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Ch 5 Mastering TEKS

Pre-AP US History Gilded Age

TermDefinition
Bessemer Process Andrew Carnegie used this faster & cheaper way of making steel to monopolize the industry
Transcontinental RR completed in 1869 using Irish & Chinese labor, it connected East & West Coasts with the center of the country creating a National Market of goods & services
free enterprise system encouraged entrepreneurs to invest their money into develop new industries and seek maximum profit without interference from govt.
Corporations new models of business that sold stock ownership to investors to raise capital ($) to buy new machinery and expand production
John D. Rockefeller created Standard Trust Company that owned 90% of all oil refinery in the US, creating a horizontal monopoly that forced rail roads to give him special rates
Andrew Carnegie created a vertical monopoly with US Steel that controlled the mines, the steel plants, and ships to transport his steel
Gospel of Wealth book written by Andrew Carnegie that argued company profits were better off in the hands of owners who would use them to build schools & museums for all society, rather than pay workers who would drink & gamble away
Philanthropy the act of donating money to support public works such as schools and cultural centers
Gilded Age post-Civil War Era that saw the US become a major industrial power, invent new tech, raise the standard of living, but treat its workers poorly and damage the environment
laissez faire the "hands off" policy of the US govt. during the Gilded Age in which industries were not regulated over pay or working conditions
shareholder a partial owner of a corporation through the buying of stocks
Knights of Labor founded by Terrence Powderly to unite unskilled workers and demand safe work conditions, an end to child labor, and equal pay for women
American Federation of Labor founded by Samuel Gompers to unite skilled workers with limited demands: higher wages, 8 hour day, and closed shops where only union members could work
collective bargaining the act of union leader and industry owners to negotiate wages and work requirements
Sherman Anti-Trust Act law intended to regulate monopolies, but often used to break up unions as illegal
Haymarket Square Affair riots in Chicago that led to violence when radicals exploded a bomb killing 7 police. The Knights of Labor were blamed and lost popular support
closed shop places where only union member who paid dues could work. The limits led to higher wages since the union could negotiate for all workers
Interstate Commerce Act law that tried to regulate railroads that were charging higher rates to small farmers while giving cheaper rates to corporations who used them more
Created by: apwh2016