Key terms, people, and events from Chapter 24 of the 13th edition of the American Pageant.
7964922112 | pools | An agreement to divide the business in a given area and share the profits | 0 | |
7964922113 | Robber Baron | Belief that rich tycoons made their money at the expense of the well-being of the public | 1 | |
7964922114 | stock watering | Practice of grossly over inflating the value of stock; mostly used in the RR industry | 2 | |
7964922115 | Wabash Case | Decision that individual states do not have the right to regulate Interstate commerce | 3 | |
7964922116 | Interstate Commerce Commission | Attempted to regulate the railroads. It had only mild success but served as the first time Washington tried to regulate business for the good of society | 4 | |
7964922117 | vertical integration | Controlling every aspect of production from beginning to end | 5 | |
7964922118 | horizontal integration | Allying with competitors to monopolize a given market | 6 | |
7964922119 | trust | Stockholders in various smaller oil companies sold their stock and authority to the board of directors of a larger company (Think Standard Oil) | 7 | |
7964922121 | Survival of the Fittest | Belief that companies can and should use any tactics necessary to succeed. | 8 | |
7964922122 | Sherman Antitrust Act | Established to help restrict monopolies, not really effective at first, used against unions | 9 | |
7964922123 | Knights of Labor | Established in the 1880s, major union of the decade, made up of unions of many industries and accepted unskilled workers | 10 | |
7964922124 | American Federation of Labor | National labor union formed by Samuel Gompers in 1886, made up of skilled workers | 11 | |
7964922125 | Haymarket Square Bombing | Demonstration by union workers where a bomb went off killing or injuries dozens. This event hurt the labor movement and the Knights of Labor | 12 | |
7965030954 | government subsidies | Subsidies are monies given by the government to businesses. The purpose is for the government to encourage those businesses since they would benefit the entire nation. | 13 | |
7965057173 | transcontinental railroad | This was a railroad across the continent. The Union Pacific (from Omaha, NE) and Central Pacific (from Sacramento, CA) linked together at Promontory Point, Utah in May 1869 | 14 | |
7965090672 | yellow dog contracts | Agreements that employers forced workers to sign where workers pledged not join a union. | 15 | |
7965109488 | blacklists | Names that employers kept of union agitators and "trouble makers." This scared workers into inaction since once they were on the list, no company would hire them again. | 16 |