Big Business
Who monopolized the oil industry?
John D. Rockefeller
an organization of workers that tries to improve working conditions, wages, and benefits for its members
labor union
Why is a monopoly bad for consumers (people who buy the products that are made)?
--the prices can be increased, because there is no competition
--the product quality can decrease
A wealthy person who tries to get land, businesses, or money in a way that is dishonest or wrong. They don't care about their employees safety and wellbeing, they just want money.
Robber Baron
where a bomb was hurled toward police and police opened fire on demonstrators; numerous on both sides were killed; the response in the press was one that was against unions
Haymarket Riot
The Scottish-born American idustrialist and philanthropist who dominated (monopolized) the American steel industry
Andrew Carnegie
Gilded Age
Why are labor unions good for workers?
--they fight for fair wages (payment for work)
--they fight for fair working hours
--the fight for safe working conditions
this gradually changed the way things were produced---were being hand made and now made by machines
industrialization
steelworker strike near Pittsburgh against Carnegie Steel Comanpany; ten workers killed in a riot when "scab" labor was brought in to force an end to the strike; the result was the union was defeated
Homestead Strike
when a company controls all production and sales of a certain product or service
monopoly
making a large quantity of identical goods that lowered the price of that product
mass production
Why was the assembly line a good thing for consumers?
it led to mass producing products, which led to lower prices of goods
policy that the government should intefere as little as possible, if at all, in a nation's economy (hands off the economy)
laissez-faire
a name that showed insult for a person who didn't join the union and decided to work for low wages instead of "fight" for more rights, safer conditions, and higher wages
scab
John D. Rockefeller became a billionaire after he started this company.
What is Standard Oil Co.
Why did some people see Carnegie and Rockefeller as a Captains of Industry?
--They gave back to the community by building things that were needed, like libraries and community centers.
--They gave large sums of money to the poor.
another name for the Gilded Age
Industrial Revolution
name the positive effects of the Industrial Revolution
--invention of new technology
--assembly line
--increase in jobs
--mass production=lower prices
--more products
a positive term used to describe business leaders during the Gilded Age
a person who gives large sums of money or gifts to charities; a person with a generous nature and concern for human welfare
philanthropist
Why did some people see Carnegie and Rockefeller as Robber Barons?
--The working conditions at their factories were dangerous.
--Workers had to work long hours.
--They had children working for them (child labor).
--They gave very low wages to their workers.
name negative effects of the Industrial Revolution
-dangerous working conditions
-child labor
-long working hours
-low wages
-a wider gap between the rich and the poor