All Flashcards
Who was Andrew Carnegie?
King of Steel, known for efficiency and vertical integration. Founded US Steel Corporation.
Who was John D. Rockefeller?
Oil Tycoon, known for eliminating competition through horizontal integration and the Standard Oil Trust.
Who was Thomas Edison?
Inventor of the practical incandescent light bulb and builder of the first electric power station.
Who primarily built the Central Pacific Railroad?
Chinese immigrants, often called "coolies," faced harsh conditions.
Who primarily built the Union Pacific Railroad?
Irish immigrants.
What were the causes and effects of rapid industrialization?
Causes: New technologies, access to resources. Effects: Economic growth, rise of big business, social inequality, labor movement.
What were the causes and effects of the Transcontinental Railroad?
Causes: Desire to connect East and West, government support. Effects: Facilitated trade, reduced travel time, increased settlement, impacted Native Americans.
What were the causes and effects of the Credit Mobilier scandal?
Causes: Desire for profit, weak government oversight. Effects: Political corruption, damaged reputations of officials.
What were the causes and effects of vertical integration?
Causes: Desire to control costs and increase efficiency. Effects: Monopolies, reduced competition, increased profits for industrialists.
What were the causes and effects of horizontal integration?
Causes: Desire to eliminate competition and control the market. Effects: Monopolies, higher prices for consumers, increased power for industrialists.
What were the causes and effects of government subsidies to railroads?
Causes: Desire to promote economic growth and connect the country. Effects: Rapid railroad construction, economic development, potential for corruption.
What were the causes and effects of the Second Industrial Revolution?
Causes: New technologies, availability of resources, entrepreneurial spirit. Effects: Mass production, consumer culture, urbanization, increased social inequality.
What were the causes and effects of poor working conditions during the Gilded Age?
Causes: Focus on profit, lack of government regulation. Effects: Rise of labor unions, strikes, social unrest.
What were the causes and effects of Chinese immigration during the Gilded Age?
Causes: Economic opportunities, escape from poverty and unrest in China. Effects: Labor for railroad construction, nativism, discrimination.
What were the causes and effects of the rise of big business?
Causes: Industrialization, new technologies, laissez-faire policies. Effects: Economic growth, monopolies, wealth concentration, social inequality.
What is the definition of the Gilded Age?
A period of rapid industrialization and economic growth in the United States (1870s-1890s) marked by inequality and corruption.
What is an agrarian economy?
An economy based primarily on agriculture and farming.
What is vertical integration?
Controlling all stages of production from raw materials to finished goods.
What is horizontal integration?
Buying out competitors to control a specific market.
What is a trust?
A legal agreement allowing one company to control multiple businesses in the same industry.
What is the Second Industrial Revolution?
A period of massive industrial growth (roughly 1871-1914) fueled by new technologies and industries like steel, oil, and electricity.
Define mass production.
The manufacturing of large quantities of standardized products, often using assembly line technology.
What is mechanization?
The process of replacing human labor with machines.
What is consumer culture?
A culture where mass-produced goods are widely available, creating a focus on consumption.
What is a subsidy?
Financial assistance given by the government to support an industry or project.