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History 7 Semester 1 > Big Business > Flashcards

Big Business Flashcards

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1
Q

2nd industrial Revolution

A

Began in late 1800s

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2
Q

Corporation

A

A company owned by many companies / groups / people but act as one entity

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3
Q

Monopoly

A

Gave one group of companies total control of a specific industry

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4
Q

Laissez-Faire

A

Theory meaning government shouldn’t interfere or interact with businesses

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5
Q

Free enterprise

A

System based off Laisezz-Faire theory

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6
Q

Mass production

A

Identical Interchangeable parts that could easily be replaced

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7
Q

Assembly Line

A

A line where each person does a step of a process to complete it quickly and thoroughly

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8
Q

Trust

A

Trustees get a percentage of a companies money in exchange for assets. Avoided fees and deducted taxes. Was bad because it caused monopolies

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9
Q

Vertical integrations

A

Manufacturer owns every step of their product

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10
Q

Horizontal integrations

A

Manufacturer owns ALL of ONE step of manufacturing process for everyone

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11
Q

Sherman Antitrust

A

A law banning unlawful trusts and allowing the government to interfere and disband them

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12
Q

Entrepreneur

A

A person who organizes a business taking on greater risks than normal financial risks

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13
Q

Patent

A

A government authority to an individual or organization— as right to title and solely make an items ( no copying )

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14
Q

Bessemer process

A

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

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15
Q

Blacklist

A

“Troublemakers” list of workers. Made it impossible to get jobs., you could get blacklisted by being 5 minutes late

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16
Q

Scab

A

Immediate replacement worker

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17
Q

Transcontinental Railroad

A

train route across the United States that was finished in 1869.

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18
Q

Arbitration

A

A dispute is submitted by party agreement and is solved by one or more arbitrators who make a unified decision on the dispute.

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19
Q

Script

A

Credit to a certain store. Used by robber barons instead of actual cash payout

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20
Q

Yellow Dog Contract

A

A contract promising not to join a union

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21
Q

Open shops

A

A shop that wasn’t required to Join a union

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22
Q

Closed shop

A

Required to be in a union, even after you’re hired to work at a shop

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23
Q

Injunction

A

A court order

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24
Q

Lockout

A

The workers being locked out of their job and not paid

25
Q

Natural Resources

A

Oil, coal, iron

26
Q

Human Resources

A

Any human workers / throughout the industrial Revolution, immigrants and ex slaves were the majority of Human Resources in factories

27
Q

E. Drake

A

Was an oil tycoon producing up to 20 barrels a day

28
Q

Interstate commerce act and commission

A

1887- allowing the government to oversee the conduct of the railroad

29
Q

Gustavus Swift

A

Invented refrigerated rail car

30
Q

Thomas Edison

A

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.

31
Q

Christopher Shoales

A

Invented typewriter

32
Q

Alexander graham bell

A

Invented telephoen

33
Q

Wright brothers

A

Orville and Wilbur— invented airplane

34
Q

Samuel Morse

A

Invented telegraph and Morse coed

35
Q

Elijah McCoy

A

Invented lubricating cup for oil

36
Q

George Westinghouse

A

Invented air brake for trains (WABCO) and worked with Thomas Edison on power plant

37
Q

Rockefeller

A

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

38
Q

JP Morgan

A

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

39
Q

Carnegie

A

Steel tycoon. Was a robber baron because took advantage of vertical integration monopoly and gave workers too low wages

40
Q

Vanderbilt

A

Was a robber baron because he mistreated his workers and raised prices of goods with low quality

41
Q

Henry Ford

A

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

42
Q

Knights of Labor

A

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

43
Q

American Federastion of Labor (AFL)

A

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

44
Q

Industrial workers of the world

A

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

45
Q

Great Railroad Strike of 1877

A

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

46
Q

Hay market Riot

A

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

47
Q

Homestead Strike

A

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

48
Q

Eugene Debs

A

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

49
Q

Pullman strike of 1894

A

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

50
Q

Impact of union strikes

A

Union membership declined since it was un American and violent

51
Q

The iron horse

A

A steam locomotive that cut shipping costs in half because it saved enormous time in transporting goods

52
Q

Benefits of the growth of the iron horse

A

Shipping costs were cut in half
Less horses used
Items transported much faster

53
Q

How did inventions improve life in the Late 1800s?

A

helped speed urban growth, allowing for taller buildings, more efficient factories, and better transportation.

54
Q

How were Henry fords practices different

A

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.

55
Q

Why was Carnegie so successful?

A

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.

56
Q

Major railroad tycoon on the east coast

A

Cornelius Vanderbilt

57
Q

Major railroad tycoon in the west

A

Stanford

58
Q

How did Carnegie use vertical integration

A

He bought ALL the steps to his process and would also make them overpriced, but they were the only option.

History 7 Semester 1 (11 decks)

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