This is a process in which a union negotiates with employers to improve conditions for workers.
What is collective bargaining?
100
"Though I grew up relatively poor in Scotland, I ended up being the richest man in the world at one time due to my steel empire."
Who was Andrew Carnegie?
100
Due to a lack of fair & balanced leadership, these people felt our society would be better off with no government at all.
Who are anarchist?
100
1869, open to All trades/races/genders, Terrence Powderly
Who were the Knights of Labor?
100
This business practice is a legal entity that allows a business to be owned by a group of people
What is a corporation?
200
This law outlawed any combination of companies that restrained interstate trade or commerce
What was the Sherman Anti-Trust Act?
200
"Need some oil refined huh...well since I owned 90% of the industry at one time I would be your man to do that."
Who was John D. Rockefeller?
200
This is an economic system in which capital assets are privately owned and items are brought to market for profit.
What is capitalism?
200
1892 Pittsburg, cut wages, Frick & Carnegie
What was the Homestead Strike?
200
This is when one business dominates one entire industry
What is a monopoly?
300
This economic strategy allows businesses to operate freely with little to no governmental restrictions.
What is Laissez-Faire economics?
300
"I may be a banker, but when I bought Andrew's company and created U.S. Steel, I probably became the wealthiest man alive...by the way I still have a company today"
What was J.P. Morgan?
300
This legislation attempted to regulate the attempted monopolistic practices of railroads.
What was the Interstate Commerce Act?
300
1886, "craft" union, no women or minorities
Who were the American Federation of Labor?
300
This business strategy allowed companies to reduce costs & charge higher prices to competitors
What was vertical integration/consolidation?
400
This is "survival of the fittest" as it applies to business...it basically says those who are fit (smart, competitive, wealthy, etc...) deserve to thrive in our society.
What is Social Darwinism?
400
"Under my leadership, all could join our Knights of Labor union...even women & blacks"
Who was Terrence Powderly?
400
This law was designed to dissolve monopolies & trusts like Rockefeller's Standard Oil Company.
What was the Sherman Anti-trust Act?
400
1886 national demonstration, 8-hour work day, dozens killed
What was the Haymarket Square Strike/Riot?
400
Rockefeller made millions using this business practice by buying out all the smaller business & creating one large one
What was horizontal integration/consolidation?
500
This is the innovative way in which we discovered to mass produce steel through how it was made (cheaper, more efficient, and stronger) Led to major structures like the Brookly Bridge & the famous Chicago Reliance Building.
What was the Bessemer Process?
500
"You want to join my American Federation of Labor union??? Well you have to be a skilled worker & we don't allow women or any minorities!!!"
Who was Samuel Gompers?
500
This government strategy designed to encourage American's to buy domestically actually backfired on us!
What was the Morrill Tariff?
500
1893 Chicago, wage cuts w/ no decrease in cost of living, Eugene V. Debs
What was the Pullman Strike?
500
As laws were created, some found creative ways around them such as this strategy where companies assign their stock to a board, who combine them into a new organization, paying themselves dividends on profits!