Technological Innovations
Used for power instead of people and animals
What is steam and electricity
Electricity first used fir communication on _____ _____
Telegraph wires
Andrew Carnegie made fortune in ______ industry
Steel or oil or railroads
Steel
Used Vertical integration to control steel making - owned iron ore fields, coal mines, ships and steel mills
Depression occurred year 18___
1873
A depression is when busineses lose money and go out of business
Less jobs available
Gilded Age refers to a time of incredible ____, generated by big _____ and incredible ______
Gilded Age refers to time of incredible WEALTH generated by BIG BUSINESS and incredible CORRUPTION
Made production of steel faster and more economical
What is Bessemer Process
Who invented the Telephone in 1876
Alexander Graham Bell
John D Rockfeller made his fortune in
Steel or Oil or Railroads
Oil
Big Business Consolidation occurs when....
Small businesses are bought by big business or forced out of business
Some businesses consolidated (joined together)
Some wanted monopoly (to control entire market)
national Markets for business made possible when the country was linked by _________,
_________ and _________ and _______
Railroads, Canals, telegraph and telephone
Burning of coal to heat water for ________ mills
Textile
Thomas Edison invented the first effective ___ ____ in 18__
Light Bulb in 1879
John D Rockefellar formed the corporation called Standard _____ Company in 1870
Standard Oil Company
Law to stop railroads use of unfair pricing and created the Interstate Commerce Commission
Interstate Commerce Act of 1887
This was first time Congress regulated business in AmericaErie Canal completed in 1825..linked _________ and ___________
Great Lakes and Hudson River
Reduced shipping time Buffalo to NY City from 20 days to 6 days
Drilling the first ____ ______ allowed for lighting and lubrication of machinery
what is OIL WELL
Electricity used to run _______ in factories and electric street ____ and subway _____
Machines in factories
Electric street cars
Subway trains
Carnegies Gospel of Wealth said that rich people were better that poor a certain tasks - a sort of _____ _______
Social Darwinism (survival of the fittest)
So rich people have duty to philanthropy but did not believe in charity
Law to prevent monopolies
Sharman Anti-trust Act
Free Enterprise is an _________ system
"Economic" system.
Persons are free to produce what they want and make money or lose money. Depends on supply and demand
internal _____ _______ used gasoline made from oil to run cars and planes
What is Internal Combustion Engine
The first electric ________ built in 1920's (use in kitchen)
Refrigerator
JOHN D Rockefeller formed Standard Oil in 1870 by buying _______
All the other oil companies and becoming a monopoly - he controlled 90% of oil refining
Used Horizontal intergartion
Entrepreneur
Some called them 'Captains of Industry"
Other called them "Robber Barons"