industrialism

Industrial Revolution

A period when manual labor shifted to machine bases manufacturing

Laissez Faire

The idea that there should little or to no government oversight of business practices

Horizontal Integration

Consolidating many firms in the same business

Vertical integration

consolidation of all the business that make up the phases of a products development

Corporation

A number of people share the ownership of a business

Mass production

Developed systems for turning out large numbers of products quickly and inexpensively

Monopoly

complete control of a product

John D. Rockefeller

Associated with oil

Trust

Companies assigned their stock to a board of trustees, who combined them into a new organization

Andrew Carnegie

Owned the homestead steel plant in Pittsburgh, PA

Sherman Antitrust Act

Outlawed any trust that operated

Sweatshop

Small, hot, dark and dirty workhouses

Collective Bargaining

Negotiating as a group with their employers for higher wages or better working conditions

Socialism

Economic and political philosophy that favors public instead of private, control of property and income

Haymarket Riot

The knights of Labor fizzled out as people shield away from radicalism

Homestead strike

epidemic of steelworkers and miners strikes that took place as economic depression spread across America. In each case troops and local militia were called in to suppress the unrest

Pullman Strike

Rail workers were refusing to work on, handle, or move any trains that had Pullman cars on them

Patterns of outcomes for labor union strikes

• union got its way

• Business owners get support from the government