Topics: Andrew Carnegie, History of the United States, Standard Oil Pages: 1 (589 words) Published: October 30, 2014

1. Federal land grants- Recognizing that western railroads would lead the way to settlement, the federal government provided railroad companies with huge subsidies in the form of loans and land grants. The government expected that the railroad would make every effort to sell the land to new settlers to finance construction.  2. Transcontinental railroad-During the Civil War, Congress authorized land grants and loans for the building of the first transcontinental railroad totie California to the rest of the Union 3. Panic of 1893- A financial panic in 1893 forced a quarter of all railroads into bankruptcy.  4. 2nd Industrial Revolution -  After the Civil War, in what some scholars have termed a "second Industrial Revolution," the growth was in heavy industry and the production of steel, petroleum, electric power, and the industrial machinery to produce other goods 5. Bessemer Process- The technological breakthrough that launched the rise of heavy industry was the discovery of a new process for making large quantities of steel 6. Andrew Carnegie- Leadership of the fast-growing steel industry passed to a shrewd business genius, Andrew Carnegie, who in the 1850s had worked his way up from being a poor Scottish immigrant to becoming the superintendent of a Pennsylvania railroad 7. Vertical Integration- which a company would control every stageof the industrial process, from mining the raw materials to transporting the finished product 8. Horizontal Integration-in which former competitors were brought under a single corporate umbrella 9. U.S. Steel- Carnegie sold his company in 1900 for over $400 million to a new steel combination headed by J. P. Morgan. The new corporation, United States Steel, was the first billion-dollar company and also the largest enterprise in the world 10. John D. Rockefeller- founded a company that would come to control most of the nation's oil refineries by eliminating its competition. 11. Standard Oil Trust- Rockefeller took charge of the...
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