Module 3 Test Review:

Munn v. Illinois

gave states the right to regulate railroads

Thomas Edison

invented the incandescent light bulb

Bessemer Process

improved steel-making procedures

Social Darwinism

promoted business competition

Christopher Sholes

invented the typewriter

Horizontal Integration

merging of similar companies

Vertical Integration

buying out of suppliers

Alexander Graham Bell

inventor of the telephone

Monopoly

complete control over an industry

Lewis H. Latimer

African American invented the carbon filament

Eugene V. Debs

was known as a prominent American labor leader, a founding member of the Industrial Workers of the World (IWW), and the five-time presidential candidate for the Socialist Party of America

Credit Mobilier

a sham construction company created in 1864 by executives of the Union Pacific Railroad to skim millions of dollars in taxpayer-backed federal subsidies during the building of the first transcontinental railroad

Andrew Carnegie

towering industrialist who led the expansion of the American steel industry

Samuel Gompers

president of the AFL

Edwin L. Drake

successfully used a steam engine to drill oil

Trust

competing companies put control of their business under a single group of trustees

Interstate Commerce Act

reaffirmed the right of federal government to supervise railroad activities

Transcontinental Railroad

the Central Pacific and Union Pacific railroads met at Promontory Point, Utah

Laissze-Faire

capitalism allows companies to conduct business without government interference

Cornelius Vanderbilt

a railroad magnate who controlled more than 4,500 miles of track at the time of his death

J.P. Morgan

made millions of dollars by taking over and merging other people’s business

Sherman Antitrust Act

made it illegal to form trusts that interfered with free trade between states

George M. Pullman

designed a company town around his railroad car factory

John P. Rockefeller

one of the wealthiest and most powerful industrialists as head of the Standard Oil Company

Collective Bargaining

union officials representing the workers negotiate with management

Robber Baron

derogatory term used to describe powerful 19th-century American businessmen and financiers who amassed immense fortunes through unethical or exploitative practices

Captain of Industry

a business leader or CEO who owns or manages a large, powerful company and influences the economy or government

Gustave Swift

founding a massive American Swift & Company meat-packing empire and developing the first practical ice-cooled refrigerated railroad car

Charles F. Dowd

proposed the system of standardized U.S. time zones in 1870 to resolve the scheduling chaos that the railroad expansion created during the Industrial Revolution

Jan Ernst Matzeliger

automated shoe-lasting machine

Transcontinental Railroad

was finished in 1869

How did Railroad owners use Credit Mobilier to make profit

This is where they use the construction company by offering stock to sell for more than they needed and pocketing the rest, such as; if they needed $10,000, but charging $50,000 to pocket the $40,000.

List three factors that contributed to the Industrial Boom

Wealth of natural resources, growing urban population, and gov. support for business.

How did the philosophy of Social Darwinism justify Laissez-Faire?

Stronger people, business, and countries would prosper and the weak would fail. Because they thought no one should interfere with business.

Why was enforcing the Sherman Antitrust Act difficult for Gov.?

It didn’t clearly define what a trust was, they take it to court and the Supreme Court ruled that the business were right and ruled that it was to broad.

How did business owner and management respond to the growing power of unions?

They fired Union members, forced workers the Yellow-Dog Contracts, forbade union meetings, refused to negotiate with unions, and they used the Sherman Antitrust Act against labor.

List the four methods used by Carnegie to become a Steel Giant.

Horizontal Integration, Vertical Integration, search for ways to make good products more cheaply, and attract talented people by offering stock.

What good came out of the Triangle Fire?

New York enforced strict fire codes, they created a 54-hour workweek, no Sunday work, and no labor by children under the age of 14.