Chapter 19 The Incorporation of America Flashcards
What did Herbert Spencer believe?(3)
- > competition was “the law of life” and resulted in the “survival of the fittest” in human society
- > laissez faire
- > financial traits are inheritted
What was the idea behind rugged individuals?
a true individual will solve his/her own problem and does not need the government to help
What term did Mark Twain use to describe this time period?
the Gilded Age
What are Robber Barons
industrial leaders who were considered to be “robbing” from the people for their own profits
What are Industrial Statesmen?
industrial leaders who is improving society
What is horizontal integration?
a monopoly of a single product for an entire market
What is vertical integration?
a monopoly of an entire production for a single product
What are pools?
3 or 4 members who divide a market so everyone makes a profit
What are trusts?
a board that is a combination of several companies that makes decisions for all companies to maximize profit.
What are interlocking directorates?
boards of directors of different companies having sufficient members in common to ensure that the companies involved are under the same control by buying stocks
What is the original purpose of oil?
lamp fuel
What is Frederick W. Taylor the father of?
Scientific Management
What was the first U.S. nation wide union?
National Labor Union
Who was Terrance V. Powderly?
the head of the Knights of Labor
What did knights of labor promote?
an 8 hour workday