+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Bessmer Steel Process
|
Developed independently by British manufacturer and American ironmaker William Kelly around 1850. Process involves injecting air into molten iron to remove the carbon/other impurities. By 1880, this method produced more than 90% of the nation's steel. Replaced by the open-hearth process.
|
|
Christopher Sholes
|
Invented the typewriter in 1867 and changed how people worked.
|
|
Railroad Time Zones
|
In 1869. Professor Dowd proposed a plan that would divide the into 24 time zones. The United States would contain 4 of them: Eastern, Central, Mountain, and Pacific. On, November 18, 1883 railroad crews synchronized their watches. Before this, each city had their own noon time when the sun was directly overhead.
|
|
George M. Pullman
|
Built a factory for manufacturing sleepers and other railroad cars on the Illinois prairie. His town for his workers had well constructed housing and facilities such as shops, doctors' offices, and athletic fields. He kept strict control of the town (no alcohol/loitering). Workers went on strike after Pullman refused to lower rent after pay cuts in 1894.
|
|
Credit Mobilier
|
Construction company that donated shares of stock to 20 representatives of Congress. After a congressional investigation, testimony implicated current VP Schuyler Colfax and future President James Garfield. Although there was no punishment, this tarnished the reputation of the Rep. party.
|
|
Andrew Carnegie
|
Came to the U.S, at the age 12. 6 years later, he because the private secretary to the local superintendent of PA Railroad. Was one of the first industrial moguls to make his own fortune. Entered the steel business in 1873, and in 1899 the Carnegie Steel Company manufactured more steel than all the factories in GB.
|
|
Vertical Integration
|
A process in which a company buys out its own suppliers.
|
|
Horizontal Integration
|
A process in which a company merges with other companies producing similar products.
|
|
Social Darwinism
|
This philosophy grew out of Darwin's theory of biological evolution. English philosopher Herbert Spencer used this to explain the evolution of human society. Success and failure in business are governed by natural law and no one has the right to intervene.
|
|
Holding Company
|
A company that does nothing except buy out the stock of other companies.
|
|
John D. Rockefeller - "Robber Baron"
|
Rockefeller used a trust to gain total control of the oil industry in America. Made huge profits by paying his employees low wages and driving his competitors out of business by selling his oil at a lower price than it cost to produce it. Afterwards, he hiked prices far above original levels.
|
|
Sherman Anti-Trust Act
|
Made it illegal to form a trust that interfered with free trade between states/other countries. Difficult to enforce because the act didn't clearly define what a trust was. In addition, if firms were under pressure, they could just break apart into individual companies.
|
|
Sweatshops
|
Workshops in overcrowded houses instead of factories. Often the only avenue open to women/children. Paid the lowest wages (women made a little over a man's average pay).
|
|
Labor Unions
|
National Labor Union (NLU) - Formed in 1866 by ironworker William Sylvis. There also was a "Colored" NLU. Persuaded Congress to legalize an 8 hour work day for gov. workers. Wanted equal pay for women and men.
Knights of Labor (KofL) - Formed by Uriah Stephens. Motto was "An injury to one is the concern of all." Advocated similar things as the NLU. American Federation of Labor (AFL) - Focused on negotiation between reps. of labor and management to reach written agreements on wages, hours, and working conditions. Unlike KofL, it used strikes and was an effective tactic. |
|
Samuel Gompers
|
Jewish immigrant who was the president of the AFL.
|
