Questions and Answers
Who built a factory for manufacturing sleepers and other railroad cars?
What significant achievement was completed in 1869 at Promontory, Utah?
Transcontinental Railroad
Who was the railroad owner that built a railway connecting Chicago and New York?
Cornelius Vanderbilt
Credit Mobilier was involved in the legitimate management of railroad funds.
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What was the significance of the 1877 Supreme Court case Munn v. Illinois?
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What law was passed in 1887 to regulate railroad and other interstate businesses?
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What does the term Laissez-faire refer to in economics?
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Define Social Darwinism.
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What is Vertical Integration?
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Who was J.P. Morgan?
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What is Horizontal Integration?
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Who established the Standard Oil Company?
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What was the Sherman Antitrust Act?
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Study Notes
George M. Pullman
- Founded a factory in Illinois for the production of sleepers and other railroad cars.
Transcontinental Railroad
- Completed in 1869 at Promontory, Utah.
- Linked the eastern railroad network with California, transforming transportation in the West.
Cornelius Vanderbilt
- Established a railway connecting Chicago and New York.
- Advocated for the use of steel rails, enhancing safety and cost-effectiveness in railroads.
Credit Mobilier
- Company implicated in embezzling railroad funds, highlighting corruption in the industry.
Munn v. Illinois
- A pivotal 1877 Supreme Court ruling that enabled states to regulate businesses within their territory, impacting railroad operations.
Interstate Commerce Act
- Enacted in 1887 to regulate railroad and interstate business practices, aiming to reduce unfair rates.
Laissez-faire
- Economic philosophy arguing for minimal governmental intervention in business affairs, emphasizing free market principles.
Social Darwinism
- Ideology suggesting that in human and economic competition, only the strongest and most capable will succeed.
Vertical Integration
- A business model where a single company manages every stage of production, from raw materials to distribution channels.
J.P. Morgan
- Influential banker who acquired Carnegie's assets, forming U.S. Steel, the first corporation valued at $1 billion.
Horizontal Integration
- A strategy for forming monopolies by purchasing competing companies in the same industry, as exemplified by Rockefeller.
John D. Rockefeller
- Founded the Standard Oil Company, noted for being the most significant and monopolistic corporation in history.
Sherman Antitrust Act
- Legislation passed in 1890 prohibiting any trust that restricted interstate trade, aimed at curbing monopolistic practices.
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Description
Test your knowledge on George M. Pullman and key historical terms related to the railroad industry. This set of flashcards includes definitions and significant figures in the development of the American railroad system. Challenge yourself to recall these important concepts in transportation history.
