Big Business and Labor (242)
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| an idustrial railroad mogul who made a fortune for himself and gave to charity | Andrew Carnegie
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| Andrew Carnegie left his job at the Pennsylvania Railroad in 1873 and started this company | The Carnegie Steel Company which ended up manufacturing more steel than all the factories in Great Britain
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| What were the main steps in Carnegie's management practices? | make better products, cheaper. incorporating new ideas. attracting talented people by offering stocks and encouraging competition. monopolization
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| What is the process in which a company owner buys out the companies that make the raw materials for their products? | vertical integration, Carnegie did this, which is harder to argue against than horizontal monopolization
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| What is it called when companies producing similar products merge? | horizontal integration
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| Carnegie ended up controlling the whole steel industry so he smartly _________ when it produced the mojority of the nations steel | sold the company to JP Morgan for 400million (40 billion today)
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| What is social Darwinism? | an economic and social philosophy, supposedly based on Darwin's theory of evolution by natural selection, holding that a system of unrestrained competition will ensure the survival of the fittest
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| What did Herbert Spencer do with Darwin's biological theories? | he used them to explain the evolution of scoiety
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| about 4000 millionares emerged after the Civil War. social darwinism made sense to people for what main reason? | Social Darwinism supported the notion of individual responsibility and blame, appealing to Protestants who figured riches were a sign of God's favor and the poor were lazy and inferior and deserved to be poor
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| Although some business owners believed in natural law, that no one had the right to intervene in the success or failure of a business, some did everything to control comptetition, what sort of things did they do? | they bought out the compeition's stocks, creating a monopoly. SEt up holding companies whose only job was to buy other companies stock. Used trusts.
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| Who was John D. Rockefeller? | he gained control of the oil industry by creating trust agreements with other companies (horizontal monopoly) turning their stock over to trustees who ran the seperate corporations as one industry and divided profits up equally
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| How did Rockefeller ern huge profits off of oil? | he paid his refiners extremely low wages and sold his oil for lower prices since it cost less to refine. then when he had put all the other companies out of business he hiked up prices
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| critics called industrialist business owners robber barons, why was this statement unfair in a way? | the moduls were also philanthropists, Rockefeller alone gave away over 500 million to his foundation, the university of chicago and a medical institute that helped cure yellow fever
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| What was the Sherman Antitrust Act and why did it fail? | it was supposed to ban the companies use of trusts, however it was tough to enforce since it never clearly defined trust
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| Why was the south in a stranglehold during the period of industrialization? | The norh owned 90% of the stock for southern railroads. and farmers were at the will of the railroad companies who charged them higher prices. the south had no skilled workers and no money.
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| Why did workers, men, women, black, white, form unions? | to improve 7 day workweeks, 12 hour days with no vacation, unemployment compensation, or reimbursement for work related injuries (675 peopls were killed each week) and families couldnt survive unless everyone had a job
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| What were the two first large-scale labor unions? | National Labor Union formed by ironworker William Sylvis. Colored National Labor Union.
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| What things did the National Labor Union (NLU) do? | it legalized 8 hour work days, linked existing unions, held strikes, fought for equal pay for men and women
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| Samuel Gompers created Craft Unionism (union of skilled workers from one or more trades) including the American Federation of Labor, what did this union accomplish? | the negotiated with the head managers to reach written agreements. successful strikes helped raise the weekly wage from $17 to $24 and decrease the average hours worked per work by six
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| Who creates Industrial Unionism (the American Railway Union) and what was its importance? | Eugene Debs, although it failed after a major strike it added to the momentum of union movements and gave dignity to unskilled workers
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| Who were the Wobblies? | members of the Industrial Workers of the World union, they were socialist unionists led by William "Big Bill" Haywood. Like the ARU it failed but gave a sense of solidarity to unskilled workers
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| The Baltimore and Ohio Railroad held a strike to protest their second wage cut in two months. What was it called and why is it significant? | the Great Strike of 1877, state governors asked president Hayes to intervene and he sent federal troops to end the strike
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| labor leaders incited a riot at Chicago's Haymarket Square to protest police brutality. a striker through a bomb into a police line and several people died in the ensuing chaos. What did people think of labor unions after this event? | Four Strikers were hanged and one commited suicide in prison. After Haymarket the public turned against the labor movement
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| Eugene Debs organized another strike for The Pullman Railroad Company. How did it turn out? | terrible, once again federal troops were sent in and pullman fired strikers backlisting them so they would never have railroad jobs again
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| What was Mary Jones most famous for? | she endured death threats and jail with coal miners who called her mother Jones. She also led a march of 80 badly wounded mill children to the home of prez. Roosevelt which helped pass child labor laws
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| What happened at the Triangle Shirtwaist garment factory when a fire broke out? | the company had locked all of the doors except one to prevent theft, the unlocked door was blocked by fire and all 146 women on the 8th 9th and 10th floors
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| What is Andrew Carnegie considered a poster child for? | Social Darwinism/ rags to riches
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| What is a monopoly? | any attempt within a given industry organizes together to eliminate competition
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