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.
What were the causes and effects of railroad expansion?
Causes: Government subsidies, demand for efficient transportation. Effects: National market, economic specialization, financial panics.
What were the causes and effects of the Bessemer process?
Cause: The need for stronger and cheaper steel. Effects: Mass production of steel, growth of industries, construction of skyscrapers and bridges.
What were the causes and effects of John D. Rockefeller's business practices?
Causes: Desire for efficiency and control in the oil industry. Effects: Domination of the oil market, creation of Standard Oil trust, debates about monopolies.
What were the causes and effects of railroad mismanagement and fraud?
Causes: Greed, lack of regulation. Effects: Financial instability, public distrust, calls for government regulation.
What were the causes and effects of rebates and kickbacks by railroads?
Causes: Competition among railroads, desire to secure large shippers. Effects: Disadvantage to small businesses and farmers, public outrage, calls for regulation.
