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20 Cards in this Set
- Front
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Laissez-faire |
the doctrine of noninterference, especially by the government, in matters of economics or business. |
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John D. Rockefeller |
*known as the trust titan.*OIl Baron.*Mastered the horizontal integragation of oil.*His motto was "Let us prey." |
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Knights of Labor |
By the early 1880s, the group had emerged as a national force and had dropped its initial secrecy. They sought to include within their ranks everyone but doctors, bankers, lawyers, liquor producers and gamblers.The aims of the Knights of Labor included the following:An eight-hour work dayTermination of child laborTermination of the convict contract labor system (the concern was not for the prisoners; the Knights opposed competition from this cheap source of labor)Establishment of cooperatives to replace the traditional wage system and help tame capitalism's excessesEqual pay for equal workGovernment ownership of telegraph facilities and the railroadsA public land policy designed to aid settlers and not speculatorsA graduated income tax. |
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Mugwump |
Mugwumps were a reform oriented faction of the Republican Party that refused to back the candidacy of James G. Blain. They instead supported Democratic nominee Grover Cleveland in the 1884 presidential election. |
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Panic of 1893 |
This panic was caused by a series of bank failures, due to railroad overbuilding and unstable railroad financing. At the peak of the panic, 17%-19% of Americans were unemployed.Causes:*overspeculation, Free Silver movement, bankrupcy of many companies along with numerous bank failures, many mines opened and their products(silver) flooded the market, a sudden rush of people to withdrawl their money from banks thus creating a "bank run"Effects:*many people walked away from newly built homes, great farm distress because of dramatic falling prices, Sherman Silver Purchase Act, many silver mines were closed, western railroads went out of business |
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Railroad Barons |
Many times in big businesses, pooling took place in order to increase profit. This was most noteable in the railroad industries. Various companies would join together and increase travel costs to put more money in their pockets. When all the companies joined up together, there was nothing the consumers could do. These railroads were necessary for these people to travle, so there was no way of getting around these higher prices. Various acts like the Interstate Commerce Act tried to regulate these barons, but often times big business owners would find ways to get around these regulations. |
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Standard Oil Company |
Run by Jonh D. Rockefeller.Formed in 1870.Controlled virtually the entire world petroleum market. |
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Transcontinental Railroad |
During the civil was period the transcontinental Railroad was built. This business adventure was heavily supported by the government. But the Credit Mobilier construction company charged the government 73 million dollars on what would only take 50 million. while they pocket the rest. But in 1869 near Ogden Utah the two end meet and connected the Transcontinental Railroad. |
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Trusts |
During the depression that occurred in the mid-1890’s many businesses face bankruptcy. Some financiers were able to take advantage of this and buy businesses at discounted prices, and in many cases reorganized entire industries through the formation of arrangements that Americans came to call "trusts." In a trust arrangement an individual, gives fiduciary control to a person or institution for the benefit of beneficiaries. The central holding company often held the stock of many smaller companies "in trust," and effectively coordinated their activities. These firms often ceased to compete with one another by increasing production or cutting prices. |
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Vertical Integration |
Vertical Integretion is when one business owns a part of every step of the process of producing an item such as steel or oil. Carnegie Steel is a famous example of this becuse it controled the iron ore mines, the coal mines, the ships and railroads that transported the iron ore and coal and all the factories needed in the process of making steel. This way Carnegie steel didn't have to purchase or use anything that didn't come from their own company. Vertical integration hurts society by monopolizing markets and it makes it much harder for small businesses to survive. |
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Panic of 1873 |
The Panic of 1873 resulted because of many things, but mainly because of cause and effect; like a train of dominoes. The time before the Panic was very prosperous. Businesses were starting, railroads being build, and things started to look for the better, but they started looking too good. Many businesses had been started hap-hazardously, The railroads were being built too quickly, and the companies backing these endeavors weren't making any money. Thus, they couldn't pay back their bank loans, the banks lost money and started to go under, and the economy starts collapsing. Thus, through cause and effect people lose their jobs, homes, farms, etc. To put it in perspective more than 15,000 businesses went bankrupt. |
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Compromise of 1877 |
This compromise was set up in order to brake the election deadlock, as a part of the so-called "corrupt bargian." In its terms, the Democrats agreed to accept the republican presidential candidate (Rutherford B. Hayes) instead of their presidential candidate (Samuel Tilden). The Democrats agreed that they would only do that if the republicans agreed to; withdraw all federal troops still stationed in the South, guarantee that a democrate would be granted a seat in the presidential cabinet, help promote industrialization in the south, and help construct a Texas-Pacific transcontinental Rail Road. |
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Standardized Time Zones |
Standardized time zones were virtually inexistant at this point in time (1800s); up until that point cities used local time. So, the next town over might run on a slightly different time then your city. This caused many problems for people, in general, and for railroad companies. For example, people would sometimes miss their appointments, train accidents were more frequent, etc. Thus, the railroads were the first to use standardized time zones in order to make them more efficient. |
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Horatio Alger |
The Horatio Alger myth is a criticism of the rag to riches message in books by Horatio Alger, Jr. (13 January 1832 - 18 July 1899). Alger wrote over 100 books for young working class males. These storys often focused on a man who struggled though his poorness and socail status to be come a self made man rich and sucessful. Most of his characters often hekd manyly mid level jobs and used honesty, thrift, self-reliance, and self deteramation to get ahead in life. In all his storys fueled the idea of socail mobilty and the ablity to changes one life though hard work and dedacation. |
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Settlement Houses |
founded by women who were following the lead of Jane Addams' Hull House. These houses were the centers of women's activism and social reform. In some cases, many members of these houses fought for laws that protected women laborers and prohibited child labor. The women of these houses also fought to create a stronger image of the American woman by increasing their individuality. |
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Jane Addams |
She was one of the first generation of college educated women. After graduation, Addams wwanted to pursue a career in which she could help people, by teaching or charitable volunteer work. After visting England, her idea to build the Hull Mansion, the most prominent American settlement house. She condemned war, and poverty. She also won the Nobel Prize. The HUll HOuse offered the teachings of the english language, counseling to help immigrants, daycare services for working mothers, and cultural activities. This led women into social work careers. |
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Comstock Law |
1873, Anthony Comstock was one leader among many people that defended sexual purity and opposed "obscene pictures and photos". This law, named after Comstock, declared obscene and revealing pictures and magazines illegal in America. |
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Dumbbell Tenements |
These tenements served as housing for the workforce in large cities like New York City. These housing developments were seven or eight stories high, with multiple families on each story. The living quarters were tight, and there was only one toilet per story that every family had to share. Many got ill from living in such close quarters, and people often died from conditions that resulted. There were two air shafts located in each tenement, but these did little to help in the ventilation of these living quarters. |
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Darwinism |
Darwinism is a theory of biological evolution created by Charles Darwin that states that survival depends upon natural selection, or survival of the fittest. Darwin believed that the most favorable traits of an organism were passed on to evolve that organism to be able to survive easier. This theory of natural selection is related to history because of the idea that success in the business world of late 1800s, early 1900s America was based on the theory that only the best and naturally selected were successful. |
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Social Gospel Movement |
Arose during the second half of the nineteenth century. Ministers of the Protestant branch of Catholicism began to bring salvation and good workings together. In order to honor god it was believed that people should put aside there selfish needs to help the less fortunate. |
