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Ch 17-18 Gilded Age

Industrial Age US, Captains of Industry, and presidents of the age: 1870-1900

TermDefinition
Monopoly A Corporation or group of Corporations who own the vast majority of influence in a market or multiple markets.
Laissez-faire Free market capitalism with no government intervention; professed by citizens in an idea that the markets are self-regulating.
American Federation of Labor (AFL) Established in 1886; practical successor to the Knights of Labor; initially focused on utopian reforms, but then focused on more grassroots efforts such as wage increases.
Interstate Commerce Act Passed in 1887; intended to unite railroad companies and limit their competition amongst themselves. Established the ICC.
Knights of Labor Founded in 1869; Jacksonian style garment labor organization, they focused on subjects not directly focused on labor issues.
National Grange of the Patrons of Husbandry Founded in 1867; advocate for railroad regulation and to provide social and cultural benefits to rural communities
Sherman Antitrust Act Trusts and Monopolies were declared illegal by this law in 1890. Used to attempt to restore competition and lower prices.
Social Darwinism Socioeconomic idea that capitalism is a reflection of "survival of the fittest"; or simply people in business relations should act without restriction in order to see who truly is the fittest for any certain position.
J. P. Morgan A captain of industry who owned the vast majority of banking wealth. Very capable financier to other captains of industry.
Interstate Commerce Commision Established as a part of the Interstate Commerce act, it was intended to supervise and regulate railroad activities.
John D. Rockefeller Founder of Standard Oil; Builder of one of the first and strongest Monopolies of the age which owned 90% of the market in Oil.
Haymarket Bombing Anarchist bombing in Chicago in the year 1886.
Andrew Carnegie Founder of Carnegie Steel Company which became the largest steel conglomerate.
Munn v. Illinois Passed in 1877; Allowed state legislatures to regulate economic enterprises.
Social Gospel Gospel taught by churches who preached good works and improving general living conditions rather than saving souls.
Nativism Nationalist idea which arose in conflict with communists and anarchists. It disenfranchised immigrants of all kinds, including europeans.
Settlement Houses Community houses which allowed services to those who would never be able to afford them such as a proper education.
Tenement Weak wooden structures built in cities that were used to house the poor who worked in factories. They provided horrible living conditions and no proper utilities.
Marxism Socioeconomic response to capitalism formulated by Karl Marx. It advocates for people working together and nationalizing industry and dismantling private industry.
Anarchism Political Ideology which arose in the U.S. as a response to government corruption by lobbyists and monopolies.