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Ch. 24 History
The Industrial Revolution- Part 2?
Question | Answer |
---|---|
8 Reasons for Industrial Growth | Abundance of natural resources, Business leadership, Investment capital, Technology, Markets, Labor, Government Support, and Advanced Transportation Network. |
Financial Backing Equation | Financial Backing + Inventions + Resources = New Industries + expansion of old industries. |
U.S. was leading what in 1900. | The leading industrial power. |
The industrial growth rate in America | 4% |
After the Civil War... | Economy became more diverse and "Go-Getters" appeared. |
Go- Getter | Aggresive Americans who looked for new and improved ways to make a living |
Pre-Civil War Production | Textiles, clothing, and leather products. |
Post Civil War Production | "Heavy Industries" like Steel, petroleum, electric power, and Industrial Machinery. |
Samuel Morse | Telegraph |
Alexander Graham Bell | Telephone |
Waterman | The Fountain Pen |
Cyrus W. Field | Transatlantic Communication |
Kodak | Camera |
Gillette | The razor and blade |
Pre-Civil War lamps... | powered by camphene. |
Camphene | Turpentine and alcohol. |
Kerosene | came from coal, but expensive and flammable. |
Gearge H. Bissell | Founded Pennsylvania Rock Oil Co. in West Pennsylvania. |
Oil was first used as... | Medicine |
Bejamin Silliman Jr. | Hired to discover uses of oil, he found petroleum. |
Edwin L. Drake | Adopted the water drill for use in excavating oil. |
Uncle Billy Smith | Hired by Drake to teach him drilling. |
First Oil?! | August 29, 1859. |
D.C.?? | direct current |
1st patent by Edison | 1869- a machine to record votes. |
Invention Factory Location. | Menlo Park, New Jersey. |
Edison's other inventions? | Phonograph, lamp, and motion picture camera. |
A.C.?? | alternating current |
Geoge Westinghouse's inventions | Air brake for railroads and the high voltage transformer. |
Impact of Electricity on Business and Daily Life | Increased productivity, it was cheaper, it was more efficient, used for home appliances. |
Samuel Morse's Company | Western Union Telegraph Co. |
Alexander Graham Bell's Company | American Telephone and Telegraph Co. (ATT) |
1st telephone exchange | Jan. 28, 1878. served 21 people. |
1st President with phone. | Rutherford B. Hayes. |
Railroads...? | The first BIG business. |
Impact of Railroads | New Markets, Mass production, Mass consumption, Economic Specialization/new industries, Created the need for a standard time, Led to modern stockholders, and brought up Laws to regulate competitions. |
Trunk Lines | Major route between large citise |
Major Trunk Lines | NY Central Railroad, Baltimore and Ohio, and Pennsylvania Railroad. |
Eastern Rail Lines | Each had a standard gauge. |
Role of Railroads | Promoted settlement and linked the East to the West. |
Subsidies | A form of loans and land grants. |
Land Grant | Given in alternate mile square sections in a chekerboard pattern |
Government needed railroads for... | Cheap transportation for mail and Troops |
Negative RR Consequences | Hastily/poorly constructed, corrupted, public protests |
Union Pacific RR | built from Omaha Nebraska and went west |
Central Pacific RR | build from Sacramento, CA and build east |
Greeville Dodge | Owned Union Pacific |
Leland Stanford | Owned Central Pacific |
Promontory Point, Utah | Meeting point of Union Pacific and Central Pacific |
Railroads | Union, Central, Southern, and Northern Pacific, Atchison, Topeka, and Santa fe, and the Great Northern RR |
Great Northern RR | Only one to be built without govt. funds. Built by James Hull |
Railroad car =- Passenger gets their own bed. | Pullman Car |
Railroad car =- Passenger gets their own seat. | Day-Coach Car |
Railroad car =- Passengers sat on a bench | Zulu Car |
Rebates | To improve profits, best customers got rebates. |
1893 Financial Panic | This forced 1/4 of all railroads to close. |
J.P. Morgan bought | He bought bankrupt railroads and Carnegie's railroads. |
Overproducing RRs: Consolidation | 7 giant RRs controlled 2/3 of railroads in America. |
Granger Laws | Goal of this law was to regulate railroad prices. |
Federal Interstate Commerce Act | 1887- Prohibited rebates and pools. |
Frederick W. Taylor | "Science of Management" - There was a efficient systematic way of doing things. Used at Bethelham Iron Co. |
Mesabi Range | The leading steel production area. |
John A. Roebling | Ohio suspension bridge is model for Brooklynn's. Designs it. |
Washington Roebling | Gains bridge credit, but dies from the "beads" |
Robber Baron | Business leaders that built their fortunes by stealing from the public. |
Captain of Industry | Served the Nation in a positive wat |
Characteristics of a Big Business | Large investments, good use of transportation, had a broad range of operations, revised role of ownership, and new methods of management. |
Oligopoly | Market dominated by a few large firms. |
Monopoly | Complete Contro of a product. |
Cartels | Monopoly where competition is limited by agreement. |
Vertical Integration | Business processed product "from the ground to the finished product" |
Horizontal Integration | The bringing of companies under a single organization. |
Social Darwinism | The idea that Darwin's theories applied to economics. |
Gospel of Wealth | Religion created the rich class. Proclaimed by Carnegie, Rockefeller, and Russell Conwell. |
Iron Law of Wages | The idea that wages will always revert to a certain level. |
Horatio Alger | Writer that introduced a new genre that paralled the industrial revolution. |
Gibson Girl | The ideal representation of a girl. |
C.F. Dowd | Devised the standard time zones (Eastern, Western, Central, and Mountain) |
Gearge Stephenson | Made RR's standard track size (4 ft. 8.5 in.) between wheels. |
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