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Big business-part 1
American History Big business Emerges- part 1
Term | Definition |
---|---|
Vertical Intergation | Control of all steps turning raw materials into finished products. Steps to production |
Social Darwinism | Free competition would ensure "survival of the fittest" |
Horizontal consolidation | Control of one area of production- companies bought out |
Trusts | "separate companies" run as one large corporation |
"Robber Barons" | engaged in unethical business tactics and stock marker transactions to build large personal fortunes Ex: Andrew Carnegie, John D. Rockefeller, Cornelius Vanderbilt, George Pullman |
Rebate | Discount on the normal charge--hurts small businesses |
Stock Certificate | Shares ownership in a company |
Monoply | complete control of a product or service in particular market by single company |
Consolidating | Increase efficiency by combining smaller lines, units, factories |
Exploited workers- labor conditions | Seven day work week, long hours and dangerous conditions, no vacation/sick leave, no unemployment, children in the factories |
How low was the pay for exploited workers in big business and labor | It was so low they couldn't survive unless everyone had a job |
workers joined together to do what in labor unions | to improve position in collective bargaining |
Strike | Form of protest-refusal to work-attempt to gain concession from their employer |
The Pullman strike | 4,000 employees began a wildcat strike |
After the Pullman strike they laid off workers and what | lowered wages |
Who is Eugene Debs | A union leader, socialists |
Communism | government plans and controls the economy, more controlling. extreme socialism |