Big Business Flashcards
2nd industrial Revolution
Began in late 1800s
Corporation
A company owned by many companies / groups / people but act as one entity
Monopoly
Gave one group of companies total control of a specific industry
Laissez-Faire
Theory meaning government shouldn’t interfere or interact with businesses
Free enterprise
System based off Laisezz-Faire theory
Mass production
Identical Interchangeable parts that could easily be replaced
Assembly Line
A line where each person does a step of a process to complete it quickly and thoroughly
Trust
Trustees get a percentage of a companies money in exchange for assets. Avoided fees and deducted taxes. Was bad because it caused monopolies
Vertical integrations
Manufacturer owns every step of their product
Horizontal integrations
Manufacturer owns ALL of ONE step of manufacturing process for everyone
Sherman Antitrust
A law banning unlawful trusts and allowing the government to interfere and disband them
Entrepreneur
A person who organizes a business taking on greater risks than normal financial risks
Patent
A government authority to an individual or organization— as right to title and solely make an items ( no copying )
Bessemer process
Reduced the amount of time to make steel
Dropped its price ad made the steel industry a key part of the second industrial revolution
used molten iron burning impurities
Blacklist
“Troublemakers” list of workers. Made it impossible to get jobs., you could get blacklisted by being 5 minutes late
Scab
Immediate replacement worker
Transcontinental Railroad
train route across the United States that was finished in 1869.
Arbitration
A dispute is submitted by party agreement and is solved by one or more arbitrators who make a unified decision on the dispute.
Script
Credit to a certain store. Used by robber barons instead of actual cash payout
Yellow Dog Contract
A contract promising not to join a union
Open shops
A shop that wasn’t required to Join a union
Closed shop
Required to be in a union, even after you’re hired to work at a shop
Injunction
A court order
Lockout
The workers being locked out of their job and not paid
Natural Resources
Oil, coal, iron
Human Resources
Any human workers / throughout the industrial Revolution, immigrants and ex slaves were the majority of Human Resources in factories
E. Drake
Was an oil tycoon producing up to 20 barrels a day
Interstate commerce act and commission
1887- allowing the government to oversee the conduct of the railroad
Gustavus Swift
Invented refrigerated rail car
Thomas Edison
Invent ended incandescent lightbulb and phonograph. Also worked with George Westinghouse on power plant. Was a Captain of industry because he only focused on his inventions and improving the world, never mistreated his workers.
Christopher Shoales
Invented typewriter
Alexander graham bell
Invented telephoen
Wright brothers
Orville and Wilbur— invented airplane
Samuel Morse
Invented telegraph and Morse coed
Elijah McCoy
Invented lubricating cup for oil
George Westinghouse
Invented air brake for trains (WABCO) and worked with Thomas Edison on power plant
Rockefeller
Oil industry Tycoon. Took over the industry. Was a robber baron because he monopolized oil instruct and made shipping have a hefty price even though the products were low quality
JP Morgan
Was a robber baron because he mistreated workers. Gave them no light and let them work around poisonous gases and still had a low wage
Carnegie
Steel tycoon. Was a robber baron because took advantage of vertical integration monopoly and gave workers too low wages
Vanderbilt
Was a robber baron because he mistreated his workers and raised prices of goods with low quality
Henry Ford
Was a captain of industry h because he had good wages, decreased hours and still had A lot of workers. Invented assembly line and used mass production
Knights of Labor
Membership: anybody (any gender race or heritage)
Led by Terence Powderly and Uriah Stevens
Goals were abolishing child labor, equal pay for equal work, 8-hr work day, wanted a bureau of labor statistics
Used arbitration, boycotts, and rarely used strikes
Hay market Square Riot ruined their reputation
American Federastion of Labor (AFL)
Membership: SKILLED workers from many industry’s
Led by Samuel Gompers and William Greene
Wanted higher wages, shorter hours, and to fix other economic issues
It distanced itself of socialist or communist organizations , negotiated labor contracts, only striked when necessary, focused on day to day working conditions, used closed shops and collective bargaining to reach their goal
Got congress to pass labor laws although some overruled, achieved the minimum wage rules and maximum working Hours, and ended child labor throughout 1930s
Industrial workers of the world
Members: socialist and trade unions, any minorities such as women or immigrants
Led by Bill Haywood, Eugene V. Debbs, Mother Jones, Daniel De Leon
Wanted one big union to control production and distribution and to abolish divisions among work wires and have fair conditions
Used direct action, strikers, educational campaigns, songs, graphic, chain picketing, and car caravans to get their goals
Anti military stance made them unpopular in WWI but led to mass union of the CIO and included women in leadership and membership of unions
Great Railroad Strike of 1877
5,000 businesses closed and wages were cut 35-45%, dropping 300,000 union members, lengthened workdays, and gave no free rides because of the panic of 1873 enraged workers
A 45 day strike was implemented in Martinsburg, WV and troops were eventually sent in
Hay market Riot
May 4th, 1886 it began as a rally door striking workers
3,000 people met peaceful to discuss shooting at the McCormick harvester
Bomb was thrown and killed 7 people, + injured
~60 people
7 arrested, one a knights of labor member, and 4 executed
Made a decline in union membership
Homestead Strike
1892 Carnegie steel workers went on strike after another lockout
Carnegie plant manager cut wages hoping it would weaken the union, thats when a strike was called
Managers hired 300 Pinkertons
At least 10 died and Pennsylvania called militia
After the plant became non union workers only
Eugene Debs
Powerful leader of American Railway Union
Ran for president 4 time as a socialist party
Seperation of workers into different unions weakened socialist power
Instrumental in founding of the American Railway Union in 1893.
Got conductor stations workers to force their boss James Hill to restore their wages
Pullman strike of 1894
Nationwide conflict between labor unions and railroads
Chicago 1984
Panic of 1893 cut wages 28% and fired 2/3 of workers in the Pullman Company Illinois
First a boycott, then an attack
Eugene Debs called it too risky but workers ignored
Refused to work on any trains with Pullman cars, even ones carrying their mail, destroyed 80 million in property
Troops called but before they arrived got an injunction saying workers couldn’t strike but workers ignored
Eugene Debs was arrested
Impact of union strikes
Union membership declined since it was un American and violent
The iron horse
A steam locomotive that cut shipping costs in half because it saved enormous time in transporting goods
Benefits of the growth of the iron horse
Shipping costs were cut in half
Less horses used
Items transported much faster
How did inventions improve life in the Late 1800s?
helped speed urban growth, allowing for taller buildings, more efficient factories, and better transportation.
How were Henry fords practices different
Nobody used assembly lines and since Henry ford had identical interchangeable parts, all the objects looked the same but could also had parts that could be replaced instead of an entire new purchase having to be made.
Why was Carnegie so successful?
By 30 Carnegie had amassed business interests in iron works, steamers on the break lakes, railroads, and oil wells. Then he was involved in steel productions as wells which became the largest s tell company in the world.
Major railroad tycoon on the east coast
Cornelius Vanderbilt
Major railroad tycoon in the west
Stanford
How did Carnegie use vertical integration
He bought ALL the steps to his process and would also make them overpriced, but they were the only option.
