Chapter 4 Test Flashcards
Cornelius Vanderbilt
Railroad industry- He invested in growing the railroad industry, he accumulated the largest fortune in the U.S. at the time of his death.
John D. Rockefeller
Oil Industry - He built his first oil refinery near Cleveland and in 1870 he incorporated the Standard Oil Company. he had a near monopoly of the oil business in the U.S.
Andrew Carnegie
Steel Industry - He invested in the Steel industry and he made millions, he increased his power by gaining control of many different businesses.
Samuel Gompers
American Federation of Labor - He sounded and served as the first president of AFL. He advocated for simple and pure unionism, the idea that Labor unions should fight for better working conditions. Created the American Federation of Labor.
Eugene V. Debs
American Railway Union - One of the founders of the Industrial workers of the world. One of the leaders Of the Pullman strike.
Yellow Dog Contract
Union - Contract between an employee and an employer that states the employee will not join a Labor union
J.P. Morgan
Banking Industry -He was one of the most famous bankers in his era, he finances railroads and helped organize U.S. steel, General electric and other major corporations
Political Bosses
Political Machine - A boss that controls the union of a political party. people who wanted to control a business industry but didnt didn’t want their name to be connected to the business.
Collective Bargaining
Union Term - Collective bargaining is when a group of employees join together to negotiate things such as salaries, working conditions, and other aspects of compensation/rights between employers. one person represents the whole group
Knight Of Labor
Union - this began as a secret society of tailor in Philadelphia 1869, they sought eight hour work days, equal pay for equal work, graduated income, tax and to abolish child labor. created for unskilled citizens that were in desperate need of work.
Laissez Faire
Policy - these policies allowed businesses to operate under minimal government regulation, transactions between private parties are absent of any government intervention
Methods Used by Unions
Boycotting, Striking, Picketing, Rioting.
Scab
A person employed to a business that does not participate in the strike set by the Labor union.
Holding company
A company who’s business is to be in charge of other companies. They usually do not produce any goods or services themselves.
Merger
Combining two or more organizations.
