The Rise of Industry

These flashcards cover key concepts from the lecture on the rise of industry, including the industrial revolutions, economic principles, major inventions, and significant industrial figures.

What marked the beginning of the First Industrial Revolution in America?

The First Industrial Revolution began in the early 1800s, spreading from England to America's Northeast.

What new industries emerged during the First Industrial Revolution?

Textiles, iron wares, and railroads were new industries that emerged.

What was a key feature of the Second Industrial Revolution?

The Second Industrial Revolution featured the rise of industries such as steel, oil, telecommunications, and electricity.

What economic theory does the United States follow?

The United States follows the economic theory of capitalism.

What is capitalism?

Capitalism allows any person with capital to own and operate a business, with the aim to profit.

What is laissez-faire capitalism?

Laissez-faire capitalism is a system where the government does not interfere in economics or regulate businesses.

How did the Civil War stimulate economic growth?

The Civil War increased demand for goods, leading to the establishment of new businesses and factories.

What role did tariffs play in American business during the Civil War?

High tariffs protected American businesses from foreign competition and increased the demand for American goods.

What are patents?

Patents grant inventors exclusive rights to produce and sell their inventions for a limited time.

What was the significance of steel in America’s development?

Steel became the main metal used in construction, replacing iron and enabling the construction of skyscrapers and bridges.

Who developed the Bessemer process?

Henry Bessemer developed the Bessemer process, which made steel production more efficient.

What invention began the telecommunications revolution in the 1830s?

Samuel Morse invented the telegraph, which used Morse Code for long-distance communication.

What contribution did Thomas Edison make to electricity?

Thomas Edison invented the electric light bulb and developed plans for power plants to distribute electricity.

What is a corporation?

A corporation is a business owned by a larger group of people, allowing for shared ownership and reduced personal risk.

What is horizontal integration?

Horizontal integration is when one company controls all facilities at one level of production, such as an oil company owning all refineries.

What act was the first federal law to regulate business?

The Interstate Commerce Act of 1887 was the first federal law to regulate business.

What did the Sherman Antitrust Act aim to do?

The Sherman Antitrust Act aimed to outlaw monopolies and promote fair competition.

Who was Andrew Carnegie?

Andrew Carnegie was a leading figure in the steel industry and promoted philanthropy through the 'Gospel of Wealth'.

What was John D. Rockefeller known for?

John D. Rockefeller founded the Standard Oil Company and used aggressive tactics to dominate the oil industry.

What role did J.P. Morgan play in American industry?

J.P. Morgan was a financier who funded Thomas Edison and formed General Electric; he later bought Carnegie Steel.