IBHL HOTA - Industrial Supremacy

Wounded Knee Massacre

Massacre of ~300 Lakota men, women, and children by the U.S. Army in December 1890. Deadliest mass shooting in American history.

Andrew Carnegie

(1835-1919) Scottish-American industrialist who formed a monopoly over the steel industry in the late 19th century through the U.S. Steel Corporation. Also a major philanthropist in his later years.

John D. Rockefeller

(1839-1937) American industrialist of the Standard Oil corporation which cornered the domestic oil market.

trust (monopoly)

Large corporate entities that own or combine many smaller companies in order to form a monopoly over a certain industry.

scientific management

An idea developed by Frederick Winslow Taylor that focused on optimization of labor through standardization, efficient methods of production, and minimizing mistakes or waste.

robber barons

Term used to describe large industrialists (Vanderbilt, Rockefeller, etc) that amassed major wealth and control using unethical business and labor practices.

laissez-faire

Economic ideology that proposed a free market w/ minimal govt intervention - ideally, the economy would naturally regulate itself through supply and demand, competition, and innovation.

Social Darwinism

Theory applying Darwin's evolutionary laws to society that argued success and inequality was a result of natural laws and competition, and that success was for "the fittest" of society.

Gospel of Wealth

An ideology emphasized by Carnegie's essay of the same name that argued accumulated wealth should be used to benefit the people and communities through philanthropic and charitable means.

mail order catalogs

Catalogs of a wide variety of products (usually such as clothing and household appliances/items) that could be ordered and delivered via mail

Great Railroad Strike of 1877

Significant labor uprising incited by wage cuts and poor working conditions for rail workers. Spanned multiple states, disrupted rail service, and was suppressed via violence sanctioned by the federal govt

Knights of Labor

First attempt at a major labor union. Founded 1869, hoped to unite all laborers regardless of skill, gender, or race and improve working conditions.

Haymarket Bombing (1886)

Bombing of a labor rally in Chicago's Haymarket Square on May 4, 1886. During said rally, a bomb was thrown, police officers were killed, shooting and crackdowns ensued.

American Federation of Labor

Skilled laborers union formed in 1886 that organized strikes and protests to improve wages, hours, and conditions with economic reforms through collective bargaining.

Homestead Strike (1892)

Strike over wage cuts at Carnegie Steel's Homestead plant that escalated into conflict between workers and security agents hired by the corporation. Ended in state intervention to break the strike and w/ feds siding with the agents

Pullman Strike (1894)

Nationwide labor strike stemming from wage cuts at the Pullman Company that disrupted rail and mail traffic. Government intervention led to violent clashes and the arrest of Eugene V. Debs, leader of the union behind the strike.

Interstate Commerce Act (1886)

Federal law aimed at regulating the railroad industry and ensuring fair rates and competition in the industry. Also led to establishment of Interstate Commerce Commission, the first federal regulatory agency.

Sherman Antitrust Act (1890)

First federal law aimed specifically at monopolies and promoting competition. Prevented anti-competitive practices that restrained trade/commerce.

Free Silver

Major economic policy dispute over "bimetallism," or the unlimited coinage of silver into the American money supply. Meant money backed by silver would be allowed in the economy as compared to just money backed by gold.

McKinley Tariff (1890)

Big tariff on imported goods meant to protect domestic industry and production. Raised average tariff rates to ~48%

Panic of 1893

Severe economic depression triggeered by the failure of the banking sector after the collapse of railroad companies and rising agriculture prices.

The Populist Party

Political party founded in the 1890s from the discontentment brewing in the Panic of 1893. Represented rural Americans (farmers) and their interests.

Cross of Gold Speech

Speech delivered during the 1896 DNC that called for the coinage of silver to alleviate the financcial struggles of laborers/farmers and denounced the gold standard.

Election of 1896

Election betweeen McKinley [R] and Bryan [D/P], who advocated for very different agendas - McKinley pushed for industrial growth & gold standard, Bryan for bimetallism and pro-farmer economic policies.