Upgrade to remove ads
Only $2.99/month

APUSH Chapter 18

Terms in this set (15)

Haymarket Riot
On May 4, 1886, a demonstration in Chicago's Haymarket Square to protest the slayings of two workers during a strike turned into a violent riot after a bomb explosion killed seven policemen. Although the bomb thrower was never found, the incident was blamed on labor "radicalism" and resulted in public condemnation to the demise of the Knights of Labor
Homestead Strike
In July 1892, wage cutting at Andrew Carnegie's Homestead Steel Plant in Pittsburgh provoked a violent strike in which three company-hired detectives and ten workers died. Using ruthless force and strikebreakers, company officials effectively broke the strike and destroyed the union
vertical integration
A form of business organization in which a single firm owns and controls the entire process of production, from the procurement of raw materials to the manufacture and sale of the finished product. In the 1880's and 1890's, many important companies, including Carnegie Steel and Standard Oil, were vertically integrated
Chinese Exclusion Act
Legislation passed in 1882 that excluded Chinese immigrant workers for ten years and denied US citizenship to Chinese nationals living in the United States. It was the first US exclusionary law that was aimed at a specific racial group
Knights of Labor
Also known as the Noble and Holy Order of the Knights of Labor. Founded in 1869, this labor organization pursued broad-gauged reforms as much as practical issues like wages and hours. Unlike the American Federation of Labor, the Knights of Labor welcomed all laborers regardless of race gender or skill
American Federation of Labor
Founded by Samuel Gompers in 1886, the AFL was a loose alliance of national craft unions that organized skilled workers by craft and worked for specific practical objectives such as higher wages, shorter hours, and better working conditions. The AFL avoided politics, and while it did not expressively forbid black and women workers from joining, it used exclusionary practices to keep them out
Andrew Carnegie
United States industrialist and philanthropist who endowed education and public libraries and research trusts (1835-1919), Creates Carnegie Steel. Gets bought out by banker JP Morgan and renamed U.S. Steel. Andrew Carnegie used vertical integration by buying all the steps needed for production. Was a philanthropist. Was one of the "Robber barons"
Thomas Edison
American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures.
laissez faire capitalism
An economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference
Robber Barons
Refers to the industrialists or big business owners who gained huge profits by paying their employees extremely low wages. They also drove their competitors out of business by selling their products cheaper than it cost to produce it. Then when they controlled the market, they hiked prices high above original price.
Cornelius Vanderbilt
A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical., made millions from steamboat business, and used the money to merge local railroads to the New York Central Railroad.
J.P. Morgan
Banker who buys out Carnegie Steel and renames it to U.S. Steel. Was a philanthropist in a way; he gave all the money needed for WWI and was payed back. Was one of the "Robber barons", Business man -refinanced railroads during depression of 1893 - built intersystem alliance by buying stock in competeing railroads - marketed US governemnt securities on large scale
John Rockefeller
an American industrialist and philanthropist. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. He kept his stock and as gasoline grew in importance, his wealth soared and he became the world's richest man and first U.S. dollar billionaire, and is often regarded as the richest person in history
Monopoly
(economics) a market in which there are many buyers but only one seller
trust
a business management device designed to centralize and make more efficient the management of diverse and far flung business operations. it allowed stockholders to exchange their stock certificates for trust certificates, on which dividends were paid. John D. Rockerfeller organized the first major trust, the Standard Oil Trust, in 1882
THIS SET IS OFTEN IN FOLDERS WITH...