HIST 1302 chapter 17
trust
A business arrangement that gives a person or corporation (the "trustee") the legal power to manage another person's money or another company without owning those entities outright. (page 702)
holding company
A corporation established to own and manage other companies' stock rather than to produce goods and services itself. (page 702)
National Labor Union
A federation of labor and reform leaders established in 1866 to advocate for new state and local laws to improve working conditions. (page 715)
Knights of Labor
A national labor organization with a broad reform platform; reached peak membership in the 1880s. (page 716)
Pullman Strike
A national strike by the American Railway Union, whose members shut down major railways in sympathy with striking workers in Pullman, Illinois; ended with intervention of federal troops. (page 721)
Industrial Workers of the World
A radical union organized in Chicago in 1905, nicknamed the Wobblies; its opposition to World War I led to its destruction by the federal government under the Espionage Act. (page 726)
Great Railroad Strike of 1877
A series of demonstrations, some violent, held nationwide in support of striking railroad workers in Martinsburg, West Virginia, who refused to work due to wage cuts. (page 714)
tariff
A tax on goods imported from other nations, typically used to protect home industries from foreign competitors and to generate revenue for the federal government. (page 706)
Laissez-faire
An economic doctrine holding that businesses and individuals should be able to pursue their economic interests without government interference. (page 708)
j. Pierpont morgan and co.
An investment bank under the leadership of J. Pierpont Morgan that bought or merged unrelated American companies, often using capital acquired from European investors. (page 704)
Bessemer Converter
Apparatus that blasts air through molten iron to produce steel in very large quantities. (page 703)
Carnegie Steel Company
Apparatus that blasts air through molten iron to produce steel in very large quantities. (page 703)
How was the Knights of Labor unique as a labor group?
Called for equal pay for equal work by men and women.
Standard Oil Company
Corporation under the leadership of John D. Rockefeller that attempted to dominate the entire oil industry through horizontal and vertical integration. (page 701
what are holding companies
Firms that control the stock of other companies
American Federation of Labor
Founded in 1881 as a national federation of trade unions made up of skilled workers. (page 720)
Why was the development of the alternating current electric system significant?
It enabled electricity to be transmitted across long distances.
What was the outcome of the Great Railroad Strike of 1877?
It revealed how polarizing the relationship between the working poor and executives had become and ended when the workers, who lacked organized bargaining power, returned to work.
Which of the following statements accurately describes the National Labor Union?
It was influential in getting Congress to enact an eight-hour workday for federal employees.
Which of the following best accounts for the success of Standard Oil?
Its eventual corporate structure, known as vertical integration, allowed it to grow tremendously.
Homestead Steel Strike (1892)
Labor conflict at the Homestead steel mill near Pittsburgh, Pennsylvania, culminating in a battle between strikers and private security agents hired by the factory's management. (page 721)
A transcontinental railroad had not been built before the Civil War because
North-South sectional differences prevented Congress from selecting a route.
Child Labor
The practice of sending children to work in mines, mills, and factories, often in unsafe conditions; widespread among poor families in the late nineteenth century. (page 713)
Horizontal Integration
The process by which a corporation acquires or merges with its competitors. (page 701)
Monopoly
The process by which a corporation acquires or merges with its competitors. (page 701)
Vertical Integration
The process by which a corporation gains control of all aspects of the resources and processes needed to produce and sell a product. (page 702)
What was the first industry to contract with "investment banks" to raise capital by selling shares of stock to investors?
The railroad Industry
Haymarket Riot
Violent uprising in Haymarket Square, Chicago, where police clashed with labor demonstrators in the aftermath of a bombing. (page 719)
J. Pierpont Morgan is similar to business leaders Andrew Carnegie and John D. Rockefeller because he
believed in freewheeling capitalism but hated competition.
What does the term "economies of scale" describe?
business enterprises that produced large quantities of product cheaply thanks to large workforces and machines
What was one of the downsides of the state of the railroad industry?
companies often cared more about money than preventing dangerous work conditions for their laborers.
Andrew Carnegie invented the process that enabled a dramatic increase in steel production.
false
The Haymarket Riot helped grow the membership of the Knights of Labor.
false
In a capitalist democracy like America, a common source of social instability is the tensions between equal political rights and unequal economic status.
horizontal integration
What industry did Andrew Carnegie dominate by 1900?
steel
Anarchists oppose all forms of government.
true
During and after the Civil War, the Republican party supported protective tariffs that raised revenue and protected domestic industry from foreign competition.
true
One of the causes Mother Jones actively pursued was to end the exploitation of children in the workplace.
true
What is the name for the business strategy in which a dominant corporation buys or forces out most of its competitors?
true
The Great Railroad Strike of 1877 was provoked by
wage cuts that followed a depression.