Jonah's Industrial Revolution Flashcards

Industrial Revolution

The transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840

Nationwide

Something that affects or involves an entire country, typically on a large scale

Markets

The stock industry for any particular industries' shares, where buying, selling, and exchange of goods takes place

Abundant

Plentiful, existing in large quantities

Immigrant

A person who comes into another country to live there permanently

Capital

Money invested in a business with the expectation of generating income or profit

Standardize

To make a group of one thing the same, to establish a standard for a process or product

Efficiency

The state of being better, faster, or stronger in performing a task or producing a result with minimal waste of time, effort, or resources

Robber Barons

The term for the top 1% of businessmen when referring to their unethical or exploitative actions in business

Captains of Industry

The term for the top 1% of businessmen when referring to their positive or beneficial actions in business

Corporations

A company owned by public shareholders, recognized as a legal entity with rights and liabilities separate from those of its members

Revolution

When a group of people speaks out against something they believe is unjust, leading to significant and fundamental change

Capitalism

An economic system in which private individuals or businesses own capital goods, and the prices, production, and distribution of goods are determined by competition in a free market

Gauges

The distance between two train rails, a standard measure for railway tracks

Andrew Carnegie

A philanthropist and robber baron who used cutthroat business tactics to become wealthy, particularly known for horizontal consolidation in the steel industry

Cornelius Vanderbilt

A philanthropist and robber baron who used cutthroat business tactics to gain a monopoly on the railroad industry, particularly known for vertical consolidation

Transcontinental Railroad

The first railroad to run all the way from the east to the west, connecting the two coasts of the United States

Cutthroat Competition

A larger company cutting prices and losing money short term in order to run the other company in the industry out of business and buy it

Rebates

A return of a portion of a purchase price, provided as an incentive for prompt or repeat purchases or for using a particular service

Pooling

When the major companies of one industry work together to have a set price and avoid price cutting, often through the formation of a cartel

Drought

A prolonged period of abnormally low rainfall, leading to a shortage of water and causing prices to rise from low supply

Natural Monopoly

When a monopoly is created simply because there is only one business that can provide a particular product or service due to high fixed costs or other market dynamics

Inventions

New ideas that are not just improvements of existing ideas, leading to technological advancements and progress

Old Immigrants

Immigrants from before the industrial revolution, primarily from Britain, Germany, and Ireland, who arrived in the United States during the 19th century

New Immigrants

Immigrants who came after the industrial revolution, mainly from Southeast Europe (Italy, Russia, Romania, etc.), who arrived in the United States during the late 19th and early 20th centuries

W.A.S.P.'m

Old immigrants who were White Anglo-Saxon Protestant men, representing the dominant demographic group in the early United States

Discrimination

The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex

Industrialization

The process of developing industries and making things more efficient, leading to the transition from agrarian to industrial economies

Persecution

The act of treating someone badly or unfairly, especially because of their race, religion, or political beliefs

Push Factor

A factor that motivates people to leave their countries and migrate to another, often due to unfavorable conditions or hardships in their home country

Pull Factor

A factor that attracts people to move to a new location, often due to the perceived benefits or opportunities in the destination

Pogroms

A series of organized anti-Jewish attacks or programs, particularly referring to the violent events in Russia that led many Russian Jews to immigrate to the United States

Nativism

The policy of protecting the interests of native-born or established inhabitants against those of immigrants, often characterized by opposition to immigration

Chinese Exclusion Act

An act passed in the United States that barred any Chinese from coming into the country, representing the first significant law restricting immigration based on nationality

Famine

A severe lack of a resource, especially food, for a prolonged period of time, leading to widespread hunger and starvation

Urbanization

The process of making an area more urban, involving the movement of people from rural areas to cities and the development of urban infrastructure and services

Philanthropic

The belief in the practice of giving money and time to help make life better for other people, often through charitable activities and donations

Ethnic Neighborhood

Neighborhoods primarily populated by immigrants from the same country or religion, often settled in the same areas within a city or region

John D. Rockefeller

An industrialist who owned an oil company and bought out every company needed to produce oil in order not to have to buy it, known for his aggressive business strategies in the oil industry

American Dream

The idea that if you worked hard in America, you could become moderately wealthy and have a nicer life than you currently have, representing the aspirations and attitudes of many immigrants and citizens in the United States

Bessemer Process

A process to mass manufacture steel for cheap, involving the conversion of iron into steel by blowing air through it to remove impurities, leading to a more cost-effective production method

Vertical Consolidation

The process of taking over every company in a specific industry to build a monopoly and cut costs, often achieved through the acquisition of companies at different stages of the production process

Stocks

Money invested in a company in order to own a part of the company and increase your share value when the company succeeds, representing ownership in a corporation

Horizontal Consolidation

When a company takes over a company for every step in making their product in order to not have to purchase it from another company, often leading to the consolidation of competitors in the same industry

Regulations

Rules put in place to avoid problems in the industry, governing the conduct of individuals and businesses to ensure fair competition and protect consumers