Chapter 16 Key Terms Flashcards
Second Industrial Revolution
Beginning in the late nineteenth century, a wave of technological innovations, especially in iron and steel production, steam and electrical power and telegraphic communications, all of which spurred industrial development and urban growth.
Standard Oil Company
Corporation under the leadership of John D. Rockefeller that attempted to dominate the entire oil industry through horizontal and vertical integration.
monopoly
Corporation so large that it effectively controls the entire market for its products or services.
trust
Business arrangement that gives a person or corporation (the “trustee”) the legal power to manage another person’s money or another company without owning those entities outright.
holding company
Corporation established to own and manage other companies’ stock rather than to produce goods and services itself.
Carnegie Steel Company
Corporation under the leadership of Andrew Carnegie that came to dominate the American steel industry.
J. Pierpont Morgan and Company
An investment bank under the leadership of J. Pierpont Morgan that bought or merged unrelated American companies, often using capital acquired from European investors.
laissez-faire
An economic doctrine holding that businesses and individuals should be able to pursue their economic interests without government interference.
Knights of Labor
A national labor organization with a broad reform platform; reached peak membership in the 1880s
Haymarket Riot (1886)
Violent uprising in Haymarket Square, Chicago, where police clashed with labor demonstrators in the aftermath of a bombing.
American Federation of Labor
Founded in 1886 as a national federation of trade unions made up of skilled workers.
Homestead Steel Strike (1892)
Labor conflict at the Homestead steel mill near Pittsburgh, Pennsylvania, culminating in a battle between strikers and private security agents hired by the factory’s management.
Pullman Strike (1894)
A national strike by the American Railway Union, whose members shut down major railways in sympathy with striking workers in Pullman, Illinois; ended with intervention of federal troops.
