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The rise of big businesses
Terms in this set (24)
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.
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.
most unethical of the Robber Barons, he was involved with Tammany Hall and Boss Tweed early in his career. After damaging his reputation in a gold speculation that instigated the panic of Black Friday in 1869, he went on to gain control of western railroads and by 1882 had controlling interest in 15% of the country's tracks. Although mistrusted by many of his contemporaries, he was recognized as a skilled businessman
the return of a portion of the money received in a sale or contract, often secretly or illegally, in exchange for favors
agreements to divide the business in a given area and share the profits
Munn v. Illinois decision
(1877) United States Supreme Court Case that ended up allowing states to regulate business within their borders, including railroads
steel king; integrated every phase of his steel-making operation. Ships, railroads, etc. pioneered "Vertical Integration" ; his goal was to improve efficiency by making supplies more reliable controlling the quality of the product at all stages of production and eliminating the middle man & hated monopolistic trusts. entered the steel business in the Pittsburgh area and created an organization with about 40 Pittsburg millionaires. He produced one-fourth of the nation's Bessemer steel in 1990
Practice where a single entity controls the entire process of a product, from the raw materials to distribution & combined all phases of manufacturing into one organization
A technique used by John D. Rockefeller. Horizontal integration is an act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth.
John D Rockefeller
John D. Rockefeller
formed Standard Oil Trust and controlled ninety-five percent of the all the oil refineries in the nation & Was an American industrialist and philanthropist. Revolutionized the petroleum industry and defined the structure of modern philanthropy & It achieved important economies both home and abroad by it's large scale methods of production and distribution. He also organized the trust and started the Horizontal Merger.
Interstate Commerce Act
prohibited rebates and pools, required the railroads to publish their rates openly, forbade unfair discrimination against shippers, and outlawed charging more for a short trip than for a long one over the same line
Sherman Antitrust Act
The first law to limit monopolies in the United States. This wanted to create a fairer competition in the workforce and to limit any take-over's of departments of merchandise.
Founded the American Federation of labor and
is responsible for the formation of one of the first labor unions. The American Federation of Labor worked on getting people better hours and better wages. The formation of this triggered the formation of various others that would come later.
Knights of labor
the first nationwide labor organization founded in 1869 to protect the rights of workers & 1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed
Yellow Dog Contracts
A written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.
Private US guard and detective agency, founded by Allan Pinkerton. Private military. At one point, larger than the US army.
incident in which a bomb exploded during a lobor protest in Haymarket square in chicago, killing several police officers. Resulted in the end of the Knights of labor & 1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed & The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.
Great Railroad Strike
A group of railroad workers on the Baltimore and Ohio Railroad rose up and began to strike due to wage cuts. This spread up and down the railroad line across the nation. Railroad roadhouse were torched. President Rutherford B. Hayes sent in troops to stop the strike. 100 people died in the strike
1892 steelworker strike near Pittsburgh against the Carnegie Steel Company. Ten workers were killed in a riot when "scab" labor was brought in to force an end to the strike.
National conflict between labor unions and the railroads. Brought on by a decrease in wages.
the doctrine that states that gov generally should not intervene in the mkartet place and should play as small a role as possible in the economy
The application of ideas about evolution and "survival of the fittest" to human societies - particularly as a justification for their imperialist expansion.and Used to justify restraining immigration
Gospel of Wealth
Written by Carnegie; the belief that those entrusted with society's riches had to prove themselves morally & book by Andrew Carnegie that argued that the wealthy have an obligation to give something back to society
financed the reorganization of railroads, insurance companies, and banks & He bought out Carnegie and in 1901 he started the United States Steel Corporation & the world's first billion dollar corporation.
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