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Industralization
| Term | Definition |
|---|---|
| Monopoly | A corporation controls the entire industry, exclusive economic control |
| Big Business | the economic disparities between the workers (lower/working class) and big business owners (entrepreneurs and tycoons) grew exponentially |
| Mass production | modernized production and made products less expensive, used assembly line, and standardization of parts, able to offer the public new and improved products |
| Compromise of 1877 | an informal, unwritten deal that settled the disputed 1876 U.S. Presidential election |
| Unions | Organizations to help regulate working conditions, 8 hours of work, 8 hours of sleep and 8 hours for leisure |
| Immigrants | New labor that is cheaper-new immigration (1890s-1920s), coming from Europe (Italy, Irish, Greek, Asia, Russian) |
| Gilded Age | time period when big business had control of most the economy in the late 1800s |
| Free Enterprise | beliefs that the economy will prosper if businesses are left free from government |
| Social Darwinism | theory that society progress through competition |
| Corporation | companies that sell shares of ownership |
| Trust | a group of companies that join together to form a larger company with the power to drive out competition in an industry |
| Cornelius Vanderbilt | Commodore-made fortune from steamboats --> then turned to railroads and built their riches on railroads. Improved the safety and comfort of railroads, built Grand Central Station. |
| Andrew Carnegie | he was an industrialist, business magnate he led the American steel industry, became a philanthropist, an immigrant from Scotland escaped poverty with family emigrating to Pittsburgh at age 13, bessemer process improved quality of steel. |
| John D. Rockefeller | 1870 formed Standard Oil in Ohio- dominated the oil industry. Accumulated wealth, fought successful price wars, came from poverty, able to buy up the competitors, controlled 90% of the country's oil, secretly got railroad rebates |
| Collective Bargaining | when union members representing workers negotiated labor issues with management- come to an agreement as a group of workers |
| Haymarket Riot 1886 | Labor rally in Chicago called by anarchists, ended with bomb blasts and left many dead, Knights of Labor were blamed for the event but they were not |
| Homestead Steel Strike 1892 | Union members of the Carnegie Steel plant in Homestead penn went on strike to oppose wage cuts |
| Industrialization | The process in which a society transforms itself from a primarily agricultural society into one based on the manufacturing of goods and services. |
| What changed about labor during this time? | Individual manual labor is often replaced by mechanized mass production and craftsmen are replaced by assembly lines |
| Abuses by Big Business | Elimination of competition- cutthroat competition, large corp can sell at a lower price and push out smaller companies, large corporations could afford local price wars, in effect the large corporations destroyed smaller businesses. |
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esantos4780
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