1. Ch. 14 IDs

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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)

10. 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)

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. 22.) Knights of Labor What – 1 st nationwide labor union Significance – Tried to use alternative means (strike, arbitration, boycotts) in order to gain goals

24. 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

25. 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

26. 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