Unit 7 Modules 6.3, 6.4, 6.6-6.8 Flashcards
The control of all elements in a supply chain by a single firm. For example, Andrew Carnegie, a steel producer, sought to own suppliers of all the raw materials used in steel production.
Vertical integration
The ownership of as many firms as possible in a given industry by a single owner. John D. Rockefeller pursued a strategy when he bought up rival oil refineries.
Horizontal integration
act outlawing monopolies that prevented free competition in interstate commerce.
Sherman Antitrust Act, 1890
1889 essay by Andrew Carnegie in which he argued that the rich should act as guardians of the wealth they earned, using their surplus income for the benefit of the community.
Gospel of Wealth
someone who became both the heroes and the villains of their age. They engaged in ruthless practices that would lead some to label the new industrialists robber barons, but they also created systems of industrial organization and corporate management that altered the economic landscape of the country and changed the place of the United States in the world, Between 1870 and 1900
Andrew Carnegie
Founded in 1869, a labor federation that aimed to unite workers in one national union and challenge the power of corporate capitalists. more diverse one Helped in the Haymarket Riot
Knights of Labor
1866 rally from Chicago to Illinois that resulted in violence. This was about the federal government failing to enforce its own law (an eight-hour day law). In its aftermath, the union movement in the United States went into temporary decline.
Haymarket Square Riot
Trade union federation founded in 1886. Led by its first president, Samuel Gompers, this sought to organize skilled workers into trade-specific unions.
American Federation of Labor
Term popularized in the 1880s by newspaper editor Henry Grady, a proponent of the modernization of the southern economy in order for this to emerge.
“New South”
Multifamily apartment buildings that housed many poor urban dwellers at the turn of the twentieth century. these were crowded, uncomfortable, and dangerous.
Tenements
Term created by Mark Twain and Charles Dudley Warner to describe the late nineteenth century. It implies the golden appearance of the age was a shell covering corruption and materialism of the era’s superrich under the surface.
Gilded Age
how the lavish spending on goods and services that are acquired mainly for the purpose of displaying income or wealth. In the 1899 book The Theory of the Leisure Class by Thorstein Veblen, he talks about this as the behavioral characteristic of the nouveau riche. While working and living conditions were difficult for poor immigrants, middle-class Americans actually saw their work time decrease. When there was a Rise of Consumer Society.
Conspicuous consumption
an American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and a long-lasting, practical electric light bulb. He also created the world’s first industrial research laboratory and held a world-record 1,093 patents.
Thomas Alva Edison
The belief associated with the late nineteenth and early twentieth centuries and popularized by Herbert Spencer that drew upon some of the ideas of Charles Darwin. Stressing individual competition and the survival of the fittest, this was used to justify economic inequality, racism, imperialism, and hostility to federal government regulation.
Social Darwinism
Russell Conwell’s speech saying that anyone can become rich if they work hard enough, and preached “you ought to get rich, it is your duty to get rich”. The theme of the lecture was that opportunity lurks in everyone’s backyard, and how everyone can and ought to get rich and then use that money for the good of others.
Acres of Diamonds
