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
