II Flashcards
Andrew Carneige
Innovator and founder of Carneige Steel Company w/invention of “bessemer converter”. Mill did smelting, refining, & rolling in one unified operation. made monopoly off steel industry.
Standard Oil Trust (1882)
small oil companies sold stock and authority to Rockefeller’s standard oil comp (consolidation) & cornered world petroleum market
John D. Rockefeller
Founder of standard oil comp and used survival of the fittest to dominate
Vertical integration
beginnings of trusts (destruction of competition); controls every aspect of production (control quality, eliminate middlemen - Rockefeller)
Horizontal integration
consolidating w competitors to monopolize a market (v detrimental)
Sherman Anti-Trust Act (1890)
tried to dissolve trusts and stop monopoly businesses to protect consumers by keeping prices low & quality high. also prohibited anything that tried to restrict foreign commerce.
United States vs EC Knight Comp
decision under Sherman where Anti-Trust Act was shot down by Supreme Court - sugar refining was manufacturing rather than trade/commerce (decided anti-trust act could not apply to manufacturing)
National Labor Union (1866)
founded by William Sylvis which supported 8-hour workday, convict labor, federal department of labor, banking reform, immigration restrictions to increase wages, women; excluded blacks
Knights of Labor (1869)
one of the most important American labor organizations of the 19th century. Founded by seven Philadelphia tailors in 1869 and led by Uriah S. Stephens, its ideology may be described as producerist, demanding an end to child and convict labor, equal pay for women, a progressive income tax, and the cooperative employer-employee ownership of mines and factories. Leaderships under Powderly, successful with Southwest Railroad System, failed after Haymarket Riot
Terrence V. Powderly
Leader of Knights of Labor 1874 who Persuaded the pope to remove sanctions against Catholics who joined unions, believed works should be able to own & operate factories, mines/railroads, included women, blacks & hispanics
American Federation of Labor (1886)
craft unions that left the Knights; led by Samuel Gompers, women left out of recruitment efforts & pitted whites against blacks & chinese
Samuel Gompers
Union leader and president of the American Federation of Labor (AFL) who focused on concrete economic gains, avoiding involvement with utopian ideas or politics.
Yellow Dog Contracts
fearing the rise of labor unions, corporations forced new employees to sign and promise not to be part of a union
Pinkertons
detectives hired by employers as private police force, often used to end strikes
Chinese Exclusion Act (1882)
10-year moratorium on Chinese immigration to reduce competition for jobs (Chinese willing to work for cheap salaries)
Haymarket Bombing (1886)
bomb thrown at protest rally, police shot protestors, caused great animosity in employers for workers’ unions
Eugene V. Debs
led railroad workers in Pullman Strike (1894), arrested; Supreme Court (decision in re Debs) legalized use of injunction (court order) against unions and strikes
Social Darwinism
natural selection applied to human competition, advocated by Herbert Spencer, William Graham Sumner
Henry George, Progress and Poverty
single tax on speculated land to ameliorate (to make better) industrialization misery
Edward Bellamy, Looking Backwards (novel)
state-run economy to provide conflict-free society
Karl Marx, Das Kapital
working class exploited for profit, proletariat (workers) to revolt and inherit all society
Thomas Edison
American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures
Louis Sullivan
led architectural movement to create building designs that reflected buildings’ functions, especially in Chicago
Interstate Commerce Act
created Interstate Commerce Commission to require railroads to publish rates (less discrimination, short/long haul), first legislation to regulate corporations, ineffective ICC