Second Industrial Revolution-Stein Vocabulary

Phase of rapid industrialization

In the final third of the 19th century and the
beginning of the 20th, generally dated between 1870 and 1914 up to the start of World War I

R.O.S.E

Railroads
Oil
Steel
Electricity

Foundations of Industrial Revolutions

Abundant Natural Resources
"Free Enterprise" System
Role of Government- "laissez Faire" capitalism
Legacy of First Revolution
Economic Stimulus of Civil War

Laissez-faire

A theory that the economy does better without government intervention in
business.

Market Economy

All factors of production are privately owned; people free to buy and sell goods in the
open market

Invention

Something newly designed or created, or the activity of designing or creating new
things.

Innovation

A new idea, device, or method the act or process of introducing new ideas, devices,
or methods

Social Darwinism

Survival of the fittest in human society

Monopoly

Company has complete control over a product or service in that area.

Dangers of Monopolies

Inferior products, unlimited price increases

Vertical Integration

Is an arrangement in which all of the stages of production of a company is owned by that company

Horizontal Integration

Controlling all companies and faculties at one stage of production

Stock

Ownership in a company

Corporation

A company or group of people authorized to act as a single entity (legally a person)
and recognized as such in law.

Entrepreneur

A person who organizes and operates a business or businesses, taking on greater
than normal financial risks in order to do so.

John D Rockefeller

American oil industry business magnate Oil, Horizontal Integration- Standard
Oil Trust- is considered to be the wealthiest American of all time by virtually every source

Andrew Carnegie

Brought Bessemer process to U.S.- He built Pittsburgh's
Carnegie Steel Company,(Vertical Integration) which he sold to J.P. Morgan in 1901 for $480
million

John Pierpont "J.P." Morgan

American financier and banker

Henry Morrison Flagler

Key figure in the development of the Atlantic coast of Florida and
founder of what became the Florida East Coast Railway. Also a founder of Standard Oil w
Rockefeler

Henry Ford

(July 30, 1863 - April 7, 1947) captain of industry, business magnate, founder of
Ford Motor Company. sponsored assembly line technique of mass production. Ford didn't invent
automobile or assembly line, he developed and manufactured the first automobile that many
middle-class Americans could afford. Ford converted automobile from an expensive curiosity to
practical conveyance. His introduction of the Model T automobile revolutionized transportation
and American industry

George Westinghouse

Invented air brakes for trains; also instrumental in country utilizing AC
(alternating current)

Court cases: Wabash v. Illinois

(1886)- Supreme court ruled
that railroads can
only be regulated by federal government-
interstate commerce

Munn v. Illinois

(1877)- court ruled that state can
regulate
because its in the public's interest

Interstate Commerce Act

(1887)- regulates Railroads- in
response to Wabash case

Sherman Antitrust Act

(1890)- regulates monopolies;
vague and hard to enforce

Bessemer process (Henry Bessemer)

Inexpensive industrial process for the mass-
production of steel

George Pullman

Sleeping car

Alexander Graham Bell

Patented first telephone

Thomas Edison

Patented first light bulb; many other inventions- phonograph, the
motion picture camera

Nicola Tesla

Developed Alternating Current; 1893 lit up worlds fair in Chicago

Sarah Goode

Fold away bed

Elijah McCoy

Lubricators for steam engines

Garrett Morgan

Safety hood & smoke protectors for fire fighters

Sarah Breedlove, known as Madam C. J. Walker

First female self-made millionaire in
America, became one of the wealthiest African American women in the country. Made
her fortune by developing and marketing a line of beauty and hair products for black
women