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American Pageant Chapter 24
Key terms, people, and events from Chapter 24 of the 13th edition of the American Pageant.
Terms in this set (15)
Already a millionaire by age 60, he turned his fortune to railroads and popularized the steel rail.
Belief that rich tycoons made their money at the expense of the well-being of the public
Practice of grossly over inflating the value of stock; mostly used in the RR industry
Decision that individual states do not have the right to regulate Interstate commerce
Interstate Commerce Commission
Prohibited the use of rebates in the RR industry and outlawed pools; not very effective
Controlling every aspect of production from beginning to end
Allying with competitors to monopolize a given market
Stockholders in various smaller oil companies sold their stock and authority to the board of directors of a larger company (Think Standard Oil)
Made his millions in steel located in Pittsburgh
Survival of the Fittest
Belief that companies can and should use any tactics necessary to succeed.
Sherman Antitrust Act
Established to help restrict monopolies, not really effective at first, used against unions
Knights of Labor
Established in the 1880s, major union of the decade, made up of unions of many industries and accepted unskilled workers
National labor union formed by Samuel Gompers in 1886, made up of skilled workers
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
Very powerful union leader that focused issues more on higher wages and shorter hours.
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