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pre-AP US History-3

chapter 3: Industrialization

TermDefinition
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
Created by: wm0397