Vocab 17 Flashcards
Henry Ford
Who- Engineer
What- Produced the first car.
Where- USA
When- 1896
Why- Revolutionized the American automobile industry and changed American society and culture by doing so.
Frederick Winslow Taylor/Scientific Management
Who- Frederick Taylor
What- Had controversial ideas about industrial work where the employer would divide up tasks which would speed up production and make workers more interchangeable.
Where- USA
When- early 20th century
Why- It was more productive.
Vertical Integration
Who- Andrew Carnegie
What- Taking over all the different businesses on which a company relied on for its primary functions
Where- USA
When- 1890’s
Why- Corporations were becoming bigger and this was a way for them to grow and possibly save money.
Andrew Carnegie
Who- Business man
What- A Scottish immigrant who opened his own steal works company and then became super rich with railroads.
Where- USA
When- 1873
Why- He grew his company up from the bottom and became super freaking rich.
J.P. Morgan
Who- Andrew Carnegie, Banker
What- Combined Andrew Carnegie’s company with his and made the United States Steel Company.
Where- USA
When- 1901
Why- For industrial growth at the time.
Limited Liability
Who- Entrepreneurs, Investors
What- People purchasing a stock of a company that they are not involved so they only hurt a little bit of the money and are not affected if the company has debt.
Where- USA
When- 1830’s-1840’s
Why- It was a good investment for people because they had little risk and it let business owners make great projects with that money.
Holding Companies
Who- Investors
What- Allowed companies to buy up other companies.
Where- New Jersey
When- 1889
Why- The corporation laws changed in New Jersey so they were able to do this
Horizontal Integration
Who- Corporations
What- Combining of a number of firms engaged in the same enterprise into a single corporation.
Where- USA
When- late 1800’s
Why- Industrialism and growth in a corporation
Trusts
Who- J.P Morgan
What- Stock holders in individual corporations transferred their stocks to a small group of trustees in exchange for shares in the trust.
Where- USA
When- 1880’s
Why- Because of the failure of the pool system.
Adam Smith
Who- Social Darwinist
What- Said that there was the law of supply and demand.
Where- USA
When- late 19th century
Why- Social Darwinism was popular then, and the law of supply and demand reflected classical economics.
Gospel of Wealth
Who- Andrew Carnegie
What- People with great wealth had great responsibility as well. There was a book about it
Where- USA
When- 1901
Why- Because of social Darwinism and that rich people had to help society advance.
Social Darwinism
Who- Charles Darwin
What- Only the fit survive and thrive in the market place of society.
Where- USA
When- Late 19th century
Why- The idea that the law of evolution is reflected in the marketplace.
Horatio Alger
Who- Famous writer
What- Started off poor and then became rich.
Where- USA
When- 19th century
Why- He promoted the story that people could start at the bottom of the social ladder and climb all the way to the top.
Grotesque Luxury (Conspicuous Consumption
Who- Vanderbilts, the one percent
What- Lived in a life of extreme luxury and had so much money cuz of monopolies
Where- USA
When- 19th century.
Why- They controlled 88% of the nation’s assets.
National Labor Union
Who- William H. Sylvis
What- Grouped labor Unions together and tried to give craft laborers working rights.
Where- USA
When- 1866
Why- Because wages were low and work conditions were bad.
American Federation of Labor
Who- People in trades/crafts
What- Represented skilled workers in a Union
Where- USA
When- 1881
Why- Fought for labor rights for the people working in crafts.
Knights of Labor
Who- Uriah S. Stephens, Leonora Barry
What- First national labor organization. Were very big and preformed strikes as they got bigger.
Where- USA
When- 1869
Why- Wanted 8 hour days and no child labor. Looked to reform the economy
Haymarket Bombing
Who- McCormick Harvest Company
What- Laborers on strike threw a bomb at police officers who had been harassing them and killed 7.
Where- Chicago
When- 1880’s
Why- The police had been harassing the strikers. Destroyed the Knights of Labor.
Homestead Strike
Who- AFL, Henry Clay Frick
What- Wages were cut repeatedly which led to a strike that was very violent and led to a battle between guards and strikers and pinkertons.
Where- Homestead, Pennsylvania
When- 1880’s
Why- Because the Homestead place refused to acknowledge the Union and kept cutting wages.
Samuel Gompers
Who- Leader of the AFL
What- Was against women working, his goal was to secure workers a greater share of capitalisms material reward
Where- USA
When- 1880’s
Why- He was an important leader of the AFL
Eugene V. Debs
Who- American Railway Union
What- Encouraged striking by refusing to use Pullman cars and equipment.
Where- USA
When- 1893-1894
Why- Pullman Company was cutting wages and not lowering rents for workers.
Pullman Strike
Who- Pullman Company, Eugene Debs
What-Railroad workers wouldn’t work with Pullman cars/equipment, fed gov got involved and sent troops out to make them work.
Where- USA
When- 1894
Why-Pullman Company was cutting wages and not lowering rents for workers.
Women’s Trade Union League
Who- Women in Unions
What- Tried to secure protective legislation for women workers because they couldn’t unionize effectively.
Where- USA
When- 1903
Why- AFL didn’t really recognize women so they made their own union that didn’t really end up working out.
