The Gilded Age

1. The Gilded Age

2. Transcontinental Railroad

3. The Union Pacific and Central Pacific companies began in Omaha and Sacramento and met in Promontory Point in Utah to build this.

4. Advantages of railroads

5. more direct routes, greater speed, greater safety and comfort, more dependable schedules, a larger volume of traffic, and year-round service

6. Four Great Trunk Lines

7. Baltimore and Ohio, Erie Railroad, New York Central Railroad, and Pennsylvania Railroad

8. Bessemer Process

9. Created by Henry Bessemer, it made increased steel production possible by blasting air through molten iron.

10. Vertical Integration

11. A single company owns and controls the entire process from raw materials to the manufacture and sale of the finished product

12. Andrew Carnegie

13. A Scottish immigrant who grew to monopolize the steel industry through vertical integration, but eventually sold out to JP Morgan

14. The Gospel of Wealth

15. Carnegie justified monopolies through social Darwinism and argued that the wealthy had a God-given responsibility to carry out projects of civil philanthropy for the benefit of society

16. Monopoly

17. When a single company achieves control of an entire market

18. Trusts

19. A legal concept that allows one person, called a trustee, to manage another person's property.

20. Mergers

21. The joining together of two or more companies or organizations to form one larger one

22. Holding Company

23. A company that owns the stock of companies that produce goods, but doesn't actually produce anything itself

24. Horizontal Integration

25. The combining of many firms engaged in the same type of business into one large corporation

26. John D. Rockefeller

27. Created the Standard Oil Company through the use of trusts/horizontal integration, vertical integration, hiring scientists, and being thorough and ruthless.

28. George Eastman

29. Invented the Kodak Camera and the process for coating gelatin on photographic dry plates

30. Alexander Graham Bell

31. Invented the telephone

32. Thomas Alva Edison

33. Inventor of the light bulb, phonograph, etc. and owner of the most patents

34. Knights of Labor

35. Established by Uriah S. Stephens, platform included an 8 hour work day and abolition of child labor; taken over by Powderly

36. American Federation of Labor

37. Loose alliance of national craft unions calling for higher wages, shorter hours, and better working conditions; established by Samuel Gompers

38. Iron Law of Wages

39. Employers believed supply and demand, not the welfare of workers, dictated wages.

40. In re Debs Court Injunction

41. Forbade workers to interfere with their employers' business and upheld by this court decision

42. Lochner v. New York

43. Court struck down a law limiting bakery workers to a 60 hour week and 10 hour day because baking was safer than mining.

44. Haymarket Square Riot

45. Workers campaigning for the 8 hour work day in Chicago called for a protest and police intervention led to a bomb being thrown. Americans feared the labor movement and anarchism

46. Homestead Strike

47. Henry Clay Frick cut wages of steel workers 20% causing AFL affiliates to strike.

48. Tactics for defeating unions

49. Lockouts, blacklists, yellow dog contracts (agreement not to join unions), private guards/state militias, and court injunctions.