Chapter 14 & 15 - People & vocab
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| Thomas Edison | Established the world's first research laboratory where he perfected the light bulb and invented an entire system for producing and distributing electrical power.
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| Alexander Graham Bell | Invented the telephone - opened the way for a worldwide communications network.
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| Bessemer Process | A process of injecting air into molten iron to remove the carbon and other impurities. (Removing the carbon from iron produces a lighter, more flexible, and rust-resistant metal - STEEL)
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| Christopher Sholes | Invented the typewriter - changed the world of work and created jobs for women.
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| railroad time | PROFESSOR C.F. DOWD developed time zones-24 time zones-so that all towns were on the same time. The railroads quickly endorsed & adopted his time zones-became known as RAILROAD TIME.
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| George Pullman | Developed a town (Pullman, IL) for his employees of the railroad. Pullman employees were required to obey rules in which they had no say.
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| Credit Mobilier | Stockholders (railroad magnets, or powerful & influential industrialists) gave this company a contract to lay track at 2 to 3 times the actual cost-and pocketed the profits. The donated shares of stock to 20 representatives in Congress.
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| Interstate Commerce Act | Established the right of the federal government to supervise railroad activities and established a five-member Interstate Commerce Commission (ICC) to regulate railroad rates.
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| Vertical integration | A process where Andrew Carnegie bought out his suppliers-coal fields and iron ore mines, ore freighters, & railroad lines-in order to control the raw materials and transportation systems.
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| Horizontal integration | Buying out competing manufacturers or companies - companies producing similar products merge.
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| Social Darwinism | Process of "natural selection" weeded out less-situated individuals and enabled the best-adapted to survive. Riches were a sign of God's favor, and therefore the poor must be lazy or inferior people who deserved their lot in life.
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| Capitalism | an economic system in which private individuals and corporations control the means of production and use them to earn profits.
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| John D. Rockefeller | Established the Standard Oil Company which controlled 90% of the oil refining business. Paid low wages to employees; drove competitors out of business.
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| Andrew Carnegie | Started the Carnegie Steel Company; he attempted to gain control of the steel industry through vertical & horizontal integration. He continually searched for ways to make products better & cheaper, allowed his employees to buy company stock,
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| Captains of Industry |
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| robber baron | an American capitalist of the latter part of the 19th century who became wealthy through exploitation (example: Rockefeller reaped huge profits by paying his employees low wages & driving his competitors out of business by selling his oil at lower prices)
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| merger | One corporation buys out the stock of another corporation (horizontal integration)
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| monopoly | When a corporation completely buys out another corporations stock to take control over its industry's production, wages, and prices.
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| Trust | Participants (corporations) in a trust turn their stock over to a group of trustees-people who ran the separate companies as one large corporation.
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| Samual Gompers | led the Cigar Makers' International Union to join with other craft unions in 1886
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| American Federation of Labor (AFL) | union that focused on collective bargaining, or negotiation between representatives of labor & management, to reach written agreements on wages, hours, & working conditions. Used strikes as a major tactic
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| Eugene V. Debs | labor leader that felt unions should include all laborers-skilled & unskilled. Formed the American Railway Union (ARU) with unskilled and skilled members
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| Mary Harris Jones | A leader in the women's labor movement. She supported the great strike of 1877 & later organized for the United Mine Workers of America (UMW). The coal miners nicknamed her "MOTHER JONES."
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| Laissez-faire | a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
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| International Workers of the World | Also know as "Wobblies" a group of radical unionist & socialist headed by William "Big Bill" Haywood. This union welcomed African Americans, but membership never topped 100,000.
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| Haymarket Affair | A violent demonstration at Chicago's Haymarket to protest police brutality. Seven police officers and several workers died in the chaos. The public began to turn against the labor movement after the Haymarket Affair.
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| Homestead Strike | A strike by steelworkers at Carnegie Steel Co.; the company hired SCABS (strikebreakers) to keep the plant operating. The steelworkers forced out the scabs clsing the plant. The union eventually gave in to Carnegie Steel.
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| Strike | Work stoppage intended to force an employer to respond to demands.
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| Collective Bargaining |
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