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John D. Rockefeller
His company would control most of the country’s oil refineries by eliminating competition
Cornelius Vanderbilt
He used his millions earned from a steamboat business to merge local railroads into the New York central railroad
Vertical integration
This is when a company controls every stage of te industrial process from mining raw materials to transporting finished products
Henry Bessemer
He is best known for his discovery in making high quality steel
Social Darwinism
Survival of the fittest should be applied to the market place
Sherman anti-trust act
Prohibited any “contract, combination, in the form of trust or otherwise, or conspiracy in retstraint of trade or commerce
Advertising
This promoted a consumer economy and also created a consumer economy and also created a consumer culture
Transcontinental railroad
This tied california to the rest of the country
Gospel of wealth
The belief that the wealthy had a god-given responsibility to carry out projects of civic philanthropy for the benefit of society
Andrew Carnegie
He was an immigrant who worked his way up to become the superintendent of a Pennsylvania company
Interstate commerce commission
At first this was ineffective but later, after congress expanded its power, it would be used to protect the public interest
Transatlantic cable
This made it possible to send messages across the sea in minutes
Chinese exclusion act
Prohibited Chinese laborers from immigrating to the US. Was in effect until 1965
JP Morgan
He, along with other bankers, took control of bankrupt railroads and consolidate them
Thomas Edison
His first invention was a machine for recording votes
Adam smith
He argued that business should be regulated, not by government, but by the “invisible hand” of the law of supply and demand
Great railroad strike
One of the worst outbreaks of labor violence in the 19th century took place during an economic depression when railroad companies cut wages to reduce costs
Five and ten cent store
Woolworth store
Alexander graham bell
He invented the telephone
Hay market affairs
The knights of labor was the most visible union during the 1880s but lost popularity and membership due to this event
Railroads
The nations first big business