Ch. 14 IDs

1.) Petroleum/Oil

• What – Valuable natural resource• When – Using oil as a fuel source became

popular in late 1800s• Significance - Modern nations become

dependent on oil to help fuel their industrial economies

2.) Laissez-Faire Economics

• What – Economic theory in which supply and demand regulates the economy, and the government does not interfere with business

• Significance – Some businesses will flourish in the late 1800s under this system, although corruption and monopolies become troublesome and will lead to more government regulation

3.) Entrepreneurs

• What – Individuals who have capital and are looking to invest in new technologies in order to gain profit

• Significance – Entrepreneurs are necessary for economic growth

4.) Alexander Bell

• Who – Credited with the invention of the modern telephone

• Significance – Telephone will have a great impact on communication, which will bring people around the world closer together

5.) Thomas Edison

• Who – Inventor who is credited with many ideas, most notably electric light

• Significance – Electric light will change the way people live their lives and spend their time, both domestically and at work

6.) Transatlantic Cable

• What – Cable that is laid in the Atlantic Ocean, allowing telegraph transmissions between North America and Europe

• When – 1866• Where – Atlantic Ocean• Significance – Brings people closer together

through communication, until made obsolete by wireless telegraph

7.) Transcontinental Railroad

• What – Railroad built to connect the eastern and western parts of the US

• When – 1869• Where – California to Nebraska• Significance – – 1.) Brings people closer together– 2.) Promotes long distance travel– 3.) Promotes western expansion– 4.) Aids in the shipping of goods

8.) Central Pacific Railroad

• What – Railroad company that helped complete the TRR

• Who – Leland Stanford; “Big Four”• Where – Sacramento, CA• Significance – – 1.) Chinese workers brought in to work will have

cultural impact– 2.) TRR will have many impacts on US (See #7)

9.) Union Pacific Railroad

• What – Railroad company that helped complete the TRR

• Who – Greenville Dodge• Where - Omaha, NE• Significance – – 1.) Known for corruption and scandal– 2.) TRR will have many impacts on US (See #7)

10.) Cornelius Vanderbilt

• Who – Railroad entrepreneur• Significance – – 1.) Makes fortune by connecting spur lines– 2.) First to build a line from NYC to Chicago– 3.) Builds Grand Central Terminal

11.) Credit Mobilier Scandal

• What – Scandal involving owners of Union Pacific as well as politicians. Stealing money from the building of TRR

• When – 1860s; Story leaded in 1872• Significance – Example of the corruption that

polluted America during the time period

12.) Robber Baron

• What – Term used to describe a titan of industry that steals or practices some other immoral act in order to profit as much as possible

• Significance – Particular era of American history is saturated with robber barons

13.) Corporation

• What – Company owned by stockholders but treated as if owned by a single entity

• Significance – Corporations are allowed to sell stock in order to raise capital and reinvest in their company

14.) Stock

• What – Percentage of ownership in a company or corporation

• Significance – – 1.) Stock is sold in order to raise capital– 2.) People buy stock in order to invest their money– 3.) Some people try to manipulate stock in order

to turn a profit

15.) Andrew Carnegie

• Who – Scottish immigrant who built a fortune, first through railroads, and later through steel

• Significance – – 1.) Made the US into one of the world’s leading

producers of steel– 2.) Expert in vertical integration

16.) Nelson Rockefeller

• Who – Richest man in world history; owner of Standard Oil

• Significance – – 1.) Helped make the US one of the leading

exporters of oil in the world – 2.) Expert in horizontal integration

17.) Standard Oil

• What – Oil refinery corporation owned by the Rockefellers

• Significance – At one point in the process, all oil refined in the United States passed through Standard Oil, giving it a complete monopoly on refining

18.) Trusts

• What – Arrangement where a company or property is put in control of a person for the benefit of another

• Significance – This loophole will allow some businessmen to retain control of their monopolies

19.) Holding Company

• What – Company that doesn’t actually produce anything, but in fact owns other companies

• Significance - This loophole will allow some businessmen to retain control of their monopolies

20.) Panic of 1873

• What – Economic depression (panic)• Significance – – 1.) Rise in unemployment– 2.) Cause a rise in labor strikes– 3.) See the formation of unions

21.) Great Railroad Strike of 1877

• What – Railroad strike in response to cut wages; US sends military in to break up strike

• Significance –– 1.) Shows that the government will protect

interest of business over workers– 2.) Leads to increase in union activity

22.) Knights of Labor

• What – 1st nationwide labor union• Significance – Tried to use alternative means

(strike, arbitration, boycotts) in order to gain goals

23.) Haymarket Riot

• What – Riot that erupts in the midst of a strike for an 8-hour workday

• When – 5/4/1886• Where – Chicago, IL• Significance – – 1.) End to the Knights of Labor– 2.) Increased suspicion of immigrants– 3.) Separated working an business classes

24.) Pullman Strike

• What – Strike by Pullman workers in response to cut wages; Military is finally sent in to break up

• When – 1893• Significance – – 1.) Shows that the government will protect

interest of business over workers– 2.) Separated working an business classes

25.) American Federation of Labor (AFL)

• What – All trade unions come together and form AFL to fight for common goals

• Significance – – 1.) Try to make unions more acceptable– 2.) By 1900 = Largest union in US