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Growth of Industry

Chapter 19 - the Growth of Industry

Henry Ford industrialist whose Model T revolutionized American society
Assembly line method of production in which each worker performed a specialized task as the product moved down the line.
monopoly where a single company has total control of an industry. Generally bad b/c it causes prices to go up as competition is eliminated.
Sherman Anti-trust Act law passed to help the government control monopolies and trusts. The act did little to break up trusts and monopolies.
capitalism main economic system of the United States. Private property, prices and wages determined by supply and demand, etc.
corporation type of business in which people buy stock in a company to share in the risk and the profit.
law of supply and demand high supply and low demand results in lower prices. Low supply and high demand results in higher prices.
urbanization growth of cities and city life. Is a result of industrialization
Triangle Shirtwaist fire event that led to improved working conditions, and building and fire codes.
mass production the manufacturing of large numbers of goods quickly and cheaply.
Homestead Steel Strike Carnegie's striking steel workers were replaced by non-union workers. 13 people die in altercations. Government sent in troops to keep order and weaken the union
Pullman Strike of 1894 Workers went on strike to protest wage cuts. Plant closed, but another union refused to work on Pullman cars. Courts ordered workers back to work and federal troops forced workers back to work and many were jailed.
collective bargaining when unions represent workers in discussions with management
robber baron term for industrialists of the late 1800s and early 1900s meant to describe them as ruthless and immoral businessmen
captain of industry term for industrialists of the late 1800s and early 1900s meant to focus on their good deeds such as donating to worthy causes (philanthropy)
Created by: mrfordglobal