Questions and Answers
How did William Vanderbilt acquire his wealth?
He inherited his father's steamboat company and gained enough money to make a name for himself in the railroad industry.
How did William Vanderbilt treat his workers?
His workers were overworked and underpaid.
How did William Vanderbilt spend his money?
He bought other railroad companies.
How did William Vanderbilt donate his money?
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How did Andrew Carnegie acquire his wealth?
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How did Andrew Carnegie treat his workers?
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How did Andrew Carnegie spend his money?
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How did Andrew Carnegie donate his money?
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How did John D. Rockefeller acquire his wealth?
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How did John D. Rockefeller treat his workers?
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How did John D. Rockefeller spend his money?
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How did John D. Rockefeller donate his money?
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How did JP Morgan acquire his wealth?
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How did JP Morgan treat his workers?
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How did JP Morgan spend his money?
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How did JP Morgan donate his money?
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How did Henry Ford acquire his wealth?
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How did Henry Ford treat his workers?
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How did Henry Ford spend his money?
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How did Henry Ford donate his money?
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What is vertical integration?
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What did Cyrus Field invent and what two countries did it connect?
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Who invented the telephone?
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Where did Thomas Edison open a research lab?
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What are a few of Thomas Edison's inventions?
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Who invented the refrigerated railroad car?
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Who perfected the typewriter?
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Who invented the lightweight Kodak camera?
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Who invented a device that oils machines automatically?
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Who found a way to send telegraphs between moving trains?
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Who invented the machine that could perform almost all of the steps needed to make a shoe?
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Who invented the first flying machine in Kitty Hawk, North Carolina?
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When was the Triangle factory fire?
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When was the Bangladesh factory fire?
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How many workers were left in the building of the Triangle factory fire?
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Study Notes
Wealth Acquisition and Treatment of Workers
- William Vanderbilt inherited a steamboat company and later excelled in the railroad industry.
- Andrew Carnegie made his fortune in the steel industry, facing criticism for underpaying and overworking employees.
- John D. Rockefeller built wealth through oil refining, notorious for exploiting workers in poor conditions.
- JP Morgan profited as an investor and business buyer but did not employ workers directly.
- Henry Ford revolutionized manufacturing with the assembly line and the Model T, initially underpaying workers before raising their wages.
Wealth Utilization
- Vanderbilt spent money purchasing additional railroad companies.
- Carnegie sold his steel business to JP Morgan and reinvested profits.
- Rockefeller expanded his monopoly by acquiring competing oil firms.
- Morgan invested in key projects like Edison’s light bulb and purchased Carnegie Steel.
- Ford invested in farmland and business expansion while also improving worker pay.
Philanthropy
- Vanderbilt contributed $1 million to establish Vanderbilt University in Nashville.
- Carnegie famously donated 90% of his wealth and authored the "Gospel of Wealth."
- Rockefeller gave half a million dollars to charity, emphasizing philanthropy in his later years.
- JP Morgan provided discreet financial assistance to urban poor communities.
- Ford donated a third of his income to philanthropy and raised employee wages.
Important Innovations and Inventions
- Vertical integration merges stages of production within one company, enhancing efficiency.
- Cyrus Field created the Transatlantic cable connecting Ireland to Newfoundland.
- Alexander Graham Bell is credited with inventing the telephone.
- Thomas Edison established his famous research lab in Menlo Park, New Jersey, innovating the light bulb, phonograph, and motion picture projector.
- Gustavus Swift invented the refrigerated railroad car, improving food transportation.
- Christopher Sholes perfected the typewriter, enhancing communication.
- George Eastman introduced the lightweight Kodak camera, revolutionizing photography.
- Elijah McCoy invented an automatic lubricating device for machinery.
- Granville T. Woods developed technology for telegraph communication between moving trains.
- Jan Matzeliger created a machine capable of performing nearly all shoe-making tasks.
- The Wright brothers, Orville and Wilbur, invented the first flying machine in Kitty Hawk, North Carolina.
Significant Events
- The Triangle factory fire occurred in 1911, highlighting workplace safety issues.
- The Bangladesh factory fire took place in 2012, raising ongoing concerns about labor conditions in manufacturing sectors.
Casualties and Work Conditions
- During the Triangle factory fire, approximately 500 workers were trapped inside, emphasizing the dangers of poor safety standards in factories.
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Description
Test your knowledge of William Vanderbilt and the Gilded Age through these flashcards. Learn about how Vanderbilt acquired his wealth, his treatment of workers, and his spending habits. Perfect for anyone studying American history during this transformative era.