The Second Industrial Revolution and Big Business

Natural Resources

Essential materials like coal, oil, and timber.

Bessemer Steel Process

Innovative method for mass steel production.

Electricity

Power source enabling modern industrial advancements.

Lightbulb

Invention by Edison, revolutionized indoor lighting.

DC Electricity

Direct current system developed by Thomas Edison.

AC Electricity

Alternating current system developed by Nikola Tesla.

Telephone

Communication device invented by Alexander Graham Bell.

Sewing Machine

Mechanical device for stitching fabric efficiently.

Assembly-line Manufacturing

Production method dividing tasks for efficiency.

Railroads

Transportation network boosting economic growth.

Steel Industry

Key sector driving urbanization and industrialization.

Oil Industry

Crucial for lubricants and kerosene production.

Standard Oil

Dominated U.S. oil production with 90% control.

Federal Government Support

Promoted industry via tariffs and land grants.

Urbanization

Shift of population from rural to urban areas.

Mass Consumption

Widespread availability of goods to consumers.

Department Stores

Retail establishments offering diverse products.

Chain Stores

Multiple locations of the same retail brand.

Mail-order Catalogues

Printed lists enabling remote shopping.

Frederick Taylor

Pioneer of scientific management in industries.

Taylorism

Management theory focusing on task specialization.

New Class of Managers

Middle class overseeing production operations.

Laissez-faire

Economic policy of minimal government interference.

Monopolies

Market dominance by single corporations.

Andrew Carnegie

Steel magnate known for vertical integration.

Carnegie Steel Company

Leading steel producer utilizing Bessemer process.

John D. Rockefeller

Oil tycoon known for horizontal integration.

Standard Oil Company

Controlled majority of U.S. oil production.

Cornelius Vanderbilt

Railroad magnate consolidating smaller companies.

J. Pierpont Morgan

Banking leader influencing corporate finance.

Robber Barons

Negative term for exploitative business leaders.

Captains of Industry

Positive term for innovative business leaders.

Social Darwinism

Theory justifying wealth disparity as natural.

Gospel of Wealth

Carnegie's idea of wealthy responsibility to society.

Rags to Riches

Narrative of achieving wealth from poverty.

Criticism of Capitalism

Opposition to monopolies and wealth inequality.

Marxist Socialism

Advocacy for worker control of production.