Economic and Electric Power

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OIL (Cont) 

Rockefeller's board of directors often managed smaller companies, an arrangement known as an INTERLOCKING DIRECTORATE. By 1892, Rockefeller was worth over $800 million. His Standard Oil Co. had become a MONOPOLY, which many people hated and feared. As Rockefeller gained control of more oil refineries, fewer companies could compete. This control of all lower parts of the production process is called HORIZONTAL INTEGRATION.

ELECTRIC POWER: Batteries had been in use since 1800, but several inventors had been working on more powerful machines like generators and dynamos. THOMAS ALVA EDISON set up his lab in Menlo Park, NJ where he created and improved existing devices. The telegraph, incandescent bulb, electric motor, and generator are a few of his over 1000 patents. He developed the phonograph in 1877 and perfected the indoor light bulb in 1879. His company would eventually become GENERAL ELECTRIC Co. GEORGE WESTINGHOUSE built on Edison's design for a power plant, coming up with AC or alternating current. This energy supply could be transported over long distances. He controlled the WESTINGHOUSE ELECTRIC CORP., which helped spread the use of electric power over the whole US by the end of the century.