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Industrial Revolutio

Industrial Revolution

Social Darwinism persons best suited to existing living conditions
Capitalism economic system where businesses are privately owned by individuals or stock holders and their goal is to make a profit for the owners
Stocks part ownership in a business which leads to sharing in part of the company’s profits
Corporation Businesses that sell portions of ownership called stock shares, company is then owned by stock holders
Monopoly one company that controls an entire industry often called trusts
Vertical Integration controlling every aspect of production from the resources to the selling of the product
Cornelius Vanderbilt controlled the railroad industry from New York to Chicago
John D. Rockefeller Started Standard Oil and controlled the oil industry by becoming the first trust, controlling and buying up many small oil companies
Andrew Carnegie Controlled the steel industry
JP Morgan was a finance capitalist meaning he was a banker who gained riches through investing in stocks and bonds, will eventually buy Carnegie Steel
Sherman Anti-Trust Act A law that made it illegal to create monopolies or trusts
Unions groups of workers who come together to promote a cause using methods such as strikes to force employers to give into their demands
Triangle Shirtwaist Factory Fire 1911 killed 146 workers because owners locked emergency exits to prevent workers from leaving early during regular hours, trapping them during the fire. This would spread awareness of the terrible conditions industrial workers were faced with
Railroad Strike of 1877 Government will send federal troops to stop railroad workers from violently protesting the 10% decrease in their wages
Pullman Strike Run by Eugene Debs, factory begins boycotting and striking their reduction in pay federal government sends in troops ending the strike and setting a precedence that factory owners can appeal to the courts and government to end strikes
Theodore Roosevelt progressive president who stands up for the workers and begins a campaign to “bust trusts” breaking up monopolies as well as passing meat inspection act
Second Industrial Revolution A period of rapid growth in US manufacturing in the late 1800’s
Bessemer process A way to manufacture steel quickly and cheaply
Patents Exclusive rights to make or sell inventions.
Horizontal integration When a company acquires or merges with another company within the same industry that sells a similar product or provides a similar service.
Trust a combination of firms or corporations formed by a legal agreement
Knights of Labor First national labor union founded in the 1870’s
American Federation of Labor Organized individual national unions
Collective bargaining Workers acting together in negotiating with management.
Haymarket Riot protest the killings of striking workers
Homestead Strike Union members protested buying new machinery
Pullman strike stopped traffic on many railroad lines
Created by: 123mrsl