest" to human societies - particularly as a justification for their imperialist expansion.
referendum
a legislative act is referred for final approval to a popular vote by the electorate
Monopoly
(economics) a market in which there are many buyers but only one seller
free silver
Movement for using silver in all aspects of currency. Not adopted because all other countries used a gold standard.
Populist Party
U.S. political party formed in 1892 representing mainly farmers, favoring free coinage of silver and government control of railroads and other monopolies
Philanthropy
charity; a desire or effort to promote goodness
trust
group of corporations run by a single board of directors
cross of gold speech
An impassioned address by William Jennings Bryan at the 1896 Deomcratic Convention, in which he attacked the "gold bugs" who insisted that U.S. currency be backed only with gold.
backed by farmers
Sherman Anti-trust
was the first law (1890) tpo control trusts and monopolies
Dawes Act
An act that removed Indian land from tribal possesion, redivided it, and distributed it among individual Indian families. Designed to break tribal mentalities and promote individualism.
captain's of industry
Term used to describe people who do business in good way and served nation in positive way such as increasing products supply by building factory, raising production, & expanding markets. They also build libraries, universities, and other public services
Pacific Railways Act
were a series of acts of congress that promoted the construction of the transcontinental railroad in the US through authorizing the issuance of government bonds and the grants of land to railroads.
industrialization
transition from an agricultural society to one based on industry
John D. Rockefeller
an American industrialist and philanthropist. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. He kept his stock and as gasoline grew in importance, his wealth soared and he became the world's richest man and first U.S. dollar billionaire, and is often regarded as the richest person in history
robber barrons
rich business owners who would under pay their workers to make more money
monopoly (bad)
(economics) a market in which there are many buyers but only one seller
john D rockefeller
Was an American industrialist and philanthropist. Revolutionized the petroleum industry and defined the structure of modern philanthropy.
chivington massacre
November 28, 1861 - Colonel Chivington and his troops killed 450 Indians in a friendly Cheyenne village in Colorado.
sherman anti-trust act
First United States law to limit trusts and big business. Said that any trust that was purposefully restraining interstate trade was illegal.
Captains of Industry
Company owners such as Carnegie and rockefeller who built empires anmd had a positive influence on the country in terms of business
J. P. Morgan
Banker who buys out Carnegie Steel and renames it to U.S. Steel. Was a philanthropist in a way; he gave all the money needed for WWI and was payed back. Was one of the "Robber barons"
Homestead Act
Passed in 1862, it gave 160 acres of public land to any settler who would farm the land for five years. The settler would only have to pay a registration fee of $25.
andrew carneige
richest scottish immigrant
philanthropist
the act of donating money,good,services,time, and or effort to support asocially an official cause
stock
shares a corporation sells to investors known as stock holders
Laissez-faire
"hands off" policy towards big business
Samuel Slater
father of American factory system, built the first factory in US (Rhode Island)
Pooling
Method of ending competition used by railroads and other businesses in the late 1800s. Tailroads divided up business in an area and fixed prices at a high level.
vertical intergration
acquiring control of all the steps required to change raw materials into finished product
Vertical Integration
Method of controlling an industry from raw materials to finished products
Mass Production
producing the same product in one factory. You need an assembly line and division of labor to make mass production
sheerman antitrust act
banned the formation of trusts and monopolies
Sherman Antitrust Act (1890)
Act prohibiting trusts or other businesses from limiting cometition.
Chris Sholes
Inventor of the typewriter
what was a favorite food?
meat
puritians support educatsion that was inspired by what
faith
Old immigrant characteristics
spole english, Protestant, wealth, skilled artisans and farmers, high literacy
1700s
enslaved africans were living in every colony
LAISSEZ-FAIRE ECONOMICS
belief that government should not control business - hands off - let market decide success/failure of a product
HORIZONTAL INTEGRATION
Practice where a single entity controls an entire aspect of production, ensuring that everyone must go through you
problems with immigrtion
used as replacement workers, racial ineriority, changing rural factory overcrowdig coties, lowering literacy, importatio of radical ideas - communism, socialism, anarchism
Credit Mobilier
The name of the "dummy" coroporation formed by the Union Pacific Railroad Co. to boost revenue for its stockholders
What did colonists use as light source
pine torches
George Pullman
Railroad-car mogul who built a town to house his emplyees
reactions to immigration
quota - 3 percent can come, chinese exclusion act - none from China and 1 percent from Japan
What is a ghetto?
Originally, a ghetto was the jewish quarter of a city. They became a place where immigrants would stay together, all speaking the same language. Ghettos often served to soften the cultural shock of moving to america.
What is Social Darwinism? Who were some Social Darwinists?
Social Darwinism was applying Darwin's theories of survival of the fittest and evolution to social situations. The Social Darwinists believed that nature WANTED the poor and working to die. Two prominent social Darwinists were Herbert Spencer and Graham Sumner.
Who was the American Federation of Labor? What did they believe?
The American Federation of Labor replaced the Knights of Labor in the workers unions. They represented only skilled workers. They were very local, and they understood supply and demand very well. They were very careful about how they dealt with businesses (on wages, hours, and working conditions). They did NOT oppose capitolism. They were very much against radicalism.
Why did the 2nd generation of immigrants assimilate so much quicker than their parents?
because they went to public schools. There, they picked up the language.
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