Industry, BB, Immigration Module 1
Terms in this set (27)
phrase coined by Mark Twain, describes time period between 1865-1900, extravagant wealth (top 5% held 86% of the nations wealth) terrible poverty existed underneath the surface.
Complete control of a product or business by one person or group
A group of corporations run by a single board of directors
Sherman Anti-Trust Act
an 1890 law that banned the formation of trusts and monopolies in the United States
Method whereby representatives of the union and employer determine wages, hours, and other conditions of employment through direct negotiation.
Charitable donation to public causes
The process of running other businesses out of business so that one's own business can prosper; includes Rockefeller and Morgan
Captains of Industry
A name given company owners such as Carnegie and Rockefeller by people who believed they steered the economy into prosperity.
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"
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
Gospel of Wealth
Essay written by
in which he described the responsibility of philanthropy by the new upper class of self-made rich.
Popular novelist during the Industrial Revolution who wrote "rags to riches" books praising the values of hard work
Creator of the Standard Oil Company who made a fortune on it and joined with competing companies in trust agreements that in other words made an amazing monopoly.
United States newspaper publisher (born in Hungary) who established the Pulitzer prizes (1847-1911). ( also see Yellow journalism)
something that makes you want to leave your home country ex.- war, poverty
A factor that draws or attracts people to another location
The second major wave of immigration to the U.S.; betwen 1865-1910, 25 million new immigrants arrived. Unlike earlier immigration, which had come primarily from Western and Northern Europe, the New Immigrants came mostly from Southern and Eastern Europe, fleeing persecution and poverty. Language barriers and cultural differences produced mistrust by Americans.
An anti-foreign feeling that arose in the 1840's and 1850's in response to the influx of Irish and German Catholics.
Secret Nativist political party that opposed Immigration during the 1840's and early 1850's. Officially called the American Party
People who came from Northern and Western Europe before 1890 to settle in North America
Wabash v. Illinois
1886 - Stated that individual states could control trade in their states, but could not regulate railroads coming through them. Congress had exclusive jurisdiction over interstate commerce.
Interstate Commerce Act
Established the ICC (Interstate Commerce Commission) - monitors the business operation of carriers transporting goods and people between states - created to regulate railroad prices
Sherman Antitrust Act
First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions
Granger Laws (1870s)
)- state laws passed at the behest ofthe Grange to regulate railroads, elevators, stockyards, and warehouses; originally upheld by the Supreme Court (Munn v. Illinois 1877) then overturned (Wabash case 1886)
Northern Securities Case
Roosevelt's legal attack on the Northern Securities Company, which was a railroad holding company owned by James Hill and J.P. Morgan. In the end, the company was "trust-busted" and paved the way for future trust-busts of bad trusts.
idea that government should stay out of business and economic affairs as much as possible
The belief that only the fittest survive in human political and economic struggle.
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