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22 Cards in this Set

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  • Back
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A government grant that allows only the inventor to make, use, and sell an invention for a certain time.
Patent
protects an inventor's ideas and inventions from theft/fraud in marketing
Damage to the land, air, and water from harmful materials
Pollution
Mankind can cause this problem in air, land and water destroying our environment
A large company formed by a group of investors
Corporation
A large company that is a legal entity and is subject to double taxation by the government.
The complete control of an industry by one company or person
Monopoly
John D. Rockefeller had a ___________ on the oil industry, Andrew Carnegie on the steel industry and Andrew Mellon on the railroad industry
A community set up and run by a company for its workers
Company Town
Workers gave a portion of their wages to live in housing belonging to the company and purchased from company stores with scrip (paper used as currency)
A group of workers that tries to help its members.
Labor Union
Sought better working conditions & higher pay for its workers.
To refuse to work until certain demands,such as higher wages or better working conditions are met
Strike
During this protest workers picketed,made no money, and hurt productivity of the industry
A railroad worker who organized the American Railway Union & later promoted the Socialist Party of America.
Eugene V. Debbs
He ran for president five times & once won 6% of votes as an independent candidate.
An Irish immigrant who lead the American labor movement; called "the mother of the laboring class" on her Children's March in 1903.
Mary Harris "Mother" Jones
Led the Great Strike of 1877 & started the United Mine Workers of America (UMW)
An oath that said a worker would not join the union.
"Yellow Dog Contracts"
Later outlawed by the courts.
A group of radical unionists and socialists who organized in 1905 to represent unskilled workers.
Industrial Workers of the World (IWW)
IWW members were called "the Wobblies" & included miners, lumberers, & cannery/dock workers.
An alliance of trade and craft unions formed in 1886.
American Federation of Labor
(AFL)
The AFL later joined with the CIO (Congress of Industrial Organizations)in 1955 in an alliance of industrial unions.
An economic & social philosophy based on Darwin's theory of natural selection which says that holding a system of unrestrained competition will insure survival of the fittest.
Social Darwinism
The weaker industries will fall victim to stronger industry which has a better chance of survival.
An 1890 law intended to prevent the creation of monopolies by making it illegal to establish trusts that interfered with free trade.
Sherman Antitrust Act
Trusts led to monopolies which some politicians felt hindered competition in business
A Scottish immigrant born into poverty who became one of the first industrial moguls to make his own fortune in steel production using the Bessemer Process.
Andrew Carnegie
He contributed much of his fortune to charity to build public libraries.
A "robber baron" who made a fortune on monopolizing the oil industry (ie. Standard Oil Company)
John D. Rockefeller
In 10 yrs. he controlled 90% of oil refinery business by paying extremely low wages & undercutting competition by selling oil at lower cost than its production. When he controlled the market he would hike prices above their original levels.
Carnegie's method of buying out his suppliers to control raw materials & transportation systems. This allowed companies producing similar products to merge.
Vertical and Horizontal Integration
Carnegie used these two business strategies to monopolize the steel industry
An 1887 law establishing the federal government's right to supervise railroad activities & created a 5 member Interstate Commerce Commission to do so.
Interstate Commerce Act
This Act allowed the government to check the power of the railroad monopoly.
Making steel stronger through injecting air into the ore during the smelting process.
Bessemer Process
This process was developed in England by Henry B________
& was brought to the U.S.A. by Andrew Carnegie
In 1880, he built a factory for manufacturing sleepers and other railroad cars on the Illinois prairie.
George Pullman
He built a town called Pullman, Illinois for his workers and imposed unreasonalble rules for worker behavior which led to an 1894 strike
A construction company whose stockholders gave it a contract to lay track at 2-3 times the actual cost & pocketed the profits; donating shares of stock to 20 congressional representatives in 1867
Credit Mobilier
A business scandal which tarnished the reputation of the republican party.
1877 Supreme Court case that upheld the Granger laws allowing states to regulate the railroads for the benefit of farmers & consumers
Munn Vs. Illinois
It set a precedent that the federal government had the right to regulate private industry to serve the public interest.