APUSH terms 3 (industrialization & business))

Industrial Revolution

Shift from hand production to machines; growth of factories, urbanization, and wage labor; increased wealth but worsened working conditions.

Mass Production

Large-scale production of standardized goods; lowered costs and increased output; often used assembly lines.

John D. Rockefeller

Founder of Standard Oil; used horizontal integration to monopolize the oil industry.

Andrew Carnegie

Steel industry leader; used vertical integration; believed wealthy should use money to help society (Gospel of Wealth).

Gospel of Wealth

Idea that the rich have a duty to improve society through philanthropy, education, and charity.

Cornelius Vanderbilt

Railroad and shipping magnate; consolidated and expanded railroads for efficiency and profit.

Fat Cats

Wealthy industrialists who influenced politics; often seen as corrupt and self-interested.

Monopolies & Trusts

Business structures that eliminate competition and dominate an industry; led to calls for regulation.

Vertical Integration

Business strategy controlling all steps of production from raw materials to finished product (Carnegie).

Horizontal Integration

Business strategy controlling competitors in the same industry (Rockefeller).

Sherman Antitrust Act

First federal law against monopolies; weakly enforced at first.

Interstate Commerce Act

Regulated railroads; established the Interstate Commerce Commission to oversee fair practices.

Credit Mobilier Scandal

Railroad executives bribed Congress to secure contracts; exposed corruption in government-business relationships.

Government’s Role in Railroad Construction

Federal land grants and subsidies encouraged railroad expansion; facilitated westward settlement and economic growth.