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Second Industrial Revolution
Steel, chemicals, electricity. This is the name for the new wave of more heavy industrialization starting around the 1860s.
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Internal Combustion Engine
an engine that burns fuel inside cylinders within the engine
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Manchester Capitalism
the idea that free trade could raise the living standard of all workers
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Krupp Family
German family famous for their steel production and for their manufacture of ammunition and armaments (weapons).
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telegraph
A device that used electrical signals to send messages quickly over long distances
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electric grid
an interconnected network for delivering electricity from suppliers to consumers..
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telephone
communication device that communicates voice between two people over long distance via wires
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radio
the wireless transmission and reception of electric impulses or signals by means of electromagnetic waves
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steam ships
technological innovation allowed Europeans to reach distant Asian and African ports quickly and predictably without relying on wind
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streetcar
wheeled vehicle that moves along rails using electricity in city streets and is used to carry passengers within the city
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protectionism
the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
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cartels
an association of manufacturers or suppliers in an industry with the purpose of maintaining prices at a high level and restricting competition.
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trusts
Firms or corporations that combine for the purpose of reducing competition and controlling prices
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monopoly
Complete control of sales of a product or service by one person or group
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free trade agreements
Pacts between countries that make it easier to trade goods across national boundaries
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most favored nation
trading status describes a condition in which a country grants other countries special trading treatment such as the reduction of import duties
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department stores
Also called Emporiums, they are larger stores that offered a wide array of goods within one building, rather than specializing in one product/product type
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mail-order catalog
a publication that contains pictures and descriptions of items so that people can order by mail
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refrigerated railroad cars
this invention allowed animals to be slaughtered before shipping. This helped cut transportation costs and helped cattle ranching become a big business
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Zollverein Agreement
economic cooperation between states in German Confederation - no taxes on imports, encouraged growth of railroads/transportation
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National System
Set of ideas by German Economist Friedrich List arguing for government involvement in economic growth including protective tariffs, investment in education, and in infrastructure such as railroads.
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Friedrich List
wrote National System of Political Economy, which advocated fast and large-scale industrialization to develop nation's strength and the use of protective tariffs to make people buy domestic goods.
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infrastructure
Fundamental facilities and systems serving a country, city, or area, such as transportation and communication systems, power plants, and schools
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