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proprietorship
A business owned by one person or family
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
partnership
A business owned by two or more people
dividends
a part of a company's profit that is divided among the people with shares in the company
vertical integration
absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
horizontal integration
system of consolidating many firms in the same business
John Rockefeller
Standard Oil tycoon who established the nation's first trust known for his horizontal integration business model
Knights of Labor
Under the leadership of Terrence V. Powderly, this union included both skilled and unskilled workers, women, and African Americans, but not Chinese
American Federation of Labor
Focused on skilled workers; for working within the system
Industrial Workers of the World
The "Wobblies"; opposed capitalism; focused on unskilled workers; used industrial sabotage
socialism
Under this system, the government or worker cooperatives own the businesses
Closed shops
Businesses that would only hire union members
Open shops
companies in which employees covered by the contract do not have to join the union or be assessed a fee for union representation
Great Railroad Strike
Nationwide 1877; workers ceased working due to 10% wage cuts; blocked freight trains; Pres. Hayes orders federal troops into major cities to end strikes violently
Haymarket Riot
Chicago 1886; local craft unions; peaceful strike taken over by anarchists; bomb goes off near police who end strike violently
Homestead Strike
Near Pittsburgh 1892; Henry Clay Frick announces wage cut; workers strike; Frick institutes lockout and hires scabs and strikebreakers; state militia ends strike violently
Pullman Strike
Chicago 1894; workers strike due to wage cuts and company town prices; ARU blocks trains; mail cars attached; Pres. Cleveland orders federal troops to end strike violently
Sherman Antitrust Act
Law created to limit the power of monopolies in restraint of competition; allowed federal troops to intervene against Pullman strikers in 1894 who blocked mail cars
Pinkerton's
Detective agency that hunted down violent union strikers like the Molly Maguires, and gathered evidence to have them prosecuted
blacklist
A list circulated among employers containing the names of persons who should not be hired
company town
Communities near workplaces where housing was owned by the business and rented out to employees
scrip
Paper money that could only be used to pay rent to the company or used at company stores
Union Pacific Railroad
Built the eastern half of the Transcontinental Railroad and included Civil War veterans, newly recruited Irish immigrants, frustrated miners and farmers, cooks, adventurers, and ex-convicts
Central Pacific Railroad
Built the western part of the Transcontinental Railroad and hired about 10,000 workers from China
Bessemer Proces
A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities
Morse code
Different combinations of dots and dashes that represent each letter of the alphabet used in telegraphs
Compressed air brake
Allowed all train cars to stop at the same time invented by George Westinghouse
telephone
Communication device invented by Alexander Graham Bell
light bulb
Thomas Edison
Refrigerated railcar
Made the distant transportation of fresh meat possible invented by Gustavus Swift
Dynamo
Generator for producing electricity
Transformer
A device that increases or decreases the voltage of two linked AC circuits
Lassez-faire Capitalism
Economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference
Communism
Economic system that calls for public ownership of the means of production and all decisions are government-controlled
Social Darwinism
The application of Darwin's theory of evolution and "survival of the fittest" to societies and businesses
J.P. Morgan
Investment banker that helped companies sell stock to investment bankers at a discount and eventually bought Carnegie Steel
Great Northern Railroad
Owned by James J. Hill and ran from Wisconsin and Minnesota in the East to Washington in the West, without any federal land grants or subsidies
regulation
government intervention in a market that affects the production of a good
economies of scale
Lower production costs as a result of larger volume of production
department stores
Provided a huge selection of products in one large building
Chain stores
A group of retail outlets owned by the same company that focused on offering low prices
Mail-order retailers
Issued catalogs through the mail, which used attractive illustrations and appealing descriptions to advertise thousands of items for sale
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Flashcard (46)