Something Flashcards
What major union was formed in 1866 and with
The national labor union was formed to voice opinions of workers and to push for the rights and equal pay and good conditions for laborers
What did laborers want as business owners merged and consolidated forces
Better wages, better conditions, better hours
What was another major union formed in the hope of improving lines of laborers
KLU
Knights of laborers union
What is the difference between the KLU and the NLU
The KLU accepted people of all races genders and skill level.
The KLU used strikes as a last resort and instead advocated talking it out - settlements of disagreement by and impartial person
What did they do when the transcontinental railroad was made
drove a golden spike as the final spike
What type of person did the railroad hire
Mostly poor immigrants (Chinese and Irish)
How did Rockefeller take a different approach to mergers
Undersold competitors and bought them out of bankruptcy
What did wealthy people like Rockefeller and Carnegie do to defend their wealth
Philanthropy
Why was the Sherman anti trust act passed
The government was concerned that expanding that expanding companies would cause monopolies
How was the Sherman antitrust act not enforced
Companies just split up but with one owner
What was the construction company credit mobilier used for
Union Pacific stockholders to take railroad money for themselves
Carnegie produced more what
Steele
What is vertical integration
To buy out all suppliers for full control over quality and cost of product
What is a holding company
A corporation that did nothing but buy out the stock of other companies
Define horizontal consolidation
The merging of companies that make similar products
