Module 3 Flashcards
Who is Edwin L. Drake?
American Petroleum industry pioneer; he drilled the first commercial oil well int he U.S. drawing oil prospectors to the west.
Who is Mary Harris Jones?
Irish-American labor organizer; she helped organize coal miners int he Great Strike of 1877, and led a march of injured children worker to expose the crudities of child labor.
Who is Eugene V. Debs?
Leader of the American Railway Union and supporter of the pullman strike; he was the Socialist Party candidate for president five times.
Who were the Industrial Workers of the World (IWW)
A labor organization for unskilled worked formed by a group of radical unionist and socialist in 1905.
What is the American Federation of Labor? (AFL)
An alliance of trade and craft unions formed in 1886.
What is collective bargaining?
Negotiation between employers and an organized group of employees on conditions of employment such as wages or hours.
Who is Samuel Gompers ?
An American labor leader who helped fund the American Federation of Labor to campaign for workers rights.
What is the Sherman Antitrust Act?
A law enacted in 1890 that was intended to prevent the creation of monopolies by making it legal to establish trust that interfered with free trade.
What is a monopoly?
Having complete control in the marketplace without any outside competition.
What is a trust?
A business organization in which competing companies are under the control of a single group of Trustees.
Who is John D Rockefeller?
An American industrialist and philanthropist he made a fortune in the oil business and use vertical and horizontal integration to establish a monopoly on the oil business.
Who is JP Morgan?
An American Banker he made a fortune taking over and merging businesses built by others building a reputation for turning around mismanaged companies and making them more efficient.
What is horizontal integration?
The merging of companies that make similar products.
What is vertical integration?
A company taking over its suppliers and transportation to gain control over the quality and cost of its product.
What is social Darwinism?
An economic and social philosophy supposedly based on the biologist Charles Darwin’s theory of evolution by natural selection, holding that a system of unrestrained competition will ensure the survival of the fittest.