Who was Cornelius Vanderbilt?
A railroad tycoon who merged local lines into the New York Central Railroad, dominating the industry.
Who were Henry Bessemer and William Kelly?
Inventors who independently discovered a process for producing high-quality steel by blasting air through molten iron.
Who was Andrew Carnegie?
A steel magnate who built the J. Edgar Thomson Steel Works and later sold his company to J.P. Morgan to form US Steel.
Who was John D. Rockefeller?
The founder of Standard Oil, who dominated the oil industry through aggressive business practices and consolidation.
Who was J.P. Morgan?
A powerful banker who consolidated bankrupt railroads and bought Carnegie's steel company to form US Steel.
What was the significance of railroad expansion after the Civil War?
It created a national market, spurred technological advancements, and fostered economic specialization.
What was the Financial Panic of 1893?
A severe economic depression triggered by railroad overbuilding and speculation, leading to widespread bankruptcies and consolidation.
What was the impact of Bessemer process?
Enabled the mass production of high-quality steel, revolutionizing industries such as railroads and construction.
What was the impact of the creation of Standard Oil?
Standard Oil controlled 90% of the country's oil-refining capacity.
Define National Market.
A nationwide system of trade and commerce facilitated by railroads, enabling mass production and consumption.
What is vertical integration?
Controlling all steps of production from raw materials to finished product.
What is horizontal integration?
Controlling all of one step in the production process.
Define rebates in the context of railroads.
Secret discounts given by railroads to favored large shippers, disadvantaging smaller businesses and farmers.
Define kickbacks in the context of railroads.
Illegal payments made by railroads to certain individuals or companies in exchange for business.
What is overbuilding in the context of railroads?
Excessive construction of railroad lines beyond what the market could support, leading to financial instability.
Define speculation in the context of railroads.
Buying and selling railroad stocks or land with the expectation of making quick profits, often at high risk.
What is a trust?
A business arrangement where stockholders in several rival companies transferred their shares to a single board of trustees.
Define consolidation in the context of railroads.
The merging of smaller, bankrupt railroad companies into larger, more stable entities, often controlled by bankers.
What is a government subsidy?
Financial assistance given by the government to support industries, such as loans and land grants to railroads.
