US History Study Guide - Chapter #17

Telegraph

Revolutionized long-distance messaging through Morse code, enabling rapid communication.

Bessemer Process

Method to convert impure pig iron into steel, revolutionizing steel production for durability.

Alternating Current Transmission

Allowed energy transfer over long distances efficiently, promoting electricity use.

Vertical Integration

Ownership of the entire production cycle, from raw materials to distribution, for control and efficiency.

Horizontal Integration

Expansion by acquiring companies at the same production level, aiming for industry dominance.

Standard Oil Company

Founded by John D. Rockefeller, monopolized oil refining through horizontal integration.

LLC (Limited Liability Company)

Business model where investors are not personally liable for company debts, encouraging investment.

Railroad Expansion

Connected distant regions, boosted the economy, facilitated resource utilization, and encouraged capital investments.

Electric Lightbulb

Invention by Edison, made indoor lighting safer and more accessible, transforming daily life.

Phonograph

Created by Thomas Edison, allowed audio recording for business communication, enhancing documentation.

Trust

A legal arrangement where a board of trustee members collectively manage the operations of multiple companies or operations they hold partial ownership in.

Holding Company

A corporation that owns stock in multiple companies without interfering in their leadership structure, aiming to gain majority stock ownership and influence over them.

Self-made Man

The ideology of individualism and faith in personal success, persisting in American society due to opportunities for upward mobility and cultural support.

Social Darwinism

Belief in natural competition leading to success for the superior members of society, contrasting with the Gospel of Wealth's focus on wealthy individuals' obligation to benefit society.

Populist Movement

Aimed to address social issues for farmers and build better agrarian communities, influencing political agendas but not fully realized.

Social Gospel Movement

Advocated for improved wages, poverty alleviation, and better working conditions, impacting society but not achieving its full vision.

Monopoly

Concerns about monopolies included price gouging, lack of innovation, labor exploitation, political influence, and negative impact on democracy.

Urban Working Class

Primarily composed of Rural Migrants and Immigrants, attracted to factory jobs in urban areas due to industrialization of agriculture.

Industrial Labor Hazards

Included minimal job security, low pay, child labor exploitation, unsafe conditions, and destruction of artisanal professions.

Knights of Labor vs

Contrasted in membership inclusivity, leadership style, and focus on social vs. specific industry issues, leading to AFL's success and Knights' disappearance.

Haymarket Affair, Homestead Strike, Pullman Strike

Labor strikes with violent outcomes impacting the organized labor movement negatively, leading to decline in membership and influence.