Rise of Industry Vocabulary

Vocabulary flashcards covering key terms, figures, and concepts from the Rise of Industry lecture notes.

Second Industrial Revolution

A period of rapid economic and social change in the late 1800s characterized by the rise of factories, the growth of cities, and the development of the steel, oil, telecommunications, electricity, and automobiles industries

Capitalism

An economic system where people start a business with the goal of profiting or making money

Entrepreneur

Person who starts a business hoping to profit but risking failure and bankruptcy

Laissez-faire

Minimal government interference in business and economics

Tariff

A tax on foreign-made goods that raises their price and encourages Ameircans to buy cheaper American-made goods

Patent

Exclusive rights to an invention for a limited period of time that allows people to profit from their invention encouraging the invention of new products and creation of new businesses

Corporation

A business in which ownership is shared by a large group of people

Stock

Shares of ownership sold by a corporation to investors to raise capital or money needed for expansion

Scientific management

Method of production developed by Frederick Taylor where large, complicated tasks are divided into smaller, simpler tasks with the goal of reducing the amount of time and money it took to produce a good

Horizontal integration

A method of consolidation where a single company has gained control of all of one level of production

Vertical integration

A method of consolidation where a single company has gained control of all levels of production

Monopoly/Trust

A business that has eliminated competition and controls an entire industry

Interstate Commerce Act

A federal law regulating railroad companies by making them charge fair and consistent prices

Sherman Antitrust Act

A federal law that intended to break up existing monopolies and stop to formation of new monopolies

Captains of Industry

Positive view of businessman because they expanded businesses, created jobs, developed products that improved the lives of people, and donated money to improve society

Robber Barons

Negative view of businessman because they use ruthless tactics to eliminate competition, and paid their workers low wages while they became extremely wealthy

Gospel of Wealth

Idea promoted by Andrew Carnegie that wealthy people should practice philanthropy or donate their wealth to improve society

Social Darwinism

Survival of the fittest in society which is often used to justify the extreme wealth of a few individuals while many suffer through extreme poverty

Andrew Carnegie

Entrepreneur who started a business in Pittsburgh, Pennsylvania which used the Bessemer process to produce the steel needed for the construction of railroads, skyscrapers, and suspension bridges

John Rockefeller

Entrepreneur who started Standard Oil Company in Cleveland, Ohio which refined oil into kerosene for lanterns and gasoline for internal combustion engines

Thomas Edison

Entrepreneur who operated a research facility in Menlo Park, New Jersey where the lightbulb, phonograph, motion pictures, and plans for the first power plants were developed

J.P. Morgan

Wealthy banker who financed Thomas Edison's research facility, founded General Electric, and owned U.S. Steel

Henry Ford

Entrepreneur who is credited with the rise of America's automobile industry and use of assembly line production

Henry Flagler

Entrepreneur who built luxury hotels in Florida and the Florida East Coast Railroad to bring people to his hotels

George Pullman

Person who invented the sleeping car which made long-distance railroad travel more comfortable

George Westinghouse

Person who invented the air brake which made railroad travel safer

Gustavus Swift

Person who invented the refrigerated railcar which allowed for the rise of a centralized meat-packing industry in Chicago, Illinois

Samuel Morse

Person who invented the telegraph the first technology which allowed the transmission of messages across long-distances using wires or cables

Cyrus Field

Person who developed the first transatlantic cable which improved communication between the United States and Europe

Alexander Graham Bell

Person who invented the telephone which improved long-distance communication and contributed to the rise of a national market

Elijah McCoy

Person who invented lubricating systems for steam engines which made railroad transportation safer and more efficient

Sarah Goode

Person who invented the fold-away bed which improved living conditions in small apartments by saving space

Madame C.J. Walker

Person who developed hair care and cosmetic products for African American women