Vocabulary
Business that is owned by investors
Corporation
This Scottish immigrant settled down in Pittsburgh where he would become a titan in the steel industry. He was very generous with his wealth and believed it was a rich persons duty to give back. Known as a "Captain of Industry"
Andrew Carnegie
This type of business would control most of or all of an industry, leaving little or no competition for other companies
monopolies
Due to unfair pay, long hours, and horrible working conditions, many American's aimed to form these to better advocate for themselves
labor unions
share of an ownership in a corporation
stock
License for a new invention
Patent
This New York born businessman controlled much of the oil industry. He believed competition was wasteful and bought up his competitors.
John D. Rockefeller
This industry benefitted greatly from the Bessemer Process
steel
This fire occurred in March 1911, workers were trapped in the building and nearly 150 people died
Triangle Shirtwaist Factory
Led to more comfortable train travel for patrons taking long trips
Pullman Sleeping Car
workplace where people work for long hours in poor conditions and little pay
sweatshop
This person is credited with inventing the first moving conveyor belt assembly line to allow for quick mass production of his product
Henry Ford
William Vanderbilt and his father Cornelius changed the landscape of America by investing heavily in the development of this industry
Railroads
Prior to this major event in US history, factories were small and family run
The Civil War
This event led to the downfall of the Knights of Labor as an explosive killed multiple police officers during a protest
Haymarket Riot
Process of making large quantities of a product quickly and cheaply
mass production
Leader of the American Federation of Labor (AFL)
Samuel Gompers
This business was a perfect example of a monopoly, as they controlled 95% of all oil refining in the U.S. Owned by John D. Rockefeller
Standard Oil
195 steel workers died in this city in one year
Pittsburgh
the process in which large numbers of people moved from rural areas to cities looking for jobs
method developed in the 1850s to produce stronger steel at a lower cost
Bessemer Process
Elected President of the Knights of Labor in 1879
Terence V. Powderly
This act banned for the formation of trusts and monopolies
Sherman Antitrust Act
America's first major national labor organization, they were known for holding secret meetings
Knights of Labor
this terms describes a system where businesses are owned and operated by private individuals for profit
Free Enterprise System