Second Industrial Revolution VOCAB

Foundations for the revolution

expanison of railroads, larger factories and more production, massive profits, emerging labor unions, advances in transportations and more

R.O.S.E. industries

Railroads, Oil, Steel, Electricity

Laissez-faire economics

economic system where government should not interfere in the marketplace

market economy

all factors of production are privately owned; people free to buy and sell goods in the open market

Invention

something newly designed or created, or the activity of designing or creating new things.

Innovation

a new idea, device, or method the act or process of introducing new ideas, devices, r methods

Social Darwinism

survival of the fittest

Monopoly

company has complete control over a product or service in that area.

Dangers of Monopolies

Inferior products, unlimited price increases

Vertical Integration

is an arrangement in which all of the stages of production of a company is owned by that company

Horizontal Integration

controlling all companies and faculties at one stage of production

market economy

all factors of production are privately owned; people free to buy and sell goods in the open market

Stock

A share of ownership in a corporation.

Corperation

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Entrepreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

John D Rockefeller

Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history. Horizontal Integration

Andrew Carnegie

brought Bessemer process to U.S.- He built Pittsburgh's Carnegie Steel Company,(Vertical Integration

John Pierpont Morgan (J.P. Morgan)

American financier and banker

Henry Morrison Flagler

key figure in the development of the Atlantic coast of Florida and founder of what became the Florida East Coast Railway. Also a founder of Standard Oil w Rockefeller

Henry Ford

American businessman, founder of Ford Motor Company, father of modern assembly lines, and inventor credited with 161 patents.

George Westinghouse

Invented the air brake for trains. Alternating current

Wabash v. Illinois

Supreme court ruling that states could not regulate interstate commerce.

Munn v. Illinois

court ruled that state can regulate because its in the public's interest

Interstate Commerce Act

Regulates railroads in response to the Wabash case

Sherman Antitrust Act

regulates monopolies; vague and hard to enforce

Bessemer Process

inexpensive industrial process for the mass-production of steel

George Pullman

Invented the sleeping car

Alexander Graham Bell

Invented the telephone

Thomas Edison

Invented the light bulb

Nicola Tesla

invented the first alternating current

Elijah McCoy

lubricators for steam engines

Sarah Goode

Fold away bed

Garrett Morgan

safety hood & smoke protectors for fire fighters

Sarah Breedlove, "Madame CJ" Walker

(1867-1919) became the first female black millionaire by selling hair preparations for black women.