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Published byDamian Pearson Modified over 9 years ago
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This is a license that gives an inventor the exclusive right to make, use, or sell an invention for a set period of time A patent
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The invention of this in the late 1880s made oil even more valuable
The automobile
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He developed affordable, in-home lighting
Thomas Edison
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He developed a code of short and long electrical impulses that represented the letters of the alphabet and perfected the telegraph Samuel Morse
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He invented the “talking telegraph” and set up the American Telephone & Telegraph Company in 1885.
Alexander Graham Bell
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The transcontinental railroad
This was finished after 7 years on May 10, 1869 in Promontory Summit (now Utah) The transcontinental railroad
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One new technology that improved the national railroad system
Steel rails, standardized tracks, standardized signals, air brakes, telegraph system, national system of time zones
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This term implies that business leaders built their fortunes by stealing from the public
Robber Barons
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This term implies that business leaders serve their nation in a positive way—creating jobs, establishing museums, etc. Captains of Industry
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He formed the Standard Oil Company in 1870
John D. Rockefeller
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Andrew Carnegie’s belief that people should make as much money as they can and then after they make it they should give it away “gospel of wealth”
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This theory held that those who were most “fit” would success and become rich
Social Darwinism
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A market structure dominated by only a few large, profitable firms
oligopoly
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Complete control of a product or service
monopoly
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A loose association of businesses that make the same product
cartel
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He established a steel company in 1889
Andrew Carnegie
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Vertical consolidation
Gaining control of the many different businesses that make up all phases of a product’s development Vertical consolidation
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The Sherman Antitrust Act
Congress passed this law in 1890 that limited the amount of control a business could have over an industry by outlawing any combination of companies that restrained interstate trade or commerce The Sherman Antitrust Act
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The Sherman Antitrust Act ended up being applied against these groups
Labor unions
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The economic and political philosophy that favors public instead of private control of property and income socialism
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This national union organized all working men & women, skilled & unskilled, to pursue broad social reforms Knights of Labor
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American Federation of Labor (AFL)
This national union was founded by Samuel Gompers as a craft union to pursue “bread and butter” issues American Federation of Labor (AFL)
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The process by which workers negotiate as a group with employers
Collective bargaining
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The nickname for the Industrial Workers of the World, a radical union of unskilled workers
Wobblies
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At this 1886 strike in Chicago, anarchists joined the protest and thus many Americans came to associate unions in general with violence and radicalism Haymarket
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This is a negative term for workers called in by employers to replace strikers
scabs
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By June ,000 railway workers had joined this strike, which disrupted mail delivery, and was put down by 2,500 federal troops sent by President Cleveland Pullman Strike
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This term was coined to describe the post-Reconstruction era and meant that a thin, glittering layer of prosperity covered the poverty & corruption of much of society The Gilded Age
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This French phrase means a hands-off approach to the economy
Laissez-Faire
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This company gave cheap shares of valuable stock to Congress so that Congress would support more funding for railroad work Credit Mobilier
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Under this system individuals offer candidates votes & support and are then rewarded with jobs & political favors Spoils system
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This president was assassinated by a disgruntled office seeker
James Garfield
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Pendleton Civil Service Act
President Chester Arthur passed this law which created a civil service commission to classify government jobs and reform civil service Pendleton Civil Service Act
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The Interstate Commerce Commission was created to regulate this industry
Railroads
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Restrictive Covenants
These were agreements among homeowners not to sell real estate to certain groups of people Restrictive Covenants
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This group was totally banned from America after 1882 by nativist restrictions
Chinese
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These were low cost apartment buildings designed to house as many families as possible
tenements
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This reporter published How the Other Half Lives to describe life in the slums and generate public support for reform Jacob Riis
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She founded a settlement house in Chicago to help people find jobs, provide health care, child care, and education, etc. Jane Addams
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This social science studies how people interact with one another in a society
sociology
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