1. Chapter 4: The Triumph of Industry
Vocabulary
You need 3 note cards and your comp book!!

2. Edwin Drake
Part I: 1859-Drake drilled the first oil well near Titusville, Pennsylvania.
Part II and III on your own.

3. Alexander Graham Bell
Invented the telephone, revolutionizing both business and personal communication
In 1877 he organized the Bell Telephone Company which eventually became the American Telephone and Telegraph Company (AT&T).

4. Thomas Edison Most famous inventor of the late 1800s
Had a research lab at Menlo Park, NJ, which would become the forerunner of the modern research lab.
Inventions included the phonograph, the light bulb, the electric generator.
1882-the Edison electric Illuminating Company launched a new industry and began the transformation of American society when it began to supply electricity to customers in NYC.
1889-Edison General Electric Company formed, which became General Electric (GE).

5. Bessemer Process
English Inventor, Henry Bessemer invented a new process for making high quality steel efficiently and cheaply.
Motivated Andrew Carnegie to concentrate his investments into the steel industry.

6. Laissez-faire
Literal translation: French for “let do” meaning let people do as they choose.
Supporters of laissez-faire believe the government should not interfere with the economy other than to protect private property rights and maintain peace.
Part II and III on your own.

7. Andrew Carnegie Steel Industry; Carnegie Steel Industry
Cut his prices until he drove his competitors out of business, allowing him to control the steel industry.
Controlled all aspects of the steel industry from the mines that produced iron ore to the shipping and rail lines necessary for transportation (vertical integration).
Preached a “gospel of wealth”/ philanthropy

8. John D. Rockefeller Standard Oil company
As he made more money, he was able to undersell his competitors.
Created the idea of a “trust”; a new kind of monopoly.

9. Social Darwinism Based on Darwin’s theory of evolution
Belief that certain nations and races were superior to others and therefore destined to rule over them.
Wealth is a measure of one’s value and those who have it are most “fit”

10. Collective Bargaining
Process in which employers negotiate with labor unions about hours, wages, and other working conditions.

11. Haymarket Square Riot
Labor-related protest in Chicago which ended in deadly violence. (1886)

12. The Pullman Strike
Violent 1894 railway workers strike which began outside of Chicago and spread nationwide.

13. Samuel Gompers/ AFL
Samuel Gompers was the first leader of the American Federation of Labor.
Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes.

14. Sherman Anti-Trust Act
1890-Congress passed this law to outlaw any combination of companies that restrained interstate trade or commerce.

15. Interstate Commerce Commission
First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures.

16. Socialism/ Eugene Debs
Economic system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals.
Eugene Debs was an important leader of the socialist party and labor organizer.