Chapter 12 Section 3 & 4 Flashcards
Big Business would not have been possible without the ___________
Corporations
People who own corporations are called
stockholders
Investing in new technologies, hiring large workforces, and puchasing many machines enabled corporations to achieve
Economies of Scale
Big Businesses had high fixed cost and low operating costs, which gave them several ___________
advantages
Many companies did not like the intesnse _________ that had been forced upon them
Competition
to stop prices from falling…many companies organized ___________ to keep prices at a certain level
pools
The life of ___________ illustrated many factors that led to the rise of big business in the U.S.
Andrew Carnegie
Born poor Carnegie eventually opened a ______ business in Pittsburgh.
steel
Successful business leaders pushed for………….
Horizontal Integration
Who achieved most complete horizontal integration?
John D. Rockefeller
IN 1882, Standard Oil formed the first ________, a new way of merging businesses that did not violate laws against monopolies.
trust
Many companies immeditely used the law to create a new organization, a ________ company
holding
One of the most successful investment banker of the era was…….
JP Morgan
What was the first billion dollar company in America?
US Steel
what was the first advertising company?
NWAYER and SON
What added to tensions between workers and employers?
Deflation
What were the two basic types of industrial workers in the 1800s?
craft workers and common laborers
What type of workers formed trade unions?
Craft Workers
Employers viewed unions as __________
Conspiracies
Business leaders particularly opposed
industrial unions
What is a contract called that says you will never join a union while working for this company?
Yellow-Dog Contract
Workers who tried to strike were fired and placed on a
Blacklist
When workers formed a union, companies used what to break them>
Lockouts
Unions suffered from the perception that they were
Unamerican
in the 1800’s the ideas of Karl Marx, known as _________ became very influential..
Marxism
What railroad cut their wages for a third time
Baltimore and Ohio
How many railroad workers striked at one time?
80,000
Who opposed strikes preferring to use boycotts?
Knights of Labor
Knights of Labor also supported what
Arbitration
in the spring of 1886 what happend that undermined the reputation of the knights?
the Haymarket Riot
under what strike did a federal court issue an injuntion, directing the union to halt the boycott
Pullman Strike
What does (AFL) stand for?
American Federation of Labor
Who was the first president of the AFL
Samuel Grompers
THE AFL had three main goals..
1 Push for closed shop
- promoted 8 hour work day
- tried to convince companies to recognize unions and agree to collective bargaining.
In 1905, a group of labor radicals created the what?
(IWW) Industrial Workers of the War
by 1900 women made up what percent of the workforce?
18
One of the most famous labor leaders of the era was….
Mary Harris Jones
In 1900 what two types of immigrants worked in the clothing business in New York City and founded the International Ladies’ Garment Workers Union
Jewish and Italian
In 1903, Who established the Womens’ Trade Union League
Mary Kenney O’Sullivan, Leonora O’Reilly, Jane Adams, and Lillian Wald
used for making high-quality steel efficiently and cheaply
Bessemer Process
Agreements to amintain prices at a certain level
Pools
When a company owns all of the different businesses on which id depends for for its operation
Vertical Integration
became on of the most successful retail chains in American History
Woolworth’s
When a single company achieves control of an entire market
Monopoly
Loans, Mortgages, and taxes are examples of a companys…
fixed costs
Combining many firms engaged in the same type of business into one corporation is called
horizontal integration
N.W. Ayer and Son developed bold new formats for what.
advertising
Process whereby an impartial third party helps workers and management reach an agreement
Arbitration
a rise in the value of money
Deflation
First national assciation dedicated to women’s labor issues
Women’s Trade union League
Unions limited to people with specific skills
Trade Unions
First nationwide union
Knights of Labor
What did several railroads announce in July of 1877 that Triggered the first nationwidelabor protest?
Wage Cuts
The first leader of the American Federation of Labor, Samuel Grompers, believed that unions should stay out of
politics
Workers who tried to organize a union or strike were often fired and placed on a list called the
Blacklist
Who claimed that after a worker’s revolution, the government would seize all prive property and create a socialist society>
Marxists.
