________ are interstate → Can not be regulated by state govt.
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Monopoly
________- 1 company controls entire industry.
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Pool
________- Informal alliance of producers + share markets.
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1836
Reorganized patent law + Patent Office
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1883
Completed
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1885
1st skyscraper completed
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1893
Great Northern Railroad finished
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1870
Forms Standard Oil
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1911
Breakup of Standard Oil
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1855
Bessemer process receives patent
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1895
Begins issuring annual reports
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"Gospel of Wealth"
Philanthropy
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1901
Sells US Steel
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1889
Andrew Carnegie
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1877
Coined
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1887
Formed
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Pool
Informal alliance of producers + share markets
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Trust
Control smaller companies → Reduce competition
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Monopoly
1 company controls entire industry
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20
1895
Begins own investment firm
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1879
Progress and Poverty
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22
1888
Looking Backward
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23
1894
Wealth Against Commonwealth
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1877
Munn v. Illinois
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25
1887
Interstate Commerce Act
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1890
Passed by Congress
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Patents
A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention
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Brooklyn Bridge
A suspension bridge across the East River in New York City; opened in 1883
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Skyscrapers
High-rise buildings of unusual height, generally greater than 40 or 50 stories; symbolized the go-go and up-up drive that “America” meant to itself and much of the world
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James J. Hill
Chief executive officer of a family of lines headed by the Great Northern Railway, which served a substantial area of the Upper Midwest, the northern Great Plains, and Pacific Northwest
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John D. Rockefeller (Standard Oil)
Formed the Standard Oil Company on January 10, 1870 with his business partners and brother; made him one of the world's first billionaires and a celebrated philanthropist
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Bessemer Process
An industrial process for making steel using a Bessemer converter to blast air through molten iron and thus burning the excess carbon and impurities
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Stock Market
The aggregation of buyers and sellers of stocks, which represent ownership claims on businesses
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Andrew Carnegie (US Steel)
Led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history
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The Gospel of Wealth
An article written by Andrew Carnegie in June of 1889 that describes the responsibility of philanthropy by the new upper class of self-made rich
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Social Darwinism
Belief in “survival of the fittest”—the idea that certain people become powerful in society because they are innately better
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Robber Barons vs. Captains of Industry
The term "robber baron" was applied to powerful nineteenth-century industrialists who were viewed as having used questionable practices to amass their wealth. On the other hand, "captains of industry" were business leaders whose means of amassing a personal fortune contributed positively to the country in some way.
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Whiskey Pool
Groups of distillers started getting together in the late 1870s to form loose (and illegal) arrangements where members would make a gentleman’s agreement not to overproduce
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Horizontal Integration
The process of a company increasing production of goods or services at the same part of the supply chain
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Vertical Integration
Absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
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JP Morgan
Known for reorganizing businesses to make them more profitable and stable and gaining control of them
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Henry George
His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era
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Edward Bellamy
An American author, journalist, and political activist most famous for his utopian novel Looking Backward
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Henry Demarest Lloyd
A 19th century American progressive political activist and pioneer muckraking journalist
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Interstate Commerce Act
A United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices
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Sherman Antitrust Act
Authorized the federal government to institute proceedings against trusts in order to dissolve them
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