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Vertical Integration
Owning businesses involved in each step of manufacturing
Horizontal Integration
Owning all businesses in a certain field
Trust
Grouping together of companies
John Rockefeller
Businessman, owned 90% of oil business, horizontal integration
Andrew Carnegie
Steel production, monopoly, bought coal mines and fields, donated to charity
Philanthropy (Gospel of Wealth)
Giving money to the needy - the wealthy have a duty to help the poor
Sherman Antitrust Act
Outlawed monopolies and trusts
Monopoly
Owning all of one type of industry
Knights of Labor
First national labor union that included everyone, wanted 8 hour work day and worker ownership
American Federation of Labor
Wanted higher wages, less hours, better work conditions, individual unions around the US, skilled workers only
Samuel Gompers
Founded the American Federation of Labor
Dust Bowl
Dust storms in the Great Plains destroyed farm life
Suburbs
Residential neighborhoods outside of downtown areas
Melting Pot (Theory of Immigration)
Immigrants will give up their culture and "melt together" to become part of US culture
Black Tuesday
1920 US Stock Market Crash, one year of profit lost in a day
Causes of Great Depression
Stock market crash, bank failure, collapse of world trade
Hoover and the Great Depression
Couldn't end it, believed government shouldn't help people, RFC loaned money to help businesses
Franklin D. Roosevelt
1932 President, Brain Trust trying to end Great Depression, created programs for farmers
New Deal
To battle the Great Depression, raising taxes, overspending, restore confidences in banks, jobs, FERA
Hundred Days
First hundred days of Roosevelt's presidency, special congress session
Emergency Banking Act
Right to regulate banks
Federal Deposit Insurance Corporation
Insured deposits in bank accounts
Works Progress Administration
Supplied paid jobs, built up schools, roads, parks, hospitals
Social Security Act
1935, pension system, cash benefits for unemployed, women with children, old people, disabled people
Judicial Procedures Act/Court Packing
President can appoint Supreme Court Justices, allows president to fill court with their own judges