Untitled Flashcards Set

Andrew Carnegie

A dominant figure in the steel industry, known for leading the expansion of the American steel industry.

corporation

A legal entity that is separate and distinct from its owners, providing limited liability protection.

Department Store

A retail establishment that sells a wide variety of goods under one roof.

Grenville Dodge

A Union general who became a prominent railroad executive after the Civil War.

holding companies

Companies created to own shares in other companies, controlling them but not engaging in their day-to-day operations.

horizontal integration

The process of acquiring or merging with competitors to increase market share.

James J. Hill

An influential railroad executive who was instrumental in the development of the Great Northern Railway.

Jay Gould

A leading American railroad magnate and financier known for his controversial business practices.

John D. Rockefeller

The co-founder of the Standard Oil Company, becoming one of the wealthiest individuals in history and a key figure in the development of the American petroleum industry.

JP Morgan

A powerful banker and financier who played a key role in the growth of corporate finance in the United States.

laissez-faire

An economic philosophy of free market capitalism that opposes government intervention.

land grants

Gifts of land by the government to promote economic development, particularly in the railroad industry.

Leland Stanford

A prominent industrialist and politician, co-founder of the Central Pacific Railroad and the founder of Stanford University.

lockout

A tactic used by employers to prevent workers from entering the workplace during a labor dispute.

monopoly

The exclusive control over a commodity or service in a market, eliminating competition.

natural resources + work force = industrialization

The formula explaining how the availability of natural resources and labor led to the industrial growth of the United States.

Oakes Ames

A businessman and politician associated with the construction of the Union Pacific Railroad.

strikebreakers

Individuals hired to work in place of striking workers in order to undermine the labor strike.

Thomas Edison

An American inventor and businessman known for his contributions to electric light and power utilities.

Transcontinental Railroad

A train route across the United States, completed in 1869, connecting the east and west coasts.

trusts

Large business entities formed to reduce competition and control production and prices in an industry.

vertical integration

The practice of controlling all stages of production from raw materials to the finished product.