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JAH-Triumph Industry

JAHKMLHS C13 The Triumph of Industry

TermDefinition
entrepreneur person who invests money in a business venture to make a profit
protective tariff taxes that would make imported goods cost more than those made locally
Bessemer process method for purifying iron, resulting in strong, but lightweight steel
laissez faire philosophy that allows businesses to operate under minimal government regulations
suspension bridge type of roadway hanging by steel cables often built to cross rivers
sweat shop place where employees worked long hours at low wages and under poor working conditions usually doing piecework
mass production system for turning out large numbers of products quickly and inexpensively
Horatio Alger This man stressed that anyone could “leap” from poverty and obscurity to wealth and fame
Thomas Edison inventor who wanted to develop affordable lighting for homes
patent This gives the inventor the exclusive right to develop, use, and sell an invention for a set period of time
Samuel Gompers former cigar maker who wanted a union of skilled workers only. His unions would fight for higher wages, shorter hours, and better working conditions. He promised not to strike is employers who recognized and bargained with the unions
Terence V. Powderly union leader was personally opposed to the use of work stoppages. He tried to broaden the union's appeal by diminishing the roles of secrecy and ritual.
AFL craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades
Knights of Labor union which was open to workers from any trade
company town communities owned by businesses in which housing was rented to workers
Eugen V. Debs In 1893 this man became president of the American Railway Union, the first effective industrial union in the United States. He also was the Socialist presidential nominee in 1900, 1904, 1908, 1912, and 1920
socialism political philosophy that favors public, stead of private, control of all property and income
Haymarket Riot This event occurred in Chicago as a crowd gathered to protest violent police action against a strike. Someone threw a bomb into the crowd and 11 people died. Afterward, people blamed foreign-born unionists for the violence.
Homestead Strike response to wage cuts at a Carnegie Steel plant in 1892
collective bargaining technique in which employees negotiate together as a group for higher wages or better working conditions
blacklist employer practice of excluding politically "undesirable" individuals from the job market. Employers usually provided information upon request and sometimes circulated lists to other potential employers
corporation group ownership of a business and proved to be a good solution for risky industries such as railroads and mining
Sherman Antitrust Act This legislation was used more often against labor than against business
Andrew Carnegie steel tycoon who used vertical integration to increase profits
vertical integration theory of big business which suggested that to “get a leg up on competitors” the business must own everything from the manufacturing plant to the raw materials to the means of assembling them
ICC first federal body ever set up to monitor American business operations when Congress set it up to oversea railroad operations
monoply A corporation buys out its competitors or drives them out of business; therefore, the corporation has a complete control of a product or service
Social Darwinism theory which proposed that within society and business the fittest would survive by earning wealth while the ill-adapted would be eliminated
cartel Businesses producing the same product agree to limit their production and thus keep prices high
trust group of companies working together under a “board” which is Big Business’ answer to having control of a monopoly without having a monopoly
horizontal integration business practice which establishes a stranglehold on an industry at its key point
John D. Rockefeller This man was an oil tycoon who used horizontal integration to decrease costs and increase profits
yellow-dog contract technique used by employers which forced employees to either sign an agreement not to join a union or be fired
Pullman Strike occurred in 1893 as the company laid off a third of its employees. It then lowered the wages of the remaining employees an average of 25% but did not lower their rents
closed shop work environment in which employees and perspective employees are required to join a particular union as a precondition to employment and to remain union members for the duration of their employment
Created by: jim.haferman