Business and Labor Flashcards
Thomas Edison
Inventor. Created the light bulb. This provided for safer work environments and allowed for longer work hours.
Eugene V. Debs
Head of the American Railway Union and director of the Pullman strike; he was imprisoned along with his associates for ignoring a federal court injunction to stop striking. While in prison, he read Socialist literature and emerged as a Socialist leader in America
Horatio Alger
heavy promoter of the success story. Popular novelist during the Industrial Revolution who wrote that virtue, honesty and industry would be rewarded with success, wealth and honor.
Andrew Carnegie
Dominated the steel industry. He made money by striking deals with the railroads and bought out rivals.
John D. Rockefeller
Had a big standard oil company. Believed in trusts. This is when companies ban together to drop prices or get rid of competition.
He got rebates from railroad companies.
J.P. Morgan
J.P. Morgan was a banker. Had holding companies (those that are formed only to buy up other companies)
Established railroads and bought U.S. steel.
Describe the Industrial Revolution in late 19th century
the change from an agricultural to an industrial society and from home manufacturing to factory production
Describe Big Businesses
a business that is so big, it can affect politics and government, and can influence society.
Describe Social Darwinism
Charles Dickinson’s law of evolution.Survival of the fittest survived in the marketlace.
Describe Morrill Land Grant Act
1862 law in which the federal government distributed millions of acres of western lands to the state governments in order to fund state agricultural colleges
Describe Horizontal Integration
The combining of a bunch of like businesses into one company.
Ex: the consolidation of different railroad lines into one company.
Describe Social Gospel
the religious doctrines preached by those who believed that the churches should directly address economic and social problems
Describe Dawes Severalty Act of 1887
An act that broke up Indian reservations and distributed land to individual households. Leftover land was sold for money to fund U.S. government efforts to “civilize” Native Americans. Of 130 million acres held in Native American reservations before the Act, 90 million were sold to non-Native buyers. (639)
Describe the Problems with immigration
The old immigrants didn’t like the new immigrants. They treated them lole criminals, diseased and paupers.
Describe Frederick Jackson Turner
American historian who said that humanity would continue to progress as long as there was new land to move into. The frontier provided a place for homeless and solved social problems.