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Unit 6- Big Business Notes

Terms in this set (38)

What was a characteristic of the Early 1900s?
Big business develops. Corporations begin. Mass Market selling.
What is mass market selling?
Advertising, product manipulation, catalogs.
What does limited liability lead to?
Public investment. Stocks and Bonds
Who created standard oil?
John D. Rockefeller
What were the advantages of Big Business?
1. Greater efficiency- more products 2. Savings in cost by great production. 3. manager system (delegation of power). 4. Production studies.
Who suggested that mass production system is created by an assembly line- Specification of job.
Frederick Taylor
What were three Disadvantages of Big Business
1. Unfair competition practices 2. Corruption and Bribery. 3. Destroyed labor union movements.
What is Social Darwinism?
Survival of the fittest applies to businesses. The best businesses will survive.
What was the Gospel of Wealth?
Explained why philanthropy was important for the rich.
Who wrote the Gospel of Wealth?
Andrew Carnegie
Who wrote the dime novels about the American Dream?
Horatio Alger- wrote stories about the rags to riches. Tries to encourage immigration by sharing his story.
What is a monopoly?
It is when a business controls all or most of the supply of a product/
What is a trust?
when several businesses act as one under the control of a board of directors
What is a merger?
When two or more businesses join to become one larger business.
What is a holding company?
Business which exists in order to control other businesses as a parent company.
What is horizontal integration?
type of monopoly formed by controlling all of the same type of business. Standard Oil.
What is vertical integration?
Monopoly formed by controlling all businesses related to the primary business. Meat Packing company
What was the Sherman Anti-Trust Act of 1890?
Illegal for a trust to interfere with free trade. It is a weak law but set a precedent for future regulation.
How much did urban labor increase?
400% by 1890. Most unskilled labor. Assembly line work.
What day did worker have off?
Sunday for church.
What were some of the dangerous conditions in factories?
No ventilation, no air/ heat. 675 killed per year.
What were company towns?
Businesses built in the center of town and the houses surrounded it with grocery stores and other businesses surrounding it. No reason not to come to work.
What did labor unions do to enact change?
They did strikes. Collective bargaining. Arbitration.
How did owners combat labor unions?
blacklists- people that rose up were added and it was sent to all factories. Lockouts. scabs- replacement workers. Injunctions- court orders to stop the action.
Who created the Knights of Labor?
Terence Powderly
What was the weakness of the Knights of Labor?
Any kind of worker was accepted. Unskilled workers lacked leverage with companies and employers.
Haymarket Square
Chicago strike in 1866. Strike over police brutality. A bomb thrown- kills 7 police and 3 workers.
What was the result of Haymarket Square?
Union activity was blamed for the violence- several union leaders convicted and executed. Led to a decrease in labor unions. People did not want to be associated with this.
Who founded the American Federation of Labor?
Samuel Gompers
How was the American Federation of Labor different than the Knights of Labor?
The AFL only allowed skilled workers o join. First effective labor union and strikes.
Who created the first major labor union?
Eugene V. Debbs. Created Industrial unions. United railroad workers. Union combining all workers of an industry.
What was the Pullman Coach Strike of 1894?
Government steps into a rally and Debbs is jailed. Debbs leaves prision as a socialist. This is the first socialist candidate to ever run for president.
What did Mary Harris Mother Jones advocate for?
Advocated against child labor.
What was the Triangle Shirtwaist Fire?
146 women were killed in a fire because the doors were locked.
What does the Triangle Shirtwaist fire lead to?
Government regulations on working conditions and child labor.
What was the homestead strike?
Violent strike between worker and owner. Damaged Carnegie.
Who did the Ludlow strike hurt?
John D. Rockefeller
What was the Railroad Strike of 1877?
Aka Great Strike. 1887. Baltimore and Ohio railroad workers protest wages, strikes spread to others. violent protests. Federal troops had to sent to restore peace.
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