US History Industrialization Test

gilded age

period in U.S. History marked by rapid industrial growth, the rise of big businesses, and major technological advancements

industrialization

process by which rural agricultural society becomes urban manufacturing society

industrialists

people who manage/own industries; manufacturers/producers

monopoly

when one company has sole control of industry/product

private capital

money/resources that individuals use to invest into own company

corporation

business that is owned by many investors who own stock

trust

business arrangement that gives individual/corporation legal power to manage another’s money/company without ownership

financiers

people who manage large amounts of money on behalf of government, business, organization

GDP

total value of all goods and services a country produces in a year

horizontal integration

buying out competitors and companies to limit competition

vertical integration

purchasing each step of production

robber baron

powerful business leader who becomes very wealthy by using unfair/ruthless methods

laissez faire

absence of government control over personal/economic life

sherman antitrust act

made it illegal to form a monopoly because it interfered with fair trade

social darwinism

belief that rich are meant to survive and poor should work harder

philanthropy

desire to promote welfare of others with money

what were the causes of industrialization

urbanization, immigration, big businesses, concentrated wealth, emergence of middle class, poverty

what was new tech in this time

electricity, telegraph, Bessemer process, telegraph cable, telephone, lightbulb

who controlled the railroad industry

vanderbilt

who controlled the oil industry

rockefeller

who controlled the steel industry

carnegie

why were corporations so successful

if they experience economic problems, they don't lose any more than they put in

national trades union - 1834

first national union

knights of labor -1869

general ideological reform, Uriah Stephens

american federation of labor - 1886

specific workers issues - Samuel gompers

american railway union - 1893

first industrial union - Eugene V Debs

what was significant about the great railroad strike - 1877

began labor movement

what tore down knights of labor reputation

haymarket affair

what was significant about the Pullman strike

brings in a federal injunction