Second Industrial Revolution and Key Figures

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Second Industrial Revolution

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A time in the late 1800s when new inventions, machines, and industries changed how people worked and lived.

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Bessemer Process

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A new, faster way to make steel that made it cheaper and stronger — used to build railroads, bridges, and skyscrapers.

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Patent

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A government paper that gives someone the right to be the only person to make or sell their invention.

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Moving Assembly Line / Mass Production

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A factory system where each worker does one part of the job as products move along a line — helps make goods faster and cheaper.

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Corporation

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A large business owned by many people (stockholders). They share profits but don’t run the company.

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Vertical Integration

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When a company owns all the steps to make a product (like owning the mine, factory, and railroad).

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Horizontal Integration

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When a company buys out all other companies that do the same thing (like owning all oil refineries).

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Trust / Monopoly

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When one company or group controls all or most of a product or service — little or no competition.

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Social Darwinism

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The idea that the strongest businesses survive and the weak ones fail — like “survival of the fittest.”

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Sherman Antitrust Act

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A law that tried to stop monopolies and unfair business practices.