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Terms in this set (13)
a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
1st transcontinental railroad
This was proposed back in the 1850s began the construction of this railroad during the Civil War. Going to contribute to the rapid population in the West. Also going to help industry flourish because this railroad system is going to spread throughout the United States.
James J. Hill
Driving force of the Gr. Northern Railway , Became a Shipping Agent For Winnipeg Merchants Nicknamed the "Empire Builder"
effects of the railroad
gave manufacturers a cheap way to transport, created hundreds of thousands of jobs
Thomas Edison invented it and it extended work hours and brought about more night entertainment
Integration (Horizontal and Vertical)
horizontal integration, which is a consolidation of many firms that handle the same part of the production process, vertical integration is typified by one firm engaged in different parts of production
Gospel of Wealth
This was a book written by Carnegie that described the responsibility of the rich to be philanthropists. This softened the harshness of Social Darwinism as well as promoted the idea of philanthropy.
Sherman Anti-Trust Act
First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions
Causes of labor unions
poor working conditions, low wages, terrible hours
Business reaction to labor unions
They are labor cartels, intentionally reducing the number of jobs to drive up wages for their members. In competitive markets, unions cannot cartelize labor and raise wages. Companies with higher labor costs go out of business.
Haymarket Square Riot
A demonstration of striking laborers in Chicago in 1886 that turned violent, killing a dozen people and injuring over a hundred.
Textiles and Steel, 1869-1909: a boom in textiles followed by a rise in tobacco which led to cigars and cigarettes. James Bonsack and the Dukes led the tobacco industry., minerals, oil, textiles, etc.
24 hour zones that 1,000 miles apart from the other, each one is an hour before or after the one next to it, helps to differentiate between the different times from one point on the Earth to another point.