AP United States History

AP World History Flash cards (39) Cornelius Vanderbilt Financier who accumulated great wealth from railroad and shipping businesses, he concentrated railroads and popularized the use of steel in railroads Jay Gould

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Financier who gained control of the Erie Canal and who caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892)
air brake
helped train cars stop at the same time, making them more safe. Created by George Westinghouse
sleeping car
a passenger car that has berths for sleeping, created by George Pullman
Bessemer process
an industrial process for making steel using a Bessemer converter to blast air through molten iron and thus burning the excess carbon and impurities learn more, the first successful method of making steel in quantity at low cost
Minnesota Iron range
Edwin Drake
1859-drilled first oil well in the US, in PA
Developed in the 1880s, a practice by which railroads would give money back to its favored customers, rather than charging them lower prices, so that it could appear to be charging a flat rate for everyone.
Long haul/short haul inequity
big businesses wanted to transport over long distances --> competition for cheaper transport, so railroad companies made long haul trips cheaper and short haul trips more expensive, because there was no competition
Alexander Graham Bell
the inventor of the telephone
JP Morgan's process of lending money to struggling railroad companies (due to the high competition) and then slowly taking them over. His reputation as a banker and financier also helped bring interest from investors to the businesses he took over
a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service
General Electric
in fear of technological competition, they created one of the first corporate laboratories in 1900, increasing corporate research and development labs, but causing a decline in government support in research. This attracted more skillful researchers and decentralized the sources of research funding.
Progress and Poverty
Written by Henry George, critical of entrepreneurs, after studying poverty in America, determined that rich didn't pay fair share of taxes and proposed "Single Tax" on incremental value of land
Wealth Against Commonwealth
1894- Henry Demarest Lloyd wrote this book advocating free trade

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