Unit 2 Flashcards
American Federation of Labor (AFL)
an alliance of trade and
craft unions, formed in 1886.
Andrew Carnegie
industrialist, and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history
assembly line
a series of workers and machines in a factory by which a succession of identical items is progressively assembled
Bessemer process
a cheap and efficient process
for making steel, developed around 1850
boss tweed
referred to as “William Marcy Tweed”, and widely known as “Boss” Tweed – was an American politician most notable for being the “boss” of Tammany Hall, the Democratic Party political machine that played a major role in the politics of 19th century New York City and State
Federal Reserve Act
established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system
horizontal integration
the merging of companies that make similar products
John D. Rockefeller
American industrialist and philanthropist, founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust.
JP Morgan
co-founded the banking firm that became J.P. Morgan & Co. in 1871, and in the 1880s he established himself as a power player in the country’s railroad industry
Knights of Labor
the first important national labour organization in the United States, founded in 1869
laissez-faire
a policy or attitude of letting things take their own course, without interfering
mass production
the manufacture of large quantities of standardized products often using assembly lines or automation technology
monopolies
the exclusive possession or control of the supply of or trade in a commodity or service
political machine
an organized group that controls a political party in a city and offers services to voters and businesses in exchange for political and financial support
robber baron
a person who has become rich through ruthless and unscrupulous business practices
