General Overview of the 2nd Industrial Revolution
Developments of the 2nd Industrial Revolution
(HINT: R.O.S.E.)
Railroads, Oil, Steel, Electricity
Reduced the cost of steel by 80%. Allowed for the production of railroads, steamships, bridges, and skyscrapers
Bessemer Process
This is when a company has a large control over a single industry
Monopoly/trust
Andrew Carnegie made his fortune in _____________
steel
(name of the Organization and its leader)
AFL- Samuel Gompers
Knights of Labor- Terrence Powderly
Railroads
Made it possible to communicate over long distances using natural speech instead of Morse Code
(Name of the inventor and the invention)
Alexander Graham Bell's Telephone
The first ever time that the US government set regulations over a business. Used to regulate the railroads.
Interstate Commerce Act (ICC)
John D. Rockefeller made his fortune in __________
oil
Accepted men and women of all races and industries
Knights of Labor
Coined by Mark Twain, this was another way of referring to this period of Industrialization in the US
Gilded Age
Was the first African-American millionaire in the US after inventing special shampoos and hair products
Madam CJ Walker
An attempt to make the creation of trusts/monopolies illegal, but was not successful due to lack of enforcement and vague language
Sherman Anti-Trust Act
J.P. Morgan made his fortune in ____________
Banking/Finance
Unlike the Knights of Labor, the AFL limited their goals to the 'bread and butter' issues of...
(There are 3)
Higher wages, shorter hours, better working conditions
Nickname for industrialists who raised productivity, created more jobs, and funded many of the nation's public institutions
Captains of Industry
The Phonograph and motion pictures are just a few of this famed inventor's achievements
Thomas Edison
Used by Carnegie, this business strategy involved owning every step of production of your product
Vertical Integration
Connected all of Florida via railroad, sparking tourism and immigration
Henry Flagler
The outcomes of the Haymarket Riot, Homestead Strike, and Pullman Strike all have this in common
Violent and unsuccessful
Nickname for Industrialists who drained the country of its natural resources, corrupted public officials, and forced workers to work in dangerous and unhealthy conditions
Robber Barons
Allowed factories to stay open at night, increasing productivity
(Inventor and invention)
Used by Rockefeller, this business strategy meant you owned all businesses at ONE step of production
Horizontal Integration
In their old age, Industrialists practiced this form of donation where they used their wealth to fund museums, libraries, and other public institutions
Philanthropy
This ideology gained traction with Labor Unions, but was generally rejected by the American public
Socialism