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45 Cards in this Set
- Front
- Back
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Network of Rails
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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.
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Consolidation
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Combining small companies with big ones. Vanderbuilt led the drive for it
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Cornelius Vanderbuilt - Railroads
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Combined lots of small companies into his. Bought all raillines in Ney York, New York Central Railroad.
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Rebates
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Discounts for best customers
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Pools
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When several companies dived business into one area then raise prices.
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Bessemer Process
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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
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Andrew Carnegie
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Scotland. Leader of steel making.
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Gospel of Wealth
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Duty of rich to help poor/society, many donations to charities
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Corporation
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business that is owned by investors
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Stocks
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Shares in business to investors
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Dividends
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Share of profits
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J.P.Morgan - Investor/Banker
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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
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John Rockefeller - Oil
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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.
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Trusts
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Group of corporations run by single board of directors
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Vetical Intergration
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Gaining control of all the steps used to change raw materials into finished products
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Monopoly
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Controls all the business of an industry
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Free Enterprise System
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Ownership of business by priviate citizens
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pros of Trusts
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Reduce Competition
Lowers costs Lower prices Higher wages Better quality |
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cons of Trusts
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Reduce competition
political influences buy favors |
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sherman Anti trust act
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1890- first attempt to stop trusts. regulate business. too weak, didnt define trust, or didnt have ways to stop them
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The old/new workplace
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1800-cramped, hazards. sweatshops. 2 million kids uner 15 were working in textile mills, coal mines, tabacco mills, garment industres etc.
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Types of workers
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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 |
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Knights of Labor
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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
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Hay Market Affair
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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.
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Anarchists
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people who oppose all forms of organized government
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american Federation of Labor
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2nd union attempt. 1886 - Samuel Gompers was president . Goals = higher wages, shorter work days, better conditions. Still around, most powerful prganization
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Collective bargaining
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negotiate with management for workers
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International Ladies Garment Workers Union
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Mother Jones (marry Harris Jones). 1900 - f20000 women join. The ILGWU and AFL combine.
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Triangle Shirtwaist factory diaster
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March 25, 1911 - fire starts. workers get locked in . 146 ppl die. New York and other states approve new safety laws.
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Hard Times for Labor
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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 |
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Monopoly
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Controls all the business of an industry
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Free Enterprise System
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Ownership of business by priviate citizens
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pros of Trusts
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Reduce Competition
Lowers costs Lower prices Higher wages Better quality |
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cons of Trusts
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Reduce competition
political influences buy favors |
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sherman Anti trust act
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1890- first attempt to stop trusts. regulate business. too weak, didnt define trust, or didnt have ways to stop them
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The old/new workplace
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1800-cramped, hazards. sweatshops. 2 million kids uner 15 were working in textile mills, coal mines, tabacco mills, garment industres etc.
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Types of workers
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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 |
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Knights of Labor
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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
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Hay Market Affair
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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.
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Anarchists
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people who oppose all forms of organized government
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american Federation of Labor
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2nd union attempt. 1886 - Samuel Gompers was president . Goals = higher wages, shorter work days, better conditions. Still around, most powerful prganization
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Collective bargaining
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negotiate with management for workers
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International Ladies Garment Workers Union
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Mother Jones (marry Harris Jones). 1900 - f20000 women join. The ILGWU and AFL combine.
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Triangle Shirtwaist factory diaster
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March 25, 1911 - fire starts. workers get locked in . 146 ppl die. New York and other states approve new safety laws.
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Hard Times for Labor
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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 |
