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45 Cards in this Set

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  • Back
Network of Rails
1860s railroad were 50 miles or less. In 1866, South changed to North gauges. In 1900, more miles of track in the US than Europe and Russia combined.
Consolidation
Combining small companies with big ones. Vanderbuilt led the drive for it
Cornelius Vanderbuilt - Railroads
Combined lots of small companies into his. Bought all raillines in Ney York, New York Central Railroad.
Rebates
Discounts for best customers
Pools
When several companies dived business into one area then raise prices.
Bessemer Process
With William Kelly and Henry Bessemer. In 1850 - developed better way to make steel at a low cost. Blast of high pressured air would oxidies impurities in molten iron. Pittsburgh becomes steel making capital
Andrew Carnegie
Scotland. Leader of steel making.
Gospel of Wealth
Duty of rich to help poor/society, many donations to charities
Corporation
business that is owned by investors
Stocks
Shares in business to investors
Dividends
Share of profits
J.P.Morgan - Investor/Banker
1800's most powerful banker.invested stock in small companies and then took them over, then merged them into one rail line company. First billion dollar company. US Steel Company
John Rockefeller - Oil
Didn't drill, built oil refinery. Hated competition - slashed prices, rebates, lower shipping rates. Bought more refineries (Standard Oil Company) Created monopoly. Canhged name to Oil Trust - controlled 95% of oil.
Trusts
Group of corporations run by single board of directors
Vetical Intergration
Gaining control of all the steps used to change raw materials into finished products
Monopoly
Controls all the business of an industry
Free Enterprise System
Ownership of business by priviate citizens
pros of Trusts
Reduce Competition
Lowers costs
Lower prices
Higher wages
Better quality
cons of Trusts
Reduce competition
political influences buy favors
sherman Anti trust act
1890- first attempt to stop trusts. regulate business. too weak, didnt define trust, or didnt have ways to stop them
The old/new workplace
1800-cramped, hazards. sweatshops. 2 million kids uner 15 were working in textile mills, coal mines, tabacco mills, garment industres etc.
Types of workers
Unskilled workers - no skill at all . Window cleaner
Semiskilled workers- some training. cahsier
Skilled workers - skilled at a certain craft by school or aprenticeship. electricians
Professionals - highly skilled. teachers, doctors
Knights of Labor
Formed in 1869. Only opened to skilled workers. In 1879, Terence Powderly became president. Opened to women, blacks, unskilled workers, immigrants. goals = end child labor, shorter work days, equal pay, employers share profits
Hay Market Affair
1886 - McCormick Havester Company went on strike. Strikebreakers break out in fight, 4 are illed. Meeting next day in protest led by anarchists. Bomb explodes = 7 cops killed. 8 anarchists arrested, 4 hanged.
Anarchists
people who oppose all forms of organized government
american Federation of Labor
2nd union attempt. 1886 - Samuel Gompers was president . Goals = higher wages, shorter work days, better conditions. Still around, most powerful prganization
Collective bargaining
negotiate with management for workers
International Ladies Garment Workers Union
Mother Jones (marry Harris Jones). 1900 - f20000 women join. The ILGWU and AFL combine.
Triangle Shirtwaist factory diaster
March 25, 1911 - fire starts. workers get locked in . 146 ppl die. New York and other states approve new safety laws.
Hard Times for Labor
Loss of jobs. 2 major depressions and 3 recessions. violent strikes. government sies with owners. postivie - wages raise slighty.
negative -1 in 20 ppl belong in a union
Monopoly
Controls all the business of an industry
Free Enterprise System
Ownership of business by priviate citizens
pros of Trusts
Reduce Competition
Lowers costs
Lower prices
Higher wages
Better quality
cons of Trusts
Reduce competition
political influences buy favors
sherman Anti trust act
1890- first attempt to stop trusts. regulate business. too weak, didnt define trust, or didnt have ways to stop them
The old/new workplace
1800-cramped, hazards. sweatshops. 2 million kids uner 15 were working in textile mills, coal mines, tabacco mills, garment industres etc.
Types of workers
Unskilled workers - no skill at all . Window cleaner
Semiskilled workers- some training. cahsier
Skilled workers - skilled at a certain craft by school or aprenticeship. electricians
Professionals - highly skilled. teachers, doctors
Knights of Labor
Formed in 1869. Only opened to skilled workers. In 1879, Terence Powderly became president. Opened to women, blacks, unskilled workers, immigrants. goals = end child labor, shorter work days, equal pay, employers share profits
Hay Market Affair
1886 - McCormick Havester Company went on strike. Strikebreakers break out in fight, 4 are illed. Meeting next day in protest led by anarchists. Bomb explodes = 7 cops killed. 8 anarchists arrested, 4 hanged.
Anarchists
people who oppose all forms of organized government
american Federation of Labor
2nd union attempt. 1886 - Samuel Gompers was president . Goals = higher wages, shorter work days, better conditions. Still around, most powerful prganization
Collective bargaining
negotiate with management for workers
International Ladies Garment Workers Union
Mother Jones (marry Harris Jones). 1900 - f20000 women join. The ILGWU and AFL combine.
Triangle Shirtwaist factory diaster
March 25, 1911 - fire starts. workers get locked in . 146 ppl die. New York and other states approve new safety laws.
Hard Times for Labor
Loss of jobs. 2 major depressions and 3 recessions. violent strikes. government sies with owners. postivie - wages raise slighty.
negative -1 in 20 ppl belong in a union