Alexander Graham Bell / Telephone
Invented the telephone (1876), which allowed people to communicate instantly over long distances. This helped businesses expand and connect markets nationwide.
Henry Bessemer / Steel
Developed the Bessemer Process, which made steel cheaper and faster to produce. Steel became essential for railroads, bridges, and skyscrapers, fueling industrial growth.
Thomas Edison / Electricity
Invented practical electric lighting and power systems. Electricity transformed factories, cities, and daily life by allowing longer work hours and safer lighting.
Otis Elevator
Invented the safety elevator, making tall buildings practical. This led to the rise of skyscrapers and modern urban cities.
Cornelius Vanderbilt / Railways
Built a massive railroad empire by consolidating lines. Railroads linked regions, lowered shipping costs, and helped create a national market.
Mail-Order Catalogs / Sears
Sears catalogs allowed rural Americans to order goods by mail. This connected farmers to the national economy and increased consumer culture.
Rebate
A discount railroads gave to big corporations for shipping large amounts. This helped large businesses and hurt small competitors.
Pools
Agreements between companies to fix prices and divide markets. Pools reduced competition but often collapsed because companies cheated.
J. Pierpont Morgan / Banking
Powerful banker who created large corporations by merging companies. Helped stabilize the economy but increased monopoly power.
Interlocking Directorates
When the same people sat on the boards of multiple companies. This reduced competition and gave elites control over many industries.
Andrew Carnegie / Steel
Built a huge steel empire using vertical integration. Believed in the Gospel of Wealth—the rich should give back to society.
John D. Rockefeller / Standard Oil
Built the largest oil monopoly by using horizontal integration and trusts. Controlled prices and crushed competition.
Trust
A legal arrangement where one company controlled others. Trusts created monopolies and limited competition.
Horizontal Integration
Buying out or destroying competitors in the same industry (Rockefeller did this in oil).
Vertical Integration
Controlling every step of production, from raw materials to distribution (Carnegie used this in steel).
Laissez-Faire
Idea that government should not interfere in business. Popular during the Gilded Age and favored big corporations.
Social Darwinism
Belief that the strongest businesses and people succeed naturally. Used to justify wealth inequality and oppose government help.
Knights of Labor / Terence Powderly
Early labor union that welcomed skilled and unskilled workers, women, and African Americans. Wanted better wages and working conditions.
American Federation of Labor (AFL) / Samuel Gompers
Union for skilled workers only. Focused on higher wages, shorter hours, and better working conditions.
Haymarket Strike (1886)
Labor protest in Chicago turned violent after a bomb exploded. Hurt public support for unions.
Homestead Strike (1892)
Steelworkers struck against Carnegie’s company. Strike failed after violence with Pinkertons.
Pullman Strike (1894)
Railroad strike over wage cuts. Federal troops broke it up, showing government support for business.
Old Immigrants
From Northern and Western Europe. Mostly Protestant and more easily accepted.
New Immigrants
From Southern and Eastern Europe. Faced discrimination and lived in crowded cities.