Unit 4, Chapter 24

Question 1

Interstate commerce act (1887)

Answer 1

• congressional legislation that establish the interstate commerce commission, compel the railroads to publish standard rates, and prohibited rebates and pools
• railroads quickly became a adept to using the act to achieve their own ends but it gave the government an important means to regulate big business

Question 2

Vertical integration

Answer 2

-The practice perfected by Andrew Carnegie of controlling every step of the industrial production process in order to increase efficiency and limit competition

Question 3

Wabash, St. Louis and pacific railroad company vs Illinois (1886)

Answer 3

• A Supreme Court decision that prohibited states from regulating the railroads because the constitution grants Congress the power to regulate interstate commerce
• as a result reformers turned their attention to the federal government which now held sole power to regulate the railroad industry

Question 4

Horizontal integration

Answer 4

-The practice perfected by John D Rockefeller of dominating a particular phase of the production process in order to monopolize a market often by forming trusts and alliances with competitors

Question 5

Trust

Answer 5

• A mechanism by which one company grants control over its operations through ownership of it stock to another company
• The standard oil company became known for its practice in the 1870s as it illuminated its competition by taking control of smaller oil companies

Question 6

Standard oil company (1870-1911)

Answer 6

• John D Rockefeller’s company formed in 1870 which came to symbolize the trust and monopolies of the gilded age
• by 1877 standard oil controlled 95% of the oil refineries in the United States
• One of the first multinational corporations and at times distributed more than half of its kerosene production outside the United States

Question 7

Interlocking directorates

Answer 7

• The practice of having executives or directors from one company serve on the Board of Directors of another company
• introduced by J.P. Morgan to eliminate banking competition in the 1890s

Question 8

Social Darwinists (popular in the late 19th century)

Answer 8

• believers in the idea that people gain wealth by survival of the fittest
• this theory provided one of the popular justifications for US imperial ventures like the Spanish-American war

Question 9

Sherman anti-trust act (1890)

Answer 9

• A law that forbade trusts or combinations in business

- One of the first congressional times to regulate big business for the public good

Question 10

National labor union (1866-1872)

Answer 10

• first national labor organization in US history

- devoted much of its energy to fighting for an eight hour workday before it dissolve in 1872

Question 11

Nights of labor

Answer 11

• Second national labor organization
• Secret society and open for public membership in 1881
• known for their efforts to organize all workers regardless of his skill level, gender, or race

Question 12

Haymarket square (1866)

Answer 12

• May day rally that turned violent when someone threw a bomb into the middle of the meeting

Question 13

American federation of labor (AFL)

Answer 13

• The national Federation of trade unions that included only skilled workers
• Led by Samuel Gompers
• sought to negotiate with employers for a better kind of capitalism that were awarded workers fairly with better wages, hours, and condition

Question 14

Closed shop

Answer 14

• A union organizing term that refers to the practice of allowing only unionized employees to work for a particular company
• AFL became known for negotiating closed shop agreements with employers

Question 15

Bessemer process

Answer 15

Creation of steel

Question 16

Thomas Edison

Answer 16

• motion picture camera

- lightbulb

Question 17

Alexander graham bell

Answer 17

• Telephone

- AT&T(direct current=battery)

Question 18

George Westinghouse

Answer 18

• (Alternate current=plug into wall)

- lights/lamps

Question 19

J.P. Morgan

Answer 19

-helped finance the purchase of carnegie’s steel