Chapter 5 Industrialization 1865-1901 Flashcards
“Let people do as the please.”
Laissez-faire
An organization owned by many people but treated by the law as it was one person.
Corporation
Used vertical integration to control US steel production.
Andrew Carnegie
When a company owns all parts of the industrial process.
Vertical Integration
Used horizontal integration to control oil and oil refineries .
John D. Rockefeller
When one company grows by buying up its competitors.
Horizontal Integration
A legal agreement in which one person manages another person’s property.
Trust
A union that unites all workers in a particular industry.
Industrial Unions
A union that unites all craft workers in a particular industry.
Trade Unions
When workers were locked out from their work and not paid.
Lockouts
Founded in 1869, this union opposed strikes, but preferred boycotts instead.
Knights of Labor
A third party helps to reach an agreement between employers and workers.
Arbitration.
A formal court order directing the union to halt their boycott.
Injunction
Union formed in the late 1800s focused on promoting the interests of skilled workers.
American Federation of Labor (AFL)
First president of the American Federation of Labor (AFL)
Samuel Gompers
Abundant natural resources; cheap immigrant labor force; high tariffs reduce the import of foreign goods; national transportation and communication networks.
Causes of Industrialization
Little or no government intervention; development of pools, trusts, holding companies, and monopolies; small businesses could not compete with economics of scale of larger businesses; practices of some big business sometimes limited competition.
Causes of the Growth of Big Business
Rural migration and immigration created large, concentrated workforce; low wages, long hours, and dangerous working conditions were common in large-scale industries; first large unions formed but had little bargaining power against larger companies.
Effects on the Workplace
