Causes of the 2nd Industrial Revolution
What is laissez-faire government?
Little government involvement, no taxation or regulations
Who was responsible for the invention of the lightbulb?
Thomas Edison
The consolidation, or combining, of different corporations that engaged in the same kind of business is referred to as
Vertical Integration
Andrew Carnegie built his empire on
Steel
A company that controls all or nearly all of the supply of a product or service in an industry, limiting competition.
What was the primary significance of the Bessemer Steel Process during the Gilded Age?
It made the production of high-quality steel faster and cheaper, helping expand industries like railroads and construction
Alexander Graham Bell
What is a holding company?
companies that did not create a pruduct, they only exist to buy and sell stocks in other corporations
John D. Rockefeller built an empire on
Oil, his company was Standard Oil
What is a philanthropist?
Industrialists who are known for giving back to the community through large donations for education, hospitals, and cultural venues
Why was the United States able to change from primarily an agricultural society to an industrial one?
Abundant natural resources, increased number of immigrants willing to work for cheap, and little to no government involvement in businesses (laissez-faire government)
Which entrepreneur had a significant impact on the cosmetic industry?
Madam CJ Walker
What was one benefit of big business in the United States in the late 1800s?
Products could be made faster and sold for lower prices
What industry was JP Morgan involved in?
Banking and Investments
What is a company formed by a group of investors called? (Hint- a business owned by many but treated by law as an individual)
Corporation
What is the difference between the First and Second Industrial Revolution?
The 2nd Industrial Revolution focused on the expansion of railways, production of steel, increased communication (telegraph and telephones), and the emergence of a national market
How did inventions such as as the typewriter and sewing machine impact job opportunities for women during the Gilded Age?
They helped create new job opportunities for women in offices and factories, increasing their participation in the workforce
What tactics of big businesses were used to create monopolies?
Horizontal integration, selling products at a loss until competitors in a given area were forced out of business, purchasing stocks in a company to gain ownership
What did Cornelious Vanderbilt do for business?
Railroads
Define Social Darwainism in business
"Survival of the richest" companies do well becuase the people in charge are smarter and work harder therefore destined to be successful.
What were some of the greatest contrubuting factors to industrial expansion?
The railroads, which transported huge quantities of goods and themselves consumed enormous amounts of coal, oil, and steel. Steel that helped build skyscrapers and bridges.
What was a major impact of the inventio of the lightbulb on jobs and society during the Gilded Age?
It allowed factories and businesses to operate longer hours, increasing production and changing daily life
Economies of scale, amde possible by innovations and inventions of the late 19th century, are best described as...
The cheap, mass-production of goods by large companies
What did the Sherman Anti- Trust Act do?
Sought to regulate monopolies but failed because it was vaguely written and not well enforced
What does the term "Robber Baron" mean?
Wealthy industrialists who used unfair or exploitative practices to gain power and profit