History Unit 2
Terms in this set (42)
Gross National Product
the market value of all products and services produced in one year by labor & property supplied by the citizens of a country.
abundance of raw materials- one reason for the U.S. economic success.
someone who organizes and operates a business or businesses- takes on greater than normal financial risks in order to do so.
1861, the Morrill Tariff was signed into law by outgoing Democratic President James Buchanan to protect northern infant industries
Alexander Graham Bell
a Scottish-born scientist, inventor, engineer & innovator who is credited with patenting the first practical telephone.
an American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and the long-lasting, practical electric light bulb.
Pacific Railway Act-
a series of acts of Congress that promoted the construction of a "transcontinental railroad"
Federal Land Grant System
a grant of and by the federal government especially for roads, railroads and agricultural colleges.
Railroad entrepreneurs in the late 1800s accused of swindling investors, taxpayers and officials.
Credit Mobilier Scandal-
Scheme by railroad officials to pay high than normal contracts to companies they owned and bribed politicians
Economics of scale
The more products a company makes, the cheaper it is to make each individual piece
investors who own a part of a company
Corporation- Limited liability;
company is owned by stockholders, so profits & liabilities are shared by the shareholders
Controlling all parts of production from raw material to sales
Integration-Complete ownership of one phase of production. The use of horizontal integration in American industry which occurred at the end of the 19th century was primarily designed to combat economic competition (if you gained control of all production in a given industry, you had no competition and could set higher prices
Created in the late 1850s Bessemer process - the new strongest building material.
a combination of firms or corporations formed by a legal agreement, especially to reduce competition.
Standard Oil Co. Inc
was an American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller as a corporation in Ohio, it was the largest oil refiner in the world of its time
privately owned bank responsible for the buying and selling of companies in an effort to increase profit
Gospel of Wealth
Andrew Carnegie's belief that the wealthy have a moral obligation to help society
Ran a steel monopoly - Carnegie Steel - Vertical Monopoly
John D. Rockefeller
Creation of world's first monopoly: Standard Oil - Horizontal Monopoly
Leader in investment banking
Built his wealth in railroads and shipping
Mastered interchangeable parts and the assembly line
The buying and selling of portions of a publicly traded company
total of an industry by one person or company.
a decline in volume of available money or credit that results in lower prices.
an organization of common laborers and craft workers in a particular industry.
settling a dispute by agreeing to a decision of an impartial outsider.
an agreement that a company agrees to only hire union members.
Efforts to break unions
Blacklisting, strikebreakers, lockouts
Basic force shaping capitalist society was the class struggle between workers and owners (Karl Marx)
The Great Railroad Strike
80,000 workers went on strike and affected 2/3 of the nations railways.
The Knights of Labor
it opposed strikes in favor of boycotts and arbitration in which it help workers and companies reach an agreement.
The Haymarket Riot
involved a riot between striking workers and police in Chicago. Public favor against unions
was an industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security agents on July 6, 1892. Workers wounded and killed & public opinion supports steel workers
was a railroad workers strike that ended in rioting and violence. At the height of the rioting in Chicago, national guard soldiers fired on the strikers.
American Federation of Labor
Dominant labor organizations of the late 1800's. It focused on promoting interest of skilled workers.
Henry Clay Frick
anti Union business partner of Andrew Carnegie. He proposed cutting wages by 20 percent. That led to a labor dispute to bloodshed @ Homestead Strike
Founded the American Federation of Labor
a court order whereby one is required to do or refrain from doing a specific act.
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