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Big business-part 1

American History Big business Emerges- part 1

TermDefinition
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
Created by: natasha_ashford