Unit 5: Industrial Revolution

Horizontal Consolidation

When similar companies in the same industry merge or are bought out. (Can lead to a monopoly)

Vertical Integration

Buying every step in the process of producing something.

How the Other Half Lives

A book published by Jacob Riss, that exposed the terrible living conditions of the urban poor in New York.

The Jungle

A novel that exposed the harsh and unsanitary conditions in the meatpacking industry.

Sherman Anti-Trust Act

The first federal law in the US to outlaw monopolies and limit business practices that reduce competition.

Monopoly

When one company completely controls an entire industry.

Trust

A large business arrangement in which several companies in the same industry are controlled by a single board of directors.

Gospel of Wealth

An idea promoted by Andre Carnegie that explained how wealthy people should use their money.

Hull House

A settlement house founded by Jane Addams to help poor immigrants and working class families education, childcare, health services, etc…

Strikebreaker

A person who is hired to work during a strike in order to replace the workers who are protesting.

Strike

When workers stop working as a form of protest against their employers.

Union/Organized labor

A group of workers who join together to protect their rights and improve working conditions.

Industrialization

The process by which a country shifts from farming and handmade goods to machine based manufacturing and industry.

Urbanization

The process by which people move from rural areas to cities, causing cities to grow in size and population.

Pure Food and Drug Act

A law passed in 1906 to protect consumers by regulating food and medicines.

Andrew Carnegie

Used vertical integration to help improve the steal industry. (Also devoted his life to charity)

John D. Rockefeller

Used horizontal consolidation so that he could gain 90% of oil companies to help increase his profit.

Cornelius Vanderbilt

He used a monopoly to help expand the railroad industry to increase transportation. (Poor working conditions for his workers)

Henry Ford

Used an assembly line to help speed up the manufacturing of the auto industry. (Gave higher wages to employs so they could afford the cars there making)

J.P. Morgan

Worked hard for American finance and invested in lots of businesses.

Jacob Riis

Focused on spreading the news about the poor living conditions that people were forced into through photos.

Jane Addams

Created a settlement house called a Hull House to help poor immigrants find education, healthcare, childcare, etc…

Upton Sinclair

A muckraker who wrote about the problems in the meat packaging factories.

Ida Tarbell

A muckraker who fought against monopolies, specifically standard oil company.

Ida B. Wells

A muckraker who would wright about civil rights and women suffrage.