Chapter 4- U.S. History

A business that completely controls a product or a service

monopoly

What did the invention of steel allow?

skyscrapers, elevators, and suspension bridges

Horizontal Integration

A technique used by John D. Rockefeller. Horizontal integration is an act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth.

What focused on specific worker's issues, made up of skilled workers?

AFL

Which union was for skilled workers?

AFL

A tycoon who controlled many different businesses involved in the production of steel

Andrew Carnegie

Who challenged big businesses by organizing the Pullman Strike?

Eugene W. Debs

A steelworkers' strike that resulted in a standoff between workers and Pinkertons

Haymarket Riot

Established to oversee railroads

ICC

A union that included all workers of any trade

IWW

What did the Haymarket Riot cause?

Knights of Labor to end

Vertical Integration

Practice where a single entity controls the entire process of a product, from the raw materials to distribution

An oil tycoon who combined many firms into one to decrease costs

Rockefeller

Who started the AFL?

Samuel Gompers

Why were big business leaders considered by some as captains of industry?

They effected the industry greatly and provided jobs

Invented the lightbulb

Thomas Edison

Cartels

Unions of independent businesses in order to regulate production, prices, and the marketing of goods. Eliminate the competition

A business in which a number of people share ownership

corporations

Monopoly

a market in which there are many buyers but only one seller

What innovation extended workers daily hours?

electricity

In the late 1800's, industrial workers...

employed low waged workers and immigrants

A person who invests in a business to make a profit

entrepreneur

A system for turning out large numbers of products quickly and cheaply

mass production

What did railroads do for industrialization?

materials could be transported & encouraged innovation

As farms became mechanized, what did many farmers do?

moved to urban areas in search of jobs

How did Capitalism fuel industrialization?

people believed they could climb to wealth

What led to the execution of 4 anarchists and a decline in the Knights of Labor?

protestors and strikers in Hayward Square

A small, hot, dirty workhouse

sweatshops

What advantage did corporations have?

they had many on their sides and they lost no more than they invested

Why did workers tolerate poor working conditions and low pay?

they had nothing else and believed they could climb to wealth

Why was the ICC started?

to oversee railroad operations