Big Business APUSH Test – Flashcards
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Haymarket bombing? Who involved and why important?
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80,000 Knights of Labor went on strike at Haymarket square, Chicago, LEGALLY. Police showed up and tried to stop it anyways, and SOMEONE threw a bomb. 7 police ended up dead, which lead to employers being able to play up on the idea of Unionizers being anarchists.
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Methods owners used to defeat labor unions:
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Lockouts (closing place for several days to warn any restless laborers), blacklists (no-hire list passed around amongst companies), yellow-dog contracts (must sign a contract that you will NOT join a union to get hired)
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Rockefeller=
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Oil
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Carnegie=
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Steel
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Vanderbilt=
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Railroads
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JP Morgan=
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Banking and stocks
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How was transcontinental railroad financed?
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Privately- but not until Congress passed legistlation to finance it
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What two companies built it and where did they meet up?
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The Union Pacific built westward from Omaha and the Central Pacific eastward from Sacramento to a meeting point in Utah
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What was Edison best known for?
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The lightbulb
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What was the name of Edison's industrial park?
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Menlo Park
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What was a trust?
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Various companies run by a board of trustees (former competitors brought under a single umbrella)
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What was the purpose of trusts and pools?
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Monopolization, and to eliminate competition. Way to increase profits.
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How did the industrial period affect workers?
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10-12 hour work days, 6 days a week, in dangerous conditions with very little pay- did not treat them well
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What is the Gilded Age?
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1870 to 1898 extreme growth of industry and wealth which supported materialism and political corruption- a few people became VEERY wealthy
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What was the Credit Mobiler?
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The 1867-1868 scandal in which Union Pacific executives formed their own railroad construction company, then hired and overpaid themselves to build their own railroad
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Social Darwinism
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The strongest and fittest survive and live on, while the weakest die off
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Impact of Industrial Revolution on Economy
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It exploded it- grew millions of dollars
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Difference between vertical and horizontal integration?
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Horizontal: business tries to become a monopoly by buying out competition Vertical: business expands their company into every step of the process
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Importance of E.C. Knight Co. Supreme Court Cases?
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Limited Government's abilities to control monopolies
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What was the Gospel of Wealth?
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Article written by Carnegie that describes the responsibility of philanthropy by the new upper class of self-made rich
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Three labor unions we talked about?
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National Labor Union, Knights of Labor, and American Federation of Labor
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Factors that allowed for explosive economic growth in Gilded Age:
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-Improved transportation and communication. -The growth of capitalism and a growing number of capitalistic entrepreneurs. -New inventions and technology. -New advertising and marketing techniques. -Plentiful natural resources. -Plentiful labor. -Government support
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Define Conspicuous Consumption:
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Purchasing of goods just to flaunt your wealth
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Significance of Great Railroad Strike of 1877
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Worst strike in history- over 200 strikers died and billions of dollars of equipment destroyed
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First big business in American History?
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Railroads
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Who was Horatio Alger Jr.?
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A novel that portrays young men going from "rags to riches"
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Typical jobs open to women during the Gilded Age?
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Textile working, telephone operators, typists and secretaries
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How did management try to control labor?
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Lockouts (closing place for several days to warn any restless laborers), blacklists (no-hire list passed around amongst companies), yellow-dog contracts (must sign a contract that you will NOT join a union to get hired)
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What did the Sherman Anti-trust movement do?
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Prohibited trusts
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What was the Pullman Strike?
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Pullman workers went on strike over random wage cuts, employers attached mail cars to railroad cars and said workers were interfering with mail (a federal offense). Supreme Court ruled in favor of employers.
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What caused the Homestead Steel Strike?
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Henry Frick randomly cut wages by 20%
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Shifts that took place due to result of rapid industrialization?
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-Separated Western immigrants to a more homogeneous nation -Agricultural economy to an Industrial one -Mostly rural society to mostly urban -Social beliefs became tied to Capitalism and Social Darwinism -Worker rebellion against conditions and wages
