Industrialization and Technology
This economic shift moved production from farms to factories
Market Revolution
Waterway that connected the Great Lakes to the Atlantic Ocean
Erie Canal
Author of The Wealth of Nations; supported capitalism
Adam Smith
Oil tycoon who founded Standard Oil
John D Rockefeller
Organized workers to improve wages and conditions
Labor Union
The idea that business should operate with little government control
Free Enterprise
railroad that connected the east and west coasts
transcontinental railroad
Economic system based on private ownership and profit
Capitalism
Steel magnate who founded one of the biggest industries of steel
Andrew Carnegie
When workers refuse to work
Strike
These include coal, iron, and oil used to fuel industry
Natural Resources/Raw Materials
Invented by Samuel Morse to send messages electronically
Telegraph/Morse Code
When a company controls all parts of production
Vertical Integration
These businessmen were criticized for exploiting workers
Robber Barons
Negotiations between workers and employers
Collective Bargaining
Factory system where each worker performs one small task
Assembly Line
Alexander Graham Bell invented this
Telephone
When a company buys out competitors
Horizontal Integration
These businessmen were praised for creating jobs and wealth
Captains of Industry
Union led by Samuel Gompers
American Federation of Labor
Producing large quantities of goods cheaply
Mass Production
Codes of dots and dashes used for early communication
Morse Code
A business that controls an entire industry
Monopoly
Investment scheme that led to Rockefeller's scandal
Credit Mobilier
Radical labor union that wanted to overthrow capitalism
Industrial Workers of the World (IWW)