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24 Cards in this Set

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Transcontinental Railroad
Railroad going across the country--- completed in 1869.
Alexander Graham Bell
Achieved the "talking telegraph" in 1876 after experiment w/ electric currents to transmit sounds for the deaf.
Carnegie "Gospel of Wealth"
The small community of wealthy people should stay wealthy because the money they have will be given back to the community at some point. Wether they have to wait till death, or the person offers it.
Rockefeller
Captain of Industry/Robber Baron. Used Horizontal Consolidation (making one HUGE business from many small businesses) to become an oil entrepreneur.
Thomas A. Edison
Created the light bulb, phonograph (recorded sounds), the central power plant (electricity affordable).
Homestead
A union of iron and steel workers went on strike in 1892 b/c H.C. Frick tried to cut wages while Carnegie was (conveniently) out of town.
monopoly
the elimination of all competition for products.
cartel
Association of businesses to limit supplies and increase prices.
trust
Combo. of companies that turn over their assets to a board of trustees to control prices and competition in a particular industry.
Vertical consolidation
Control of all phases of a product's development, from raw materials to delivery of the finished products.
economy of scale
producing or buying an item on a very large scale so the price per item goes down (and sales go up)
piecework
work paid according to the number of finished units a worker produces.
collective bargaining
negotiation between employers and workers, usually through a labor union.
scab
a person who temporarily (or as long as needed) works to replace/ fill-in for the workers on strike to keep the business going.
anarchist
person who opposes all government b/c it limits individual liberty and serves the wealthy, ruling classes.
Yellow Dog Contracts
Employers made new and possible workers sign contracts that inhibited them from joining unions.
Haymarket Square
Chicago strike in 1886 at McCormick Reaper Factory where police broke up fights between scabs and workers, etc.
H.C. Frick
Carnegie's partner in the steel business. He provided the coke for the steel and helped run his factories.
Brooklyn Bridge
first bridge built with steel connectin Brooklyn and Manhattan at 1,595 feet long.
Labor Movement---
what was it and why did it occur?
14 million eastern europeans moved to America in hopes to get jobs b/c the avg. european made 25 cents/ day but americans made 15 cents an hour.
distribution of wealth
At some point the money that the wealthy men had made would be redistributed to the public. Options were philanthropy, putting to public use or leaving in a will and a percent would be used for public use.
business/communications and their affect on women
Women left school earlier to work and make money. This affected their job possibilities b/c you needed more education for better jobs. Women got shafted in the payment area b/c they couldn't get the same jobs men could.
social darwinism
Survival of the fittest. People were at the top b/c they were the strongest and poor people were poor b/c they were weak.
Laissez- Faire
hands off. Let the rich people create more wealth.