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The Gilded Age

The Gilded Age. Transcontinental Railroad. The Union Pacific and Central Pacific companies began in Omaha and Sacramento and met in Promontory Point in Utah to build this. Advantages of railroads.

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The Gilded Age

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  1. The Gilded Age

  2. Transcontinental Railroad

  3. The Union Pacific and Central Pacific companies began in Omaha and Sacramento and met in Promontory Point in Utah to build this.

  4. Advantages of railroads

  5. more direct routes, greater speed, greater safety and comfort, more dependable schedules, a larger volume of traffic, and year-round service

  6. Four Great Trunk Lines

  7. Baltimore and Ohio, Erie Railroad, New York Central Railroad, and Pennsylvania Railroad

  8. Bessemer Process

  9. Created by Henry Bessemer, it made increased steel production possible by blasting air through molten iron.

  10. Vertical Integration

  11. A single company owns and controls the entire process from raw materials to the manufacture and sale of the finished product

  12. Andrew Carnegie

  13. A Scottish immigrant who grew to monopolize the steel industry through vertical integration, but eventually sold out to JP Morgan

  14. The Gospel of Wealth

  15. Carnegie justified monopolies through social Darwinism and argued that the wealthy had a God-given responsibility to carry out projects of civil philanthropy for the benefit of society

  16. Monopoly

  17. When a single company achieves control of an entire market

  18. Trusts

  19. A legal concept that allows one person, called a trustee, to manage another person's property.

  20. Mergers

  21. The joining together of two or more companies or organizations to form one larger one

  22. Holding Company

  23. A company that owns the stock of companies that produce goods, but doesn't actually produce anything itself

  24. Horizontal Integration

  25. The combining of many firms engaged in the same type of business into one large corporation

  26. John D. Rockefeller

  27. Created the Standard Oil Company through the use of trusts/horizontal integration, vertical integration, hiring scientists, and being thorough and ruthless.

  28. George Eastman

  29. Invented the Kodak Camera and the process for coating gelatin on photographic dry plates

  30. Alexander Graham Bell

  31. Invented the telephone

  32. Thomas Alva Edison

  33. Inventor of the light bulb, phonograph, etc. and owner of the most patents

  34. Knights of Labor

  35. Established by Uriah S. Stephens, platform included an 8 hour work day and abolition of child labor; taken over by Powderly

  36. American Federation of Labor

  37. Loose alliance of national craft unions calling for higher wages, shorter hours, and better working conditions; established by Samuel Gompers

  38. Iron Law of Wages

  39. Employers believed supply and demand, not the welfare of workers, dictated wages.

  40. In re Debs Court Injunction

  41. Forbade workers to interfere with their employers' business and upheld by this court decision

  42. Lochner v. New York

  43. Court struck down a law limiting bakery workers to a 60 hour week and 10 hour day because baking was safer than mining.

  44. Haymarket Square Riot

  45. Workers campaigning for the 8 hour work day in Chicago called for a protest and police intervention led to a bomb being thrown. Americans feared the labor movement and anarchism

  46. Homestead Strike

  47. Henry Clay Frick cut wages of steel workers 20% causing AFL affiliates to strike.

  48. Tactics for defeating unions

  49. Lockouts, blacklists, yellow dog contracts (agreement not to join unions), private guards/state militias, and court injunctions.

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