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Chapter 4: The Triumph of Industry. Vocabulary. You need 3 note cards and your comp book!!. Edwin Drake. Part I: 1859-Drake drilled the first oil well near Titusville, Pennsylvania. Part II and III on your own. Alexander Graham Bell.
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Chapter 4:The Triumph of Industry Vocabulary You need 3 note cards and your comp book!!
Edwin Drake • Part I: 1859-Drake drilled the first oil well near Titusville, Pennsylvania. • Part II and III on your own.
Alexander Graham Bell • Invented the telephone, revolutionizing both business and personal communication • In 1877 he organized the Bell Telephone Company which eventually became the American Telephone and Telegraph Company (AT&T).
Thomas Edison • Most famous inventor of the late 1800s • Had a research lab at Menlo Park, NJ, which would become the forerunner of the modern research lab. • Inventions included the phonograph, the light bulb, the electric generator. • 1882-the Edison electric Illuminating Company launched a new industry and began the transformation of American society when it began to supply electricity to customers in NYC. • 1889-Edison General Electric Company formed, which became General Electric (GE).
Bessemer Process • English Inventor, Henry Bessemer invented a new process for making high quality steel efficiently and cheaply. • Motivated Andrew Carnegie to concentrate his investments into the steel industry.
Laissez-faire • Literal translation: French for “let do” meaning let people do as they choose. • Supporters of laissez-faire believe the government should not interfere with the economy other than to protect private property rights and maintain peace. • Part II and III on your own.
Andrew Carnegie • Steel Industry; Carnegie Steel Industry • Cut his prices until he drove his competitors out of business, allowing him to control the steel industry. • Controlled all aspects of the steel industry from the mines that produced iron ore to the shipping and rail lines necessary for transportation (vertical integration). • Preached a “gospel of wealth”/ philanthropy
John D. Rockefeller • Standard Oil company • As he made more money, he was able to undersell his competitors. • Created the idea of a “trust”; a new kind of monopoly.
Social Darwinism • Based on Darwin’s theory of evolution • Belief that certain nations and races were superior to others and therefore destined to rule over them. • Wealth is a measure of one’s value and those who have it are most “fit”
Collective Bargaining • Process in which employers negotiate with labor unions about hours, wages, and other working conditions.
Haymarket Square Riot • Labor-related protest in Chicago which ended in deadly violence. (1886)
The Pullman Strike • Violent 1894 railway workers strike which began outside of Chicago and spread nationwide.
Samuel Gompers/ AFL • Samuel Gompers was the first leader of the American Federation of Labor. • Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes.
Sherman Anti-Trust Act • 1890-Congress passed this law to outlaw any combination of companies that restrained interstate trade or commerce.
Interstate Commerce Commission • First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures.
Socialism/ Eugene Debs • Economic system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals. • Eugene Debs was an important leader of the socialist party and labor organizer.
