Chapter 18 Key Terms

Alexander Graham Bell

Inventor of the telephone in 1876, revolutionizing communication.

Andrew Carnegie

Scottish-American industrialist who expanded the U.S. steel industry and became a major philanthropist.

Civil Service Reform

Effort in the 1880s to end the spoils system and reduce government corruption.

Corporation

A legal entity separate from its owners, allowing it to own assets, incur liabilities, and operate as a business.

Family Economy

Economic contributions of multiple family members necessary for survival, particularly in working-class families.

Finance Capitalism

Investment sponsored by banks that typified the American business scene at the end of the nineteenth century.

Free Silver

Term used by those advocating minting silver dollars in addition to supporting the gold standard.

Gilded Age

Period of enormous economic growth and displays of wealth during the last quarter of the nineteenth century.

Gospel of Wealth

The idea that financially successful individuals should help the poor, promoted by Andrew Carnegie.

Grange

A farmers' organization founded in 1867 to promote agricultural education and political advocacy.

Grover Cleveland

The 22nd and 24th President of the United States, known for fighting corruption and championing fiscal conservatism.

Horizontal Integration

A business strategy where a company acquires other companies in the same industry to increase market share.

Ida B. Wells

An African American journalist and activist known for her anti-lynching campaign.

Ida Tarbell

Pioneering investigative journalist known for her exposé on the Standard Oil Company.

Interstate Commerce Commission

Federal regulatory agency created to oversee the railroad industry.

Jason “Jay” Gould

Wealthy American railroad magnate known for expansion and manipulation of the railroad industry.

Jim Crow

System of racial segregation in the South that lasted into the twentieth century.

John D. Rockefeller

American industrialist and co-founder of Standard Oil, monopolizing the oil industry.

John Pierpont

Powerful American banker who helped consolidate various industries.

Laissez-Faire

Economic philosophy advocating minimal government interference in business.

New South

Term describing the South's transformation post-Civil War, emphasizing industrialization.

Railroads

Key infrastructure enabling westward expansion and growth of industries and cities.

Samuel F.B. Morse

Inventor known for developing the telegraph and Morse code.

Sherman Antitrust Act

1890 act that outlawed agreements restricting competition among businesses.

Social Darwinism

Theory promoting that competition produces social progress, associating wealth with fitness.

Spoils System

System where politicians awarded government positions to loyal supporters, leading to corruption.

Thomas A. Edison

Inventor best known for the electric light bulb and phonograph, holding over 1,000 patents.

Trust

System where corporations give shares to trustees to coordinate industry profits.

United States vs. E.C. Knight

Supreme Court case limiting federal regulation of manufacturing monopolies under the Sherman Act.

Vertical Integration

Business strategy where a company controls all stages of production.

Wabash vs. Illinois

Supreme Court case that limited state power to regulate interstate commerce.

Women's Christian Temperance Union (WCTU)

All-women organization founded in 1874 advocating for total abstinence from alcohol.