1. The Triumph of Industry
Jenny Kim
Ianni Le
Stephen Kim
Andrew Mulligan

2. Corporations
A large company or group of companies authorized to act as a single entity and recognized as such in law
Buy and sell products
Expand markets
Invest money
Fund new technology
Enter new industries
Run large plants across country

3. Monopoly Complete control of a product or service
Corporations buy out its competitors or drive them out of business
Corporations work to eliminate competition with other businesses by forming cartel
Business making same products agree to limit their production and thus keep prices high

4. Robber Barons
People who exploited workers by having them work for the least amount of money possible
Established universities, museums, and libraries disadvantaged to rise to wealth
John D. Rockefeller
Cornelius Vanderbilt
Andrew Carnegie

5. John D. Rockefeller
Standard oil

6. Cornelius Vanderbilt
Railroads

7. Andrew Carnegie
Carnegie steel

8. Horizontal and Vertical Integration
Gain control many different businesses that make up all the phases of a product’s development
Horizontal
Giant company with lower production costs

10. Social Darwinism
Wealth is a measure of one’s inherent value and those who had it were considered the most “fit” in the survival of the fittest
Used it to justify all sorts of beliefs and conditions
Used to fuel discrimination
Social Darwinists nations would grow strong, allowing most vigorous members to rise to top
Wrong to use public funds to assist poor

11. Inventors Thomas Edison Alexander Graham Bell George Westinghouse
Light bulb: cheap lighting for homes
Alexander Graham Bell
Telephone
George Westinghouse
Developed technology to send electricity over long distances
Henry Bessemer
Bessemer process

12. Interstate Commerce Commission (ICC)
Created to oversee railroad operations
Significance:
First federal body ever set up to monitor American business operations
Monitor railroads that crossed state lines
Could not make laws or control railroad’s transaction
Require railroads to send records to Congress
Initiate investigations of unfairness

13. Sherman Antitrust Act
Outlawed any trust that operated “in restraint of trade or commerce among the several states.”
Used in corporations’ favor
ICC and Sherman Antitrust Act began a trend toward federal limitations on corporations’ power