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US History II > Chapter 13 > Flashcards

Chapter 13 Flashcards

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1
Q

Protective Tariff

A
  • Government tax on imported goods making the pricehigh enough to protect domestic goods from foreign competition
  • Drives people to buy domestic goods
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2
Q

Laissez-Faire

A
  • Lenient, as in the absence of government controlover private business
  • Businesses can operate under minimal government control
  • Economic system that would like this: Capitalism
  • Communists or Socialists would not like this
  • Cannot happen today (FDA)
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3
Q

Patent

A

-Official rights given by the government to an inventorfor the exclusive right to develop, use, and sell aninvention for a set period of time

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4
Q

Thomas Edison

A
  • 1876: Inventor
  • Supported by J.P. Morgan
  • Created a laboratory in Menlo Park, New Jersey where he received thousands of patents for new inventions
  • Invented the light bulb
    - Lit sections of entire sections of cities within a few years
  • Others improved upon his work
    - George Westinghouse: figured out how to send electricity over long distances
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5
Q

Bessemer Process

A
  • Method developed in the mid-1800s formaking steel more efficiently
  • Steel was created by Henry Bessemer
  • Used in construction of buildings, bridges
  • Skyscrapers become prominent in urban areas
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6
Q

Suspension Bridges

A
  • Bridge that has a roadway suspendedby cables

- Suspensions are made of steel

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7
Q

Time Zones

A

-Any of the 24 longitudinal areas of the worldwithin which the same time is used

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8
Q

Mass Production

A
  • Production of goods in large numbersthrough the use of machinery and assembly lines
  • Any person could join an assembly line because little skill was needed (people easily replaceable)
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9
Q

Corporation

A

-Company recognized as a legal unit that hasrights and liabilities separate from each of its members
-Shared risk in money loss
-Economic problems occur: people don’t loose any more than they put in
Joint Stock Company: Virginia Company (founded Jamestown)

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10
Q

Monopoly

A

-Exclusive control by one company over an entireindustry
-You can control your on prices, cut costs, and raise profit
-Hurt the consumer
-Monopolies are illegal in the United States now
Ex: Microsoft Windows

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11
Q

Cartel

A
  • Association of producers of a good or service thatprices and controls stocks in order to monopolize themarket
  • Ultimate monopoly
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12
Q

John D. Rockefeller

A
  • Oil Tycoon
  • Made deals with railroads to increase his profit
    • Other oil people couldn’t ship their oil
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13
Q

Horizontal Integration

A

-System of consolidating manyfirms in the same business

Ex: Rockefeller formed Horizontal businesses

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14
Q

Andrew Carnegie

A
  • Immigrant
  • By the time he was 40: wealthy investor and nations most successful steel maker
  • Established many charitable organizations
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15
Q

Social Darwinism

A
  • The belief held by some in the late nineteenthcentury that certain nations and races were superiorto others and therefore destined to rule over them
  • Survival of the fittest
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16
Q

Entrepreneur

A

-Person who invests money in a product orbusiness with the goal of making a profit

17
Q

Trust

A

-Group of separate companies that are placed underthe control of a single managing board in order to form amonopoly

18
Q

Vertical Integration

A

-System of consolidating firms involvedin all steps of a product’s manufacture

19
Q

Interstate Commerce Commission (ICC)

A
  • First federalagency monitoring business operations, created in 1887to oversee interstate railroad procedures
  • Railroads charged whatever they wanted (hurt consumer)
  • You have to publish the rates so consumers know the cost”
  • Munn vs. Illinois: Made it constitution to regulate business
20
Q

Sherman Anti-Trust Act

A
  • 1890 law banning any trust thatrestrained interstate trade or commerce
  • Eliminates the possibility of monopolies
21
Q

Sweatshops

A
  • Small factory where employees have to worklong hours under poor conditions for little pay
  • Usually produced clothing
22
Q

Collective Bargaining

A
  • Process in which employers negotiatewith labor unions about hours, wages, and other workingconditions
  • Negotiate as a group
23
Q

Company Towns

A
  • Community whose residents rely upon onecompany for jobs, housing, and shopping
  • Rise up around coal mines
  • Company who owned mines would build homes, workers charged rent
  • Town stores
  • Deduct rent, food costs, supply costs from your pay
24
Q

Socialism

A
  • System or theory under which the means of productionare publicly controlled and regulated rather thanowned by individuals
  • Wealth distributed equally
25
Q

Knights of Labor

A
  • Uriah Smith Stephens founded it
  • Labor union that sought to organize allworkers and focused on broad social reforms
  • Strikes failed and eventually group broke up
26
Q

Terrence V Powderly

A
  • Took leadership of the Knights of Labor (made it public)
  • Son of Irish Immigrant
  • Worked menial job before becoming mayor of Scranton, Pennsylvania
  • Wanted to lead workers out of bondage
  • Led strikes with the Knights (failed)
27
Q

Samuel Gompers

A
  • Formed the American Federation of Labor (AFL)

- Poor English immigrant

28
Q

American Federation of Labor (A.F.L)

A

-Labor union thatorganized skilled workers in a specific trade and madespecific demands rather than seeking broad changes

29
Q

Haymarket Riot

A
  • 1886 labor-related protest in Chicagowhich ended in deadly violence
  • Anarchist: Someone who doesn’t believe in a form of government
  • Strikes between labor unions and management
  • Anarchists threw bombs into Haymark
  • Labor unions were blamed for violent (put labor unions in bad light)
30
Q

Homestead Strike

A
  • 1892 strike against Carnegie’s steelworksin Homestead, Pennsylvania
  • Company doesn’t allow them to go on strike
  • Leader of factory was shot
31
Q

Eugene V. Debs

A
  • Led the American Railway Union (A.R.U)

- Worked his way up from a low paying railroad job

32
Q

Pullman Strike

A

-Violent 1894 railway workers’ strike whichbegan outside of Chicago and spread nationwide

US History II (17 decks)

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