Big Changes
Thomas Edison invented___________, allowing lights and power to be used across American lives and cities.
Electricity (Electric Lights)
French word that said government should take a "hands off" approach to businesses
Laissez-Faire
This Scottish born immigrant worked in the Railroad Industry then took control of the Steel Industry
Andrew Carnegie
This was the name of a derogatory term applied to wealthy industrialists and captains of industry
Robber baron
Organization made up of workers to protect workers rights
Union
A person who is prejudiced towards immigrants
What is a nativist?
Business owners tried to get rid of competition by owning entire/product or service in an industry. This is called a________ (Hint: Like the board game)
Monopoly
This man created a monopoly in the oil industry, being head of Standard Oil
John D. Rockefeller
the negotiation of pay and working conditions between bosses and employees
What is collective bargaining?
economic state where competition decreases but prices increase
What is a monopoly?
Alexander Graham Bell invented the________, allowing people to communicate through voice for the first time in America.
Telephone
Mark Twain coined the term_________, a period of time that showed America was glittering on the surface but was corrupt and impoverished underneath (Gap widened between the rich and the poor)
Gilded Age (Gild- To cover thinly with gold)
This man made his fortune consolidating failed businesses, such as banks and railroads. His name is famous in the financial industry today
J.P. Morgan
Phrase given to entrepreneurs that says they HELP society
Captain of Industry
Homestead, Haymarket, Pullman. These are all examples of this, which is a tactic used by unions where workers refuse to work
Strike
The Bessemer process allowed bigger and taller buildings to be made from steel. These were called_____.
Skyscrapers
the growth of businesses that manufacture products through the use of machinery
what is industrialization?
Owner of train cars in Illinois who beat back an attempted strike from workers angered at his cutting of wages and raising of rents in the company town
George Pullman
a big business owned by many investors
what is a corporation?
Security firm hired by businesses to stop (and sometimes kill) unions striking
Pinkertons
Many Immigrants who came during the gilded age lived in this type of building.
What is a Tenement?
This innovation in factories created a more efficient production of goods, making goods cheaper and more widely available to Americans
What is the assembly line?
JP Morgan controlled the_________ industry; Rockfeller controlled the___________ industry; and Carnegie controlled the_________ industry.
Morgan- Banking; Rockefeller- Oil, Carnegie- Steel
An economy where businesses make the decisions about how much to produce and at what price
what is a capitalist economy?
William McKinley