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Name: ______________________ Class: _____________ Chapter 3 ‐ The 2nd Industrial Revolution Timeline ‐ 1865 – 1905 Thomas Alva Edison • One of the most successful ________________________________ in United States history • Inventions include the ________________________________, ________________________________, ____________________________________ camera, ____________________________________ George Westinghouse • Developed an ________________________________________ system that helped deliver electricity over long distances • Also designed the compressed _________________________ that increased the safety of trains • Allowed all cars to stop at the same time Telegraph • Developed by ________________________________ • Allowed for communicating ________________________________ with electricity within minutes • Used a dot‐dash code called ________________________________ Alexander Graham Bell • Invented the talking telegraph, or ________________________________ • Quickly became the most favored communication device by business Laissez‐faire • A doctrine opposing __________________________________ in economic affairs beyond the minimum necessary for the maintenance of peace and property rights Free enterprise • Business is left free from __________________________________________________________ • This causes business to prosper • This increases the prosperity of ________________________________ Entrepreneur • Someone who organizes, manages, and _________________________________________ of a business or enterprise Capitalism • Private business runs ________________________________ • ____________________________ determines how much goods cost and what workers are paid Corporation • Business raised money for their company by selling ______________________, which are certificates of ownership • The stock holders would receive a portion of the profits called ______________________ Pacific Railway Act • Gave land to the railroads to develop a railroad line linking ______________________ Transcontinental railroad • The __________________________________________ that connected the east to the west • Was built from the east and west ________________________________ • Connected in Promontory, Utah Cornelius Vanderbilt • Pioneer in the ________________________________________________________________ • Gained control over the New York Central lines and two lines that connected the Central to New York • Extended his railroad system by ________________________________ smaller lines Patent • A guarantee to protect an inventors rights to __________, ___________, or ___________ their invention Bessemer process • New method for ________________________________ that used a blast of air to burn off impurities • Was able to produce as much steel in ______________________ as in a week the old way Andrew Carnegie • Made ______________________ in his first job • Quickly raised through the ranks into management • Entered the steel business • Became one of the ____________________________________________________________ • Later began donating much to charity Vertical integration • Owning companies that helped each other out • Allowed one owner to hold control of production from “________________________________” • Controlled prices at ______________________________________________________________ John D. Rockefeller • Founder of ________________________________ • Grew his business from a small company to one of the largest in the United States Horizontal integration • Buys businesses that are in ________________________________________________ with you • Once you own most of the companies, you can ____________________________ and run everyone else out of business Monopoly • When there is little to no ________________________________ for a company • Holds _________________________________________ over the price and quality of goods Trust • A group of _____________________________________ that turn the control of their stocks to a common board of trustees • Trustees run the trust as a ________________________________________________________ • Limited ________________________________________________________________ and ________________________________________________________________ JP Morgan • An American _______________, _______________, ____________________, and art collector who dominated corporate finance and industrial consolidation • He and his partners had financial investments in many large corporations and were accused by critics of controlling the ________________________________ Labor unions • An organization of _____________________________________ and craft workers in a particular industry • Businesses often tried to ________________________________________ from forming unions Knights of Labor • Founded by ______________________________________________ and led by Uriah Stephens • One of the most successful of the early ______________________________________________ Haymarket Riots • Supporters of an ________________________________ called for a nationwide strike in Chicago • The police intervened in a ________________________________ and opened fire on the protesters • On May 4, 1886, about 3,000 people gathered to protest the shootings – Someone threw a bomb and rioting began – 10 policemen were killed and 170 people were injured The Homestead Strike • Workers were angered by a proposed ________________________________ • When management attempted to replace the striking workers, fighting broke out – The clash lasted 14 hours, resulting in several deaths and injuries George Pullman • Designed and manufactured ________________________________ that made traveling long distances more comfortable • Built sleeping cars, dining cars, and ________________________________________________ The Pullman Strike and Boycott • The Pullman Palace Car Company slashed ________________________________ without lowering prices for customers • American Railway Union (ARU) workers refused to handle Pullman cars • A federal court issued an ________________________________, preventing the workers from continuing their boycott American Federation of Labor • A labor union that organized ________________________________ • Organized independent craft unions to advance the interests of skilled labors • ________________________________ was the first president of the AFL