industrial revolution
Sherman Anti-Trust act
prohibits monopolies
Vertical Integration
Controlling every step of the industrialization process in order to increase efficiency and limit competition
Gospel of Wealth
great wealth brought great responsibility-give back to public -carnegie
Laissez-faire
hands off approach of Gov to big businesses
blacklist
list of workers regarded as a problem at work-union leaders
inventions of the time period
meant to make life easier and increase productivity and wealth
Urbanization
move from the rural area to the cities because of more economic opportunities
trust
other companies assigned stocks to other people to manage them
Haymarket square,homestead strike,pullman strike
strikes turned violent and the government stepped into end the strikes in favor of the owners
samuel gompers
union leader-founded american federation of labor
closed shop
union membership is required in order to work there
child labor
using children to work long hours and in dangerous conditions to save money
monopoly
Business owns all their competition
Role of Government in labor disputes
19th century-owners would have the support of gov would support workers through legislation
interstate commerce act
1st attempt by the US gov to regulate big business-led to the creation of interstate commerce committee
growth of the railroads
1st major business of the US-economy boomed led to the creation of other industries and linked the nation together (TTC)
rise of the unions
abuses by big businesses called for protection of the workers
social darwinism
businesses gaining wealth by survival of the fittest
Andrew carnegie,Cornelius Vanderbilt,John D. Rockefeller,J.P Morgan
captains of industry/robber barons,-Eliminated competition by any means necessary made considerate wealth and philanthropists
Horizontal Integration
dominating phases of production in order to monopolize a market by forming trusts and aligning with competitors
american federation of labor and knights of labor
fought for better conditions through various methods
Clayton Antitrust Act
gov has the power to break up monopolies