indistrialization Flashcards
railroads did what for america
improved the economy
railroad companies created time zones
allowed people to ship goods
robber barons
wealthy and powerful 19th century american businessmen
-industrialists whose business practices were ruthless and unethical
captains of industry
a business leader whose means of amassing a personal fortune contributed positively to the country in some ways
who were the robber barons
carnegie
vanderbilt
carnegie
vertical integration
someone controls the process from start to finish
the firms buys up all aspects of production process from raw material to distribution
example netflix makes their OWN tv shows
make their own components of process
horizontal integration
big firms buy up small firms
buying related whole businesses
buying direct competitors
eliminates competition
unsung heroes of industrialization
workers
laissez faire
hands off capitalism
they let the companies do what they wanted to do
government assumed the companies would self regulate
social darwinism
natural selection enabled best suited people to survive
that’s is why rich were rich and poor were poor
an excuse for monopolists or robber barons ruthless behavior
good business prosper sick businesses fail
difference between robber baron and captain of industry
carnegie
steel
j.p. morgan
banking
evnatually bought carnegie steel and turned it to US steel
bailed us gov out of economic depression
rockefeller
oil industry
standard oil controls 90%
used vanderbilt for railroads - transportation
what are trusts
competing companies put control of their business under a single group of trustees
monopoly
complete control over their industry production, wage, and prices
sherman antitrust act
and it’s problems
made it ilegal to form a trust
forbids restricting of trade and competition
problem: lacked specific terms of what monopoly is and government is still laissez faire
what is industrialization
the shift from doing things by hand in small batches to mass production using machinery
how do factories change work life
more work done in factories than at home
women able to leave homes and get jobs -kids were independent
work goes from skilled to unskilled labor(due to machines)
the gilded age
shiny and nice in outside but has problems in there inside
a demonstration of our society and government due to monopolies, laissez faire and social darwinism
vanderbilt
dominated railroad industry particularly in the north
panic of 1893
over speculation
too many people gambling on making more money
les to economic depression
labor unions created to
protect workers negotiate wages negotiate work hours improve work conditions sometimes had strikes but tried to avoid them
on strike unions would pay workers and give them resources like food
IWW industrial workers of the world
most radical union- open to ANY industrial worker
collective bargaining
as a group you have a more powerful voice
what we did in class
negotiations between labor and management tow in higher wages
samuel gompers
founder of american federation of labor
worked collaboratively w management so less strikes
