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Industrialization
| Term | Definition |
|---|---|
| Capitalism | An economic and political system in which a country’s trade and industry are controlled by private owners for profit |
| Laissez Faire | Economic policy of letting things take their course without gov intervention (gov interfered in free market as little as possible) |
| Social Darwinism | Free competition; survival of the fittest |
| Market Economy | Decisions regarding investment, production, distribution are based on supply and demand; prices of goods/services are determined in free price system |
| Mixed Economy | Features characteristics of capitalism and socialism; allows a level of private economic freedom in use of capital; allows for gov to interfere in economic activities |
| Socialism | Factors of production are owned by public and operate for welfare of all; grew out of optimistic view of human nature and concern for social justice |
| Communism | Economic and political system based on one-party gov and state ownership of property/means of production; no private property |
| Anarchy | Political theory which is skeptical of justification of authority and power (especially political power) |
| Usually grounded in moral claims about the importance of individual liberty | Anarchy |
| Laissez Faire & Social Darwinists support which economic ideology (capitalism, socialism, communism, anarchy) | Capitalism |
| Monopoly | Market condition where a single supplier dominates the market for a given product |
| Two ways to obtain a monopoly | Vertical integration; horizontal integration |
| Vertical Integration | Purchase of companies at all levels of production (think farms) |
| Horizontal Integration | Purchase of competing companies in same industry |
| Holding Company | Company that owns other companies' outstanding stock; generally do not produce goods/services themselves; purpose is to own shares of other companies to gain control/power |
| Corporation | Independent company owned by shareholders; held legally liable for the actions and debts the business incurs |
| Problems faced by workers | Impersonal conditions; long hours; boring/repetitive work; low wages; dangerous working conditions; child labor |
| Goals of Trade Unions | Obtain higher wages and better working conditions; look after members outside of their place of employment; pressure gov |
| Who founded the Knights of Labor | Terrence Powderly |
| What kind of workers could join the Knights of Labor | Skilled and unskilled workers |
| What did the Knights of Labor support | Restrictions on immigration |
| Did the Knights of Labor prefer the arbitration of disputes or strikes | Arbitration of disputes |
| Who founded the American Federation of Labor | Samuel Gompers |
| American Federation of Labor | Federation of craft unions; members restricted to skilled workers; did not admit women |
| What kind of workers could join the American Federation of Labor | Skilled workers |
| Goals of American Federation of Labor | Better pay; 8 hour work day; closed shop (employer hired only union members) |
| Corporate Strategies (against Unions) | High priced lawyers (pressure politicians); hire scabs (strikebreakers); state and federal troops brought in; lockout (workers shut out); yellow dog contracts (forced promise not to join union); black list; company towns |
| Samuel Morse | Developed telegraph; invented morse code |
| Cyrus Field | Successfully laid the first transatlantic cable |
| Alexander Graham Bell | Patented the telephone (1875) |
| Thomas Edison | Patented phonograph; invented light bulb; (invented stock-ticker) |
| Nicola Tesla | Developed motor for producing alternative current (AC) |
| Josephine Cochrane | Invented first automatic dishwasher |
| Elijah McCoy | Patented lubricators for steam engines (drip cups automatically added oil to lubricate engines) |
| Madam C.J. Walker | Invented remedial shampoos based on sulfur; developed & sold hair care/cosmetic products for African American women |
| Lewis Howard Latimer | Draftsman who worked for AG Bell and Thomas Edison; patented improved method for producing carbon filaments used in new electric light bulb |
| Garrett Morgan | Developed safety hood (gas mask) and smoke protector for firefighters |
| Labor Union | Organized association of workers formed to protect and further their rights/interests |
| Spoils System | Winning political party rewards friends/supporters by appointment to gov posts and giving favors |
| Andrew Carnegie | Adopted Bessemer process; built large steelworks |
| John D. Rockefeller | Formed Standard Oil company |
| JP Morgan | Contributed to electricity, banking, steel industries (helped form & then owned General Electric, formed JP Morgan & Company banking institution, formed US Steel) |
| Cornelius Vanderbilt | Shipping and railroad; owned steamship company |
| Pools | Informal agreement between group of leaders of a company to keep their prices high and competition low; fix prices and divide markets (often used by railroad companies) |
| Trusts | Group of businessmen organized for mutual benefit to produce/distribute a specific commodity |
| Captains of Industry | Business leader whose means of getting a fortune contributed positively to the country in some way |
| Robber Barons | Successful industrialists whose business practices were often considered ruthless/unethical |
| Bessemer Process | Industrial process for making steel; air blown into hot pig iron to remove impurities; reduces cost of making steel by 80% |
| George Pullman | Invented railroad cars in which passengers could sleep |
| Henry Ford | Founder of Ford Motor Company; invented less expensive automobile |
| Orville and Wilbur Wright | Invented first airplane |
| George Westinghouse | Invented air brake |
| Sarah E Goode | Patented the fold away bed |
| Jan E Matzeliger | Invented a machine that attached the upper part of a leader shoe to its sole |
| Eugene Debs | Labor leader that helped form the American Railway Union |
| What caused the Railroad strikes 1877 (aka The Great Strike) | Workers for Baltimore and Ohio Railroad struck to protest wage cuts |
| Effects of Railroad strikes 1877 (aka The Great Strike) | Several state governors asked President Hayes to intervene, saying strikers were impeding interstate commerce; federal troops end the strike |
| What caused the Haymarket Affair | 3k people gathered to protest police brutality (a striker had been killed the day before) |
| Effects of the Haymarket Affair | Bomb thrown into crowd, killing policemen and injuring others; unions became associated with anarchism and violence; dissolved Knights of Labor (also led to formation of American Federation of Labor??) |
| What caused the Homestead Strike | Union's contract with Carnegie ended & Frick announced pay cuts for workers; Frick locked out workers from steel mills; workers surrounded the plant on strike with picket lines |
| Effects of the Homestead Strike | Company hires strikebreakers/scabs (fill ins for striking workers); striking workers force out company security and keep plant closed for months; strikers lost support and gave in |
| What caused the Pullman Strike | Cut wages without cutting cost of employee housing and local goods |
| Effects of the Pullman Strike | Brought railroads in the western US to a standstill; destroyed American Railway Union; Eugene Debs sent to prison and becomes socialist |
Created by:
Mikayla801
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