History 3 Flashcards
Labor Force
workers of a particular industry, organization, or population who are able to work
Industrialists/ Entrepreneurs
Andrew Carnegie and Rockefeller, Carnegie helped expand the steel tycoon by making it more accessible and cheaper. Rockefeller helped expand the oil tycoon by investing in it and making more industries with oil.
Inventors/Inventions
Thomas Edison is the inventor of the lightbulb the lightbulb was an exceptional invention as it helped many people not have to use a lantern as a light source anymore. The new invention of the car meant that horses are no longer needed as much for transportation.
Natural Resources
Resources that can be found in nature itself.
Transportation
The invention of the automobile.
Laissez Faire
the idea that the free market, through supply and demand, will regulate itself if the government doesn’t interfere.
Social darwinism
an idea based on Charles Darwin’s theory of evolution, that the best-run businesses led by the most capable people will survive.
Vertical and Horizontal Intergration
a corporate expansion strategy that involves controlling
each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping
Captains of Industry
Positive impact as it used wealth to help Americans. Provided jobs, helped economic growth, was considered to be a hero, and raised standards of living for workers.
Robber Barons
Negative impact because it was mainly out for their own gain, ruthless, corrupt, too much wealth, should be controlled, unequal distribution of wealth, and treating others unfairly (mainly workers).
Monopoly
This varies but most of the time it is negative because it’s a company that completely dominates a particular industry.
Philanthropist
a person that donates money to support worthy causes
Sherman Antitrust Act
in 1890, it was a law that outlawed trusts, monopolies, and other forms of business that restricted trade.
Andrew Carnegie
he was the founder of the Steel industry and helped popularize it while having cheap and affordable prices. He also helped fund libraries, paid for thousands of church organs in the U.S. and around the world, and he helped establish many colleges and schools.
John D. Rockefeller
became one of the world’s wealthiest men and a major philanthropist. He helped the oil industry in which everything dealt with oil.
JP Morgan
an investment banker who dominated the corporate finance industry on Wall Street all the way to Gilded Age.
Blacklists
A list of people disliked by business owners because they were leaders in the Union. Often would lose their jobs, be beaten up, or even killed.
Yellow Dog Contract
A written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.
Scab
New immigrants who would replace strikers and work for less pay. Often violence would erupt between strikers and scabs who were trying to cross picket lines to work.
Collective Bargaining
A negotiation between an employer and labor union where they sit down face to face and discuss better wages, etc.
Triangle Shirtwaist Factory Fire
The factory burned down and killed 146 workers on March 25, 1911. The exit doors had been locked leading workers to jump to their death.
Rose Schneiderman
Rose was a woman born in Poland and became a union leader in New York City. After the 1911 Fire of the Triangle Shirtwaist Factory, she worked as a leader with the International Ladies Garment Workers Union.
