Vocab
Complete control of a product or business by one person or group
Monopoly
Identify at least 2 industries that were important to the Gilded Age
Oil, steel, railroads, electricity, banking
Identify 2 main issues when it comes to the conditions of poor people in
Poor sanitation, long hours, low wages, child labor, pollution
Identify at least 2 reasons why labor unions formed.
Workload
Disconnect with owner/manager
Working conditions- safety
Child labor
Length of work day
What was the Sherman Antitrust Act designed to do?
Break up monopolies
A person who starts up and takes on the risk of a business
Entrepreneur
John Rockefeller was in charge of what industry?
Oil
Why was child labor so widespread?
Children could be paid less and they would not organize to get what they needed
Why did labor unions want an 8 hour workday?
Would allow people to do other things.
8 hours at work, 8 hours for leisure, 8 hours of rest.
How was the Sherman Antitrust Act used in the first decade of it being put in place?
Used to break up labor unions and not monopolies. did not do what it was supposed to do.
to refuse to work in order to force an employer to meet certain demands
Andrew Carnegie was in charge of what industry?
Steel
Where did most poor people live and what were the conditions like?
Tenements. Cramped, cold, hot, no ventilation, no indoor plumbing.
what were 2 strategies labor unions used to try and get their way?
Strikes, collective bargaining, protests, pickets, boycotts.
Identify 2 things monopolies did to hurt the economy.
Price gouging, limiting output, colluding with other companies, hoarded resources and goods.
negotiation of wages and other conditions of employment by an organized body of employees.
Collective Bargaining
Why did wealthy business owners start to share their wealth with their communities?
Tried to help improve their image
What was the water situation like in the cities and why was it difficult?
People had to get it from public pumps and a lot of times they spread diseases
What were at leats 2 things business owners did to slow down labor unions?
Threats, political actions, legal actions, bad contracts, sent in troops.
What person stepped in to break up monopolies?
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Labor Union
What is one difference between Robber Barons and Captains of Industry?
Robber Barons were looked at as the bad guys
Captains of Industry were looked at as better people.
Why did some people want to try socialism during the Gilded Age?
They were tired of everything not being fair and being treated poorly.
Why did labor unions start to lose power?
Economic struggles, lack of organization, people couldn't agree on things.
Monopolies were determined to ruin what?
The free market