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Chapter 24 Industry Comes of Age Flashcards

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1742844471Interstate Commerce Act1887 Congressional legislation that established the Interstate Commerce Commission, compelled railroads to publish standard rates, and prohibited rebates and pools0
1742844472vertical integrationthe practice perfected by Andrew Carnegie of controlling every step of the industrial production process in order to increase efficiency and limit competition1
1742844473horizontal integrationthe practice perfected by John D. Rockefeller of dominating a particular phase of the production process in order to monopolize a market, often by forming trusts and alliances with other competitors2
1742844474trusta mechanism by which one company grants control over its operations, through ownership of its stock, to another company. The Standard Oil Company became known for this practice in the 1870s as it eliminated its competition by taking control of smaller companies3
1742844475interlocking directoratesthe practice of having executives or directors from one company serve on the Board of Directors of another company. J. P. Morgan introduced this practice to eliminate banking competition in the 1890s4
1742844476Standard Oil Company1870-1911 John D. Rockefeller's company formed in 1870, which came to symbolize the trusts and monopolies of the Gilded Age5
1742844477Social Darwinistsbelievers in the idea, popular in the late nineteenth century, that people gained wealth by "survival of the fittest" Therefore the wealthy had simply won a natural competition and owed nothing to the poor and indeed service to the poor would interfere with this organic process6
1742844478Sherman Anti-Trust Act1890 a law that forbade trusts or combinations in business, this was landmark legislation because it was one of the first Congressional attempts to regulate big business for the public good7
1742844479National Labor Union1866-1872 this first national labor organization in U.S. history was founded in 1866 and gained 600,000 members from many parts of the workforce, although it limited the participation of Chinese, women, and blacks. The organization devoted much of its energy to fighting for an eight-hour workday before it dissolved in 18728
1742844480Knights of LaborThe second national labor organization, organized in 1869 as a secret society and opened for public membership in 1881. They were known for their efforts to organize all workers, regardless of skill level, gender, or race9
1742844481Haymarket Square1886 A May Day rally that turned violent when someone threw a bomb into the middle of the meeting, killing several dozen people. Eight anarchists were arrested for conspiracy contributing to the disorder although the evidence linking them to the bombing was thin. Four were executed, one committed suicide, and three were pardoned in 189310
1742844482American Federation of Labora national federation of trade unions that included only skilled workers, founded in 1886. Led by Samuel Gompers for nearly four decades, they sought to negotiate with employers for a better kind of capitalism that rewarded workers fairly with better wages, hours, and conditions11
1742844483closed shopa union-organizing term that refers to the practice of allowing only unionized employees to work for a particular company the AFL became known for negotiating these agreements with employers, in which the employer would agree not to hire non union workers12
1742844484Cornelius Vanderbiltmade millions in steamboating, then turned to railroads where he made a fortune of $100 million by offering superior railway service at lower rates, founded Vanderbilt University in Tennessee, first ot unite western railroad with the east13
1742844485Wabash, St. Louis and Pacific Railroad Company vs. Illinois1886 a Supreme Court decision that prohibited states from regulating the railroads because the Constitution grants Congress the power to regulate interstate commerce. As a result, reformers turned their attention to the federal government, which now held sole power to regulate the railroad industry14
1742844486Alexander Graham Bellinvented the telephone15
1742844487Thomas Alva Edisoninvented the phonograph, mimeograph, he dictaphone, and the moving picture, he is best known for his perfection of the electric lightbulb16
1742844488Andrew Carnegieperfected the Bessemer/Kelly Process, used vertical consolidation, Steel, wrote the Gospel of Wealth17
1742844489John D. RockefellerStandard Oil, used horizontal consolidation, perfected the idea of the Trust or large scale business consolidation18
1742844490Samuel Gompershead of the American Federation of Labor19
1742844491Terrence Powderlyhead of the Knights of Labor20
1742844492Eugene Debshead of the American Railway Union21
1742844493Horatio Algerwrote over 100 'rags to riches' stories22
1742844494Gilded Agemarks the growing entanglement between business and industry23
1742844495Transcontinental RailroadUnion Pacific- Omaha, Nebraska to west Central Pacific- Sacramento, California to east24
1742844496Leland Standfordput the last spike in the ground for the Transcontinental Railroad25
1742844497Great Northern Railroadrailroad that stretched from Minnesota to Washington built by James J. Hill26
1742844498J. P. Morganknown for banking, interlocking directorates, consolidated companies27
1742844499stock wateringinflating the cost of stock28
1742844500poolsbusiness owners secretly set prices29
1742844501reasons the Industrial Revolution happened then1. Availability of liquid money 2. Abundance of natural resources 3. Massive Immigration 4. Ingenuity (Bell, Edison, etc.)30
1742844502populus movementcame about by the farmers in the late 1800s to try to make changes in the government31
1742844503capitalisma lot of competition is wanted for prices to stay low32
1742844504textile industrymost of the industrialization in the south, used the cheap labor33
1742844505Gospel of Wealthwritten by Carnegie, the thesis that hard work and perseverance lead to wealth, implying that poverty is a character flaw people have the right to make as much money as they want must give a sizable potion away in philanthropic ways34
1742844506William Sumner and Herbert Spencercame up with the idea of Social Darwinism35
1742844507Great Railroad Strike1877 used scab laborers, Hayes sent troops36
1742844508Homestead Strike1892 Carnegie Steel Mill (Pittsburg) ended union organizing in the mills for 40 years37
1742844509Pullman Strike1894 first use of an injunction to stop a strike, Eugene Debs goes to jail38

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