Ben's Industrial Revolution Flashcards

Industrial Revolution

The period of major industrialization and innovation in the 19th and 20th centuries

Nationwide

Affecting or involving an entire country

Markets

The stock industry for specific industries' shares

Abundant

Plentiful; existing in large quantities

Immigrant

A person who comes into another country to settle permanently

Capital

Money invested in a business or project

Standardize

To make something uniform or identical

Efficiency

The ability to accomplish a task with minimal waste of time and effort

Robber Barons

The term for unscrupulous top businessmen during the industrial revolution

Captains of Industry

The term for influential and philanthropic top businessmen during the industrial revolution

Corporations

Companies owned by public shareholders

Revolution

A significant and radical change in society or industry

Capitalism

An economic system based on private ownership and competition

Gauges

The distance between two train rails

Andrew Carnegie

A philanthropic businessman known for steel production and aggressive business tactics

Cornelius Vanderbilt

A philanthropic businessman known for aggressive tactics in the railroad industry

Transcontinental RR

The first railroad to run from the east to the west of the United States

Cutthroat Competition

Aggressive competition involving price-cutting and aggressive tactics

Rebates

Refunds or discounts given to customers as an incentive

Pooling

When major companies in an industry work together to set prices and avoid price cutting

Drought

A prolonged period of abnormally low rainfall causing a shortage of water and resources

Natural Monopoly

A monopoly that arises due to the absence of competition in a specific industry

Inventions

New ideas or products that are not mere improvements of existing ones

Old Immigrants

Immigrants who arrived before the industrial revolution, mainly from Britain, Germany, and Ireland

New Immigrants

Immigrants who arrived after the industrial revolution, mainly from Southeast Europe

W.A.S.P.'m

Old immigrants who were White Anglo-Saxon Protestant men

Discrimination

The unjust or prejudicial treatment of different categories of people

Industrialization

The development of industries in a country or region on a wide scale

Persecution

The act of mistreating or oppressing individuals or groups

Push Factor

Factors that drive people to leave their countries for another

Pull Factor

Factors that attract people to move to a new country or location

Pogroms

A series of organized anti-Jewish attacks or programs

Nativism

A policy of protecting the interests of native-born or established inhabitants against those of immigrants

Chinese Exclusion Act

Legislation that prohibited the immigration of Chinese laborers to the United States

Famine

An extreme scarcity of food leading to widespread hunger and death

Urbanization

The process of making an area more urban, typically involving the development of towns and cities

Philanthropic

Showing concern for the welfare of others, typically by donating money to good causes

Ethnic Neighborhood

Neighborhoods where immigrants from the same country or religion settle in the same area

John D. Rockefeller

A prominent businessman known for his role in the oil industry and philanthropy

American Dream

The belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society

Bessemer Process

A method for mass-producing steel using a blast of air to remove impurities

Vertical Consolidation

The process of gaining control over the different stages of production and distribution of a product

Stocks

Shares representing ownership in a company

Horizontal Consolidation

The process of a company acquiring similar companies in the same industry to reduce competition

Regulations

Rules or laws put in place to control or govern conduct in an industry

SCARCE

insufficient amount

PERSECUTION

to treat badly

ACCULTURATION

integrate; become part of another culture

RESENT

feelings of bitterness

RESTRICT

to limit; deny access

SPUR

to urge forward; stimulate

AIR BRAKE

a brake worked by using air pressure

REGULATION

limit; restriction

BOOM

a period of great prosperity

GAUGES

distance between rail on a railroad track

RUTHLESS

having NO pity or compassion

INTEGRATION

to join together

LOANS

borrowing money; something borrowed

PROSPECTOR

a person who searches for mineral deposits

MONOPOLY

complete control of an industry

major cuase of IR 1

Many new inventions (new ideas) and innovations (improved existing ideas)

major cuase of IR 2

lots of Capital was invested in business

major cuase of IR 3

Labour population grew - people went from farming to working at a factory and 31 million immigrants came to the us during the IR

major cuase of IR 4

Abundance of natural resources

major cuase of IR 5

Transportation - Railroads over land from 1860 (30,000 miles of track) to 1890 (150000 miles)

major cuase of IR 6

Era of big buisness - Corporations and stocks helped big buisness grow

major cuase of IR 7

gov did not regulate buisnesses

major cuase of IR 8

american attitude