Industrialization and Key Figures in American History

These flashcards cover key figures, concepts, and developments in American industrialization.

James J. Hill

Railroad magnate known for building the Great Northern Railway without federal aid.

Cornelius Vanderbilt

Prominent industrialist who built his wealth in railroads and shipping.

Andrew Carnegie

Industrialist who led the expansion of the American steel industry.

John D. Rockefeller

Founder of the Standard Oil Company, dominating the oil industry.

J. P. Morgan

Powerful financier arranged mergers and formed large corporations.

Philip Armour

American meatpacking industrialist who founded Armour and Company.

Jay Gould

Leading American railroad developer and speculator, often considered a 'robber baron'.

Alexander Graham Bell

Inventor credited with patenting the first practical telephone.

Thomas Edison

Prolific inventor who developed devices like the phonograph and practical electric light bulb.

Stock watering

Practice of artificially inflating a company's asset value, often deceiving investors.

Pool

Informal agreement among companies to fix prices or divide markets.

Rebate

Partial refund to a purchaser, often secretly given by railroads to favored customers.

Herbert Spencer

English philosopher who was a major proponent of Social Darwinism.

William Graham Sumner

Influential American social scientist and advocate of Social Darwinism.

Land grant

Grant of public land, especially for purposes like railroad construction.

Grange

Farmers' movement founded in 1867 focusing on social and economic issues.

Vertical integration

Strategy where a company owns or controls its entire supply chain.

Horizontal integration

Strategy where a company acquires competitors in the same industry.

Trust

Legal arrangement where one party holds property for the benefit of another.

Interlocking directorate

Business practice where same people serve on boards of competing companies.

Company town

Settlement built and owned by a company for its employees.

Union Pacific Railroad

Transcontinental railroad company that built westward from Omaha, Nebraska.

Credit Mobilier

Scandal involving Union Pacific Railroad and a construction company that defrauded the government.

Central Pacific Railroad

Transcontinental railroad company that built eastward from Sacramento, California.

Bessemer process

Cost-efficient industrial process for mass-producing steel from molten iron.

United States Steel

First billion-dollar corporation formed by J.P. Morgan, dominating steel production.

Gospel of Wealth

Andrew Carnegie's philosophy that the wealthy should use their fortunes for public good.

New South

Term describing the economic and social transformation of Southern states after the Civil War.

Growth of railroads

Enabled faster transportation of goods and people, fostering national markets.

Natural resources

Abundance of resources like coal, oil, and iron driving industrialization.

Labor supply

Growing workforce due to immigration and internal migration aiding industrial growth.

Technological innovations

Advancements contributing to industrialization like the telephone and steam engines.

Government support

Assistance through tariffs and land grants promoting industrial expansion.

Entrepreneurs

Powerful business individuals crucial in the rise of corporations during industrialization.

Bessemer process

Technological development that innovated steel production methods.

Advancements in oil refining

Developments providing new energy sources during industrialization.

Incandescent light bulb

Technological advancement enhancing industrial and domestic illumination.

Production methods

Innovations in manufacturing processes driving efficiency and output.