Industry & Labor Outline Notes sorta

Gilded Age

Term coined by Mark Twain in 1873 to refer to the superficial glitter of new wealth in the late 19th century.

Laissez-faire capitalism

An economic system where businesses operate with minimal government interference.

Social Darwinism

The belief that Charles Darwin's theories of natural selection and survival of the fittest should be applied to society and business.

Gospel of Wealth

The idea that wealthy individuals have a responsibility to use their riches for social good.

Vertical Integration

A business strategy where a company controls all aspects of production, from raw materials to finished goods.

Horizontal Integration

A business strategy where a company merges with or acquires its competitors to gain market control.

Monopoly

An exclusive control over the supply or trade of a commodity or service.

Trust

An organization or board managing the assets of other companies.

Knights of Labor

A significant labor organization of the late 19th century that included all workers, advocating for an eight-hour workday and the abolition of child labor.

American Federation of Labor (AFL)

A federation of labor unions founded in 1886 that focused on skilled workers and fought for better wages and conditions.

National Labor Union

The first national labor federation in the United States, founded in 1866.

Haymarket Riot

A violent confrontation in Chicago in 1886 that led to a backlash against labor movements, with the Knights of Labor being blamed as anarchists.

Homestead Strike

A strike at Carnegie Steel in 1892 against wage cuts, leading to violent clashes.

Pullman Strike

A nationwide railroad strike in 1894 that disrupted mail delivery and led to federal intervention.

Sherman Antitrust Act

A federal law passed in 1890 designed to combat anticompetitive practices and monopolies.

C.W. Post

An inventor who created the first dry, flaked breakfast cereal.

Thomas Edison

An inventor known for the light bulb, phonograph, and developments in electric power.

John D. Rockefeller

An industrialist known for establishing Standard Oil and practicing horizontal integration.

Andrew Carnegie

A steel magnate known for vertical integration and founding Carnegie Steel.

Elisha Otis

Inventor known for creating the safety elevator.

Louis Sullivan

An architect known as the father of the modern skyscraper.

R.H. Macy

Pioneer of the modern department store.