Industrialization Part 1
Process of buying out all suppliers of an industry.
What is vertical integration?
When businesses producing similar products join.
What is oligopoly?
Name given to rich industrialists for their ruthless tactics.
What is a Robber Barron?
First large scale national organization for laborers.
What is the National Labor Union
(NLU)?
Economic system based on GOVERNMENT control of business and property.
What is socialism?
Process of buying out all competitors within an industry.
What is horizontal integration (consolidation)?
When one corporation buys out the stock of another.
What is a merger?
People should be allowed to make as much money as possible, but then should pass it along to worthy causes.
What is the Gospel of Wealth?
Settlement of disagreements by an impartial person.
What is arbitration?
Believed in reaching all workers skilled and unskilled. Movement led by Eugene Debs
What is industrial unionism?
Theory that stated, the process of natural selection weeded out the weak and allowed only the strong to survive.
What is Social Darwinism?
Having complete control over an industry’s production, wages, and prices.
What is a monopoly?
Movement seeking to advance the interests of laborers and farmers that gave rise to the (peoples party)
What is the Populist Party?
Union open to all workers regardless of race or gender. Lead by Terrance Powderly.
What is the Knights of Labor?
German philosopher who wrote Communist Manifesto.
Who is Karl Marx?
Industrialist who monopolized the steel industry.
Who is Andrew Carnegie?
When companies turn their stock over to a group of trustees who run many companies as one large one.
What is a trust?
Any attempt to interfere with free trade by forming a trust was illegal.
What is Sherman Anti-trust Act?
Union that included all skilled workers from many types of industries. Like the American Federation of Labor started by Samuel Gompers.
What is Craft Unionism?
These are major labor strikes.
What are the Great strike of 1877, Haymarket Affair 1886, Homestead Strike 1892, and Homestead Strike 1892.
Belief that the government should stay out of economic affairs. (hands off)
What is Laissez faire economics?
Industrialist who monopolized the oil industry.
Who is John D. Rockefeller?
Long Hours, low pay, and harsh working conditions lead to this.
What factors caused workers to unite?
Group negotiations to reach written agreements between workers and employers.
What is collective bargaining?
Refusing to negotiate, forbidding meetings, firing union members, and yellow dog contracts were seen as this.
What were ways management worked to weaken the influence of labor unions?