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pre-AP US History-3
chapter 3: Industrialization
| Term | Definition |
|---|---|
| Knights of Labor | founded in 1869 by Terrence Powderly, allowed both skilled & unskilled workers & African Americans & women to join |
| Closed Shop | an agreement in which a company agrees to hire only union members |
| American Federation of Labor | the dominant labor organization of the late 1800s who focused on skilled workers |
| Bessemer Process | faster and cheaper means to produce steel that was adopted by Andrew Carnegie for US Steel |
| Alexander Bell | invented the telephone, which made communication faster |
| Andrew Carnegie | built Carnegie steel into a vertical monopoly; wrote the Gospel of Wealth which urged the rich to donate to charities=philanthropy |
| J.D. Rockefeller | created the Standard Oil Trust that owned 90% of all oil production by using secret deals with RR to ship his oil low cost to undercut his competitors and force them to sell to him |
| Trans-Continental RR | government sponsored connection of east & west rail lines into one national railroad; built by Irish, Chinese & African American |
| Trust | a legal agreement by firms to combine into one corporation to reduce competition |
| National Market | the RR helped connect farmers, miners, and ranchers in the Plains & Midwest with consumers and businesses in the Eastern cities |
| Karl Marx | philosopher who argued that the basic force shaping capitalist societies was the class struggle between workers & owners |
| Haymarket Riot | incident in which someone threw a bomb at Chicago police, that led to 4 deaths. This caused public opinion to turn against unions who lost members. |
| collective bargaining | unions & owners settling a dispute by agreeing to accept the compromises reached |
| Advertising | the new marketing strategy to use large illustrated ads instead of small newspaper print lines |
| Laissez Faire | the US govt.'s economic policy of not interfering in the business affairs of corporations; "hands-off" |
| Entrepreneur | the individual who organizes, manages, & risks his time & money into a business to get all the profits |
| Horizontal Integration | combining many firms engaged in the same type of business into one corporation |
| Monopoly | total control of an industry by one person or corporation |
| Vertical Integration | when a company owns all parts of the steps of production |
| Corporation | a business structure that allows many investors to share the risk and profits together by selling stock |
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