Section 4
a theory that history is a struggle between classes and capitalism will eventually fail
Marxism
a neutral third party decides a dispute
arbitration
a person who owns shares in a company and therefore gets part of the company's profits
shareholder
Wealthy industrialist philanthropist who dominated the steel industry
Andrew Carnegie
these were formed through practices like horizontal integration (buying competing firms), vertical integration (controlling all stages of production), and predatory pricing (driving out rivals by lowering prices)
monopolies
After the Civil War, Their roles were more diversified into industrial, professional and ag sectors?
Women
When an employer agrees to only hire union workers
Closed shop
a recurring business expense that remains constant over time, and does not change with the volume of goods or services produced. For example rent or salaries.
fixed cost
this changed from simple salesmanship to a sophisticated modern industry focused on national branding
advertising
they feared monopolies and their price gouging and reduced product quality
consumers
dangerous working conditions, low wages and power imbalance let to the rise of this
Unions
when a person is barred from employment because of their participation in a union
blacklist
day to day costs to run a business
operating costs
Industrialists like Rockefeller and Carnegie had this advantage where their one firm dominated the market, so there was no competition
monopoly
their characteristics include, large scale and the ability to achieve market power
Big Business
a federation of skilled trade unions that wanted economic gains for its skilled members through collective bargaining
AFL American Federation of Labor
derogatory term for one who crosses a picket line or takes a job to sub for a striking worker
Scab (strike breaker)
agreements to reduce competition and fix prices between competing firms
pools
a legal and organizational tool used to create monopolies by consolidating multiple companies under single management to control production and prices
trust
this drives lower prices, higher quality products, innovation and consumer choice
competition
an inclusive labor organization that aimed for broad social reform and included all types of workers
Knights of Labor
the employer or company closes in order to combat unions and avoid making concessions
lockout
businessman and philanthropist who owned Standard Oil Company
John D Rockefeller
business structure that owns controlling stock in other companies
holding company
product quality, price, customer experience and branding are ways in which a company can do this
compete