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14 Cards in this Set
- Front
- Back
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Wabash, St. Louis & Pacific Railroad Company v. Illinois (1886) |
A Supreme Court decision that prohibited states from regulating the railroads because the Constitution grants Congress the power to regulate interstate commerce. As a result, reformers turned their attention to the federal government, which now held sole power to regulate the railroad industry. |
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Interstate Commerce Act (1887) |
Congressional legislation that established the Interstate Commerce Commission, compelled railroads to publish standard rates, and prohibited rebates and pools. |
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Vertical integration |
The practice perfected by Andrew Carnegie of controlling every step of the industrial production process in order to increase efficiency and limit competition. |
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Horizontal integration |
The practice perfected by John D. Rockefeller of dominating a particular phase of the production process in order to monopolize a market, often by forming trusts and alliances with competitors. |
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Trust |
A mechanism by which one company grants control its operations, through ownership of its stock, to another company. The Standard Oil Company became known for this practice in the 1870s as it eliminated its competition by taking control of smaller oil companies. |
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Interlocking directorates |
The practice of having executives or directors from one company serve on the Board of Directors of another company. J. P. Morgan introduced this practice to eliminate banking competition in the 1890s. |
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Standard Oil Company (1870-1911) |
John D. Rockefeller's company, formed in 1870, which came to symbolize the trusts and monopolies of the Gilded Age. By 1877 Standard Oil controlled 95% of the oil refineries in the U.S. It was also one of the first multinational corporations. |
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Social Darwinists |
Believers in the idea, popular in the late nineteenth century, that people gained wealth by "survival of the fittest." |
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Sherman Anti-Trust Act (1890) |
A law that forbade trusts of combinations in business, this was landmark legislation because it was one of the first Congressional attempts to regulate big business for the public good. |
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National Labor Union (1866-1872) |
The first national labor organization in U.S. history was founded in 1866 and 600,000 members from many parts of the workforce, although it limited the participation of Chinese, women, and black. |
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Knights of Labor |
The second national labor organization, organized in 1869 as a secret society and opened for public membership in 1881. The Knights were known for their efforts to organize all workers, regardless of skill level, gender, or race. |
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Haymarket Square (1886) |
A May Day rally that turned violent when someone threw a bomb into the middle of the meeting, killing several dozen people. Eight anarchists were arrested for conspiracy contributing to the disorder, although evidence linking them to the bombing was thin. |
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American Federation of Labor |
A national federation of trade unions that included only skilled , founded in 1887. Led by Samuel Gompers for nearly for four decades, the AFL sought to negotiate with employers for a better kind of capitalism that rewarded workers fairly with better wages, hours, and conditions. |
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Closed shop |
A union-organizing term that refers to the practice of allowing only unionized employees to work for a particular company. |
