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APUSH Vocab - Ch. 16
| Term | Definition |
|---|---|
| Homestead lockout | 1892 lockout of workers at the Homestead, PA steel mill after Carnegie won't renew union contract |
| trust | a small group of associates who hold stock from multiple firms and manage them as a single entity. trusts quickly evolved into other centralized business forms, but critics continued to refer to giant firms with monopoly power as "trusts" |
| mass production | the manufacturing of many identical products by the division of labor into many small repetitive tasks |
| Chinese Exclusion Act | The 1882 race-based law that barred Chinese laborers from entering the United States. Later it applied to other Asian immigrants as well, it was not repealed until 1943 |
| Greenback-Labor Party | a political movement of the 1870s and 1880s that called on the government to protect worker rights, regulate corporations, continue Reconstruction policies in the South, and increase the money supply in order to assist borrowers |
| Granger Laws | economic regulatory laws that aimed to limit the power of railroads and other companies, and that midwestern states passed in the late 1870s in response to pressure from farmers and the Greenback-Labor party |
| anarchism | people who believe in having no government |
| Interstate Commerce Act | formed in 1887 to oversee the railroad industry and prevent unfair rates, important effort by Congress to regulate corporate practices |
| American Federation of Labor | organization of skilled workers created by Samuel Gompers in 1886 that called for direct negotiation with employers in order to achieve better pay and benefits, largest and most enduring workers organization of the industrial era |
| John D. Rockefeller | he was the founder of Standard Oil, which dominated the oil market in the U.S. and he developed the system of trusts through the Standard Oil Company |
| Standard Oil Trust | Rockefeller invested in oil fields in many places and dominated the oil industry in the U.S. Rockefeller created trust by holding stocks from multiple firms and managed them in one big company. Standard Oil controlled 95% of the nation's oil at the time |
| vertical integration | a business model pioneered by late 19th century entrepreneurs such as Gustavus Swift and ANDREW CARNEGIE, in which corporations controlled all aspects of production from raw materials to packaged products |
| horizontal integration | a business concept invented in the late 19th Century in which a powerful powerful business forces rivals to merge their companies into a single conglomerate. JOHN D. ROCKEFELLER of Standard Oil used this model |
| predatory pricing | a tactic developed by large corporations in the late 19th century, in which a corporation drops prices below cost, in a limited area, to drive small competitors out of business and take control of the local market |
| New South | a term describing the economic diversification and growth of industry in the post-Civil War South. because of its poverty, much work was extractive ( coal mining and timber production) and others (like textiles) was low wage and involved child labor |
| management revolution | An internal management structure adopted by large corporations that departmentalized operations and distinguished top executives from those responsible for day-to-day operations |
| deskilling | a system in which unskilled workers complete small-scale tasks to build an item, rather than crafting the entire product. they could pay workers less and replace them easily |
| scientific management | a system of organizing work, developed by Fredrick W. Taylor in the late 19th century, designed to coax maximum output from the individual worker, increase efficiency, and reduce production costs |
| Great Railroad Strike of 1877 | A nationwide strike of thousands of railroad workers and labor allies, who protested the growing power of railroad corporations and the steep wage cuts imposed by railroad managers amid a severe economic depression that had begun in 1873 |
| producerism | an argument, made by late 19th century farmers and workers movements that economic wealth is created by workers engaged in physical labor, and that merchants, bankers, and other middlemen unfairly gained wealth from such "producers" |
| Knights of Labor | the first mass labor organization of nationwide scope, which sought to bridge differences of occupation, race, and gender to unite all workers. the Knights of Labor peaked in strength in the mid 1880s |
| Haymarket Square | May 4th 1886 - conflict in Chicago in which both workers and police men were killed or wounded during a labor demonstration called by local anarchists. the incident created a backlash against all labor organizations, including the Knights of Labor |
| closed shop | all jobs are reserved for labor union members, preventing any unskilled workers |
| Andrew Carnegie | created the steel industry, hired skilled workers at his mill in Homestead Pennsylvania |
| Samuel Gompers | One of the founders of the American Federation of Labor and its president for forty years, Dutch-Jewish immigrant who moved to New York |
| J.P. Morgan | a banker who financed the reorganization of railroads, insurance companies, and banks. He bought out Carnegie and in 1901 he started the United States Steel Corporation |
| "big business" | large-scale corporations that control a significant portion of the economy. These businesses have substantial influence over market trends, labor practices, and even government policies |
| Gospel of Wealth | ANDREW CARNEGIE'S argument that corporate leader's success showed their fitness to lead society and that poverty demonstrated a lack of fitness to participate in the new economy. Carnegie advocated that the wealthy use their fortunes for the public good |
Created by:
alice.heyl