US Business History Review
for test on 9/19
Terms in this set (26)
formed by farmers, wanted a reduced tariff, a graduated income tax, government control of the railroads, extension of the money supply (free silver), included Blacks (which hurt them)
An association formed by farmers in the last 1800s to make life better for farmers by sharing information about crops, prices, and supplies
Backing up currency with silver and gold rather than just gold
A general and progressive increase in prices
A decline in the price level.
trade among states
Company took over all different businesses on which it relied for its primary function (Carnegie Steel came to control not only steel mills but mines, railroads, etc)
Type of monopoly where a company buys out all of its competition. Ex. Rockefeller
A monopoly that controls goods and services, often in combinations that reduce competition.
Although rejected by biologists, this theory from the 1870s was used to justify the competition of laissez-faire capitalism, the new racial superiority ideas, and imperialist policies.
Negative term used to describe large businessmen of the late 1800's because of the fact that they used ruthless practices to destroy competition and took advantage of workers.
charity; a desire or effort to promote goodness
A labor union formed in 1886 by Samuel Gompers in order to voice the working class (only highly skilled laborers). It fought against labor forces and debated work conditions for skilled workers. Utilized Strikes.
(Industrial Workers of the World) A labor organization for unskilled workers, formed by a group of radical unionists and socialists in 1905.
A building in which several families rent rooms or apartments, often with little sanitation or safety
1897-1901, Republican, supported gold standard, protective tariff, and Hawaiian Islands, against William Jennings Bryan
William Jennings Bryan
The democratic and Populist nominee for the 1896 election against McKinley. Advocated for bimetallism and increasing money supply.
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
John D. Rockefeller
An American industrialist and philanthropist, in 1870 founded the Standard Oil Company. Often forced rival companies to sell out by drastically lowering his own prices. At one point he controlled 90% of the oil business. He became the world's richest man and first U.S. dollar billionaire.
He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.
1855-1926. American union leader, one of the founders of the International Labor Union and the Industrial Workers of the World, and five-time Socialist Party of America Presidential Candidate.
Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west
1886 incident that made unions, particularly the Knights of Labor, look violent because a bomb exploded during a protest of striking workers.
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 not enforced well
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.
Strike that resulted from railroad wages slashed 25%; shutdown of railroad transportation; federal government forced workers to return to work.