Terms
Henry Ford
-Created Ford Car Company
-Created assembly line --> more effiencient
-Made fist mass produced car( model-T)
-very anti-jew --> because this is how he grew up
Vertical Integration
owning businesses involved in each step of manufacturing process
Leland Stanford
- Founded stanford university
-executive of big railroad powerhouse
-went to California during Gold rush and became one of the founders the railroad company
- hired mostly asians
- companies should be managed by workers
George Westinghouse
-Rival of Thomas Edison
- Led to helping boost electrical economy
Manufacturing definition
Manufacturing is the process of converting raw materials or components into finished goods using labor, machinery, and tools. It includes large-scale factory production as well as smaller-scale activities like crafting and cooking. This sector is a vital part of the economy, as it transforms inputs into new products that are sold to other businesses or directly to consumers.
-Drills into the ground in PA and finds a deep well of oil(Drake's Folly)
- Lasting Impact --> Companies end up refining oil into millions of barrels a year
Horizontal integration
owning all of something in a certain field
Frederick Taylor
mechanical engineer and author who is famous for writing The Principles of Scientific Management
Corporation
A company that acts as a person legally, this means that it can: sue or be sued, hire people, and sell of parts of its company to shareholders using stocks. Corporations are controlled by a board of directors who oversee the company but do not own it. Many large corporations rose during the 19th century like: Standard Oil and Carnegie Steel
National Grange
The National Grange, or the Order of Patrons of Husbandry, is a non-profit, non-partisan organization founded in 1867 to support rural communities, with a historical focus on farmers' interests
Wright Brothers
- First flight in motorized airplane
- In north carolina
-12 seconds
- By 1920 planes were delivering passengers and mail --> trains were still preferred because planes could not fly at night and not over mountains.
"Black Gold"
oil
Angel Island/Ellis Island
Angel Island was the port of entry on the west coast of America. Located in San Francisco Bay, many Asian (specifically Chinese) immigrants entered through this port. Ellis Island was the port of entry for the east coast. Located in New York harbour, mostly European immigrants entered through this port.
Politics
Many large corporations controlled key positions in government and often swayed elected officials in order to keep their monopolies. With the addition of the Sherman Antitrust Act monopolies lost some power but still kept their large shares and still gained power
The Brooklyn Bridge
A symbol of American capitalism and infrastructure. Completed on May 24, 1883 the Brooklyn Bridge was the largest suspension bridge in the world at the time. This helped pave the way for even larger infrastructure projects, helping develop the United States and make it a symbol of capitalism and democracy. Created by John Roebling. His son completed.
Andrew Carnegie
-Smart because he bought steel prices when they were low
-Used vertical integration
Trusts
a bunch of companies are controlled by one board of directors
Alexander Graham Bell
Inventor of telephone, created in 1876. The telephone helped revolutionize communication and connected the United States
Elisha Otis
Elisha Otis was an American inventor and industrialist best known for inventing the safety device for elevators that prevents them from falling if the hoisting cable breaks. (elivator safety brake, 1862) His invention made vertical transportation safe, paving the way for the modern skyscraper, and he founded the Otis Elevator Company.
capitalism
A form of economy where there is competition and a free market where businesses are owned privately
Thomas Edison
-Inventor(had 1000s of patents)
-creates electric light bulb
- needed powerplants to supply the electricity
patents
legal rights that you could create something and sell it
J Frank and Charles Duryea
Helped create the first American gas powered automobile.
Henry Bessemer
Helped create the Bessemer Process which allowed people to mass produce steel and made it quick and cheap, helping urbanize the United States.
Chinese Exclusion Act
Banned Chinese immigrants for 10 years but the US Government kept renewing it.