Unit 4 - The Age of Industry
Terms in this set (20)
Economic philosophy described by
in Wealth of Nations; based on the principle that business and the economy would run best with no interference from the government.
Financier whose family dominated the railroad industry.
Scottish-American industrialist who dominated the U.S. steel industry; pioneered the use of
; retired after selling his corporation to J.P. Morgan.
Practice in which a single manufacturer controls all of the steps used to change raw materials into finished products.
John D. Rockefeller
Standard Oil Company
controlled 90 percent of U.S. refineries and pipelines; criticized for his use of predatory pricing and collusion with railroads in order to gain a
in the industry; led to the passage of anti-trust laws in the U.S.
A corporate expansion strategy in which companies acquire their competitors.
Investment banker who eliminated business rivals by driving down prices; founded
- the nation's first billion dollar corporation.
The application of Charles Darwin's theory of evolution to the business world; used by industrialists and social conservatives to discourage any government regulation in society.
Herbert Spencer, William Graham Sumner
19th-century American author, best known for his many formulaic juvenile novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security and comfort through hard work, determination, courage, and honesty.
Gospel of Wealth
Essay written by
in which he described the responsibility of philanthropy by the new upper class of self-made rich.
National Labor Union
The first large-scale U.S. union; founded to organize skilled and unskilled laborers, farmers, and factory workers.
A place of employment at which one is not required to join or financially support a union as a condition of hiring or continued employment.
A form of union security agreement under which the employer agrees to only hire union members, and employees must remain members of the union at all times in order to remain employed.
Knights of Labor
The largest and one of the most important American labor organizations of the 1880s; promoted the social and cultural uplift of the workingman, rejected socialism and radicalism, demanded the eight-hour day, and promoted the producers ethic of republicanism.
Railroad Strike of 1877
First major post-Civil War strike; employees of the Baltimore and Ohio struck when the company lowered their wages; turned violent; President Hayes called out the U.S. army to suppress the strike.
Indicative of the labor unrest following the war.
Haymarket Square Riot (1886)
Chicago labor protest organized to protest the treatment of workers at the McCormick Harvester Company as well as methods used by police in dealing with protestors; ended abruptly when an unknown assailant threw a bomb that killed 7 police officers; 8 anarchists were convicted of conspiracy.
The public blamed trade unions for the violence.
Homestead Strike (1892)
One of the largest disputes in U.S. labor history; involved workers at the Carnegie Steel Company and ...
Pullman Strike (1894)
Railroad strike that started when the Pullman Palace Car Company cut wages while maintaining high rents; led by Eugene V. Debs; ended when President Grover Cleveland called in federal troops.
Eugene V. Debs
American union leader, one of the founding members of the International Labor Union and the
Industrial Workers of the World
(IWW), and several times the candidate of the Socialist Party of America for President of the United States.
American Federation of Labor
Alliance of skilled workers in craft unions; focus was bread-and butter issues such as higher wages, shorter hours, and better working conditions.