Industrial Age

Begins drilling oil wells using a steam engine.

Perfects the telegraph using electrical impulses:

People could sell goods anywhere in the country.

One business having complete control of an industry:

View of industrialists that they revolutionized American industry:

Comes up with the idea for alternating current:

License issued to an inventor giving them exclusive rights to make, use, or sell an invention.

Gains control of all aspects of producing a product:

People should be free to make as much money as they can but should give back to the community.

Market structure dominated by a few firms:

Giant in the Steel Industry, came up with the idea of the Gospel of Wealth.

View of business leaders as taking advantage of the poor:

Outlaws any combination of companies that restrains interstate trade:

The gov't shouldn't interfere with competition of business (the strongest businesses survive).

Invents the telephone:

Buys out competitors to create one giant company:

Connected the East and West coasts:

Driven in to complete the Transcontinental Railroad

Invents the light bulb and idea of power stations:

Founder of Standard Oil Company:

Created much easier process for removing impurities from iron to create steel:

Giving control of a business to individuals who share in the profit.