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01 Industrialization
Terms from US History Since 1877
| Term | Definition |
|---|---|
| Big Business | During the Gilded Age, the economy saw a rise in this, often seen as more efficient but also as unfair competition; supported by the government through a lack of regulation and friendly court decisions. |
| Andrew Carnegie | This man was the founder of the US Steel & promoted philanthropy among wealthy industrialists known as the Gospel of Wealth. |
| Collective Bargaining | Negotiations between employees and employers regarding the conditions of employment. This can prevent strikes. |
| Entrepreneurs | These individuals brought new innovations and capital to expand American industry by taking on financial risk in hopes of making a profit. |
| Free Enterprise | This economic system allows people to expand their business as they choose and leads to the development of new industries. |
| Gilded Age | Mark Twain coined this phrase to represent an era where things look good on the outside (wealth and innovation and expansion) but are not really that good (poverty and corruption). |
| Immigrants | This group of people who came to America were opposed by Nativists and attributed to urbanization. Though traditionally from western Europe, during the Gilded Age these people increasingly came from eastern and southern Europe |
| Labor Unions | These are formed in response to poor working conditions and low wages. (Ex: Knights of Labor, American Federation of Labor) |
| Laissez Faire | This theory refers to a lack of government interference in American business through regulations. |
| Railroads | The growth of this industry allowed for increased movement of goods to markets, westward settlement and better communication. |
| Urbanization | This is caused by the increase of immigrants and individuals relocating to cities & led to overcrowding, tenements, and poor sanitation. |
| Bessemer Process | A way to manufacture steel quickly and cheaply, led to massive increase in production and demand for steel |
| Horizontal Integration | Type of monopoly where a company buys out all of its competition. Ex. Rockefeller |
| Vertical Integration | a monopoly in which a single company controls the raw materials and factories that produce a product. |
| Knights of Labor | Led by Terence V. Powderly; open-membership policy extending to unskilled, semiskilled, women, African-Americans, immigrants; this labor union began to decline as it was increasingly associated with radicalism |
| American Federation of Labor | 1886; founded by Samuel Gompers; sought better wages, hrs, working conditions; skilled laborers, arose out of dissatisfaction with the Knights of Labor, rejected socialist and communist ideas, non-violent. |
| Nativism | the policy of protecting the interests of native-born or established inhabitants against those of immigrants. |
| push factors | Factors that occur in someone's home country that cause them to leave. |
| pull factors | A factor that occurs in a new location that draws or attracts people to that location |
| Tenements | Urban apartment buildings that served as housing for poor factory workers. Often poorly constructed, overcrowded, and unsanitary. |
| John D. Rockefeller | Established the Standard Oil Company, a monopoly later broken up by Theodore Roosevelt |
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