Unit 4 industrialism

Industrial Revolution

A period of major industrialization and technological innovation primarily from the late 18th to the 19th century that fundamentally shifted economics

Laissez Faire

The absence of government control over personal and Economic life

Horizontal Integration

A system consolidating many firms in the same business

Vertical Integration

A system of consolidating firms involving in all steps of a products manufacture

Corporation

A company Recognized as a legal unit that has rights and liabilities separate from each of its members

Mass production

production of goods in large numbers through the use of machinery and assembly lines

Monopoly

Exclusive control by one company over an entire industry

John D. Rockefeller

an American industrialist in philanthropist that began the standard oil company and dominated the oil industry with innovative and aggressive business practices he also contributed money to different causes through a foundation.

Trust

a group of separate companies that are placed under the control of a single managing board in order to form a monopoly

Andrew Carnegie

in American industrial is philanthropist who began a steel corporation that dominated the American steel industry. He created charitable, trust foundation and provided money for cultural and educational institutions.

Sherman Antitrust Act

1890 law banning any trust that restrained interstate trade or commerce

Sweatshop

Small factories where employees have to work long hours under poor conditions for a little pay

Collective Bargaining

a process in which employers negotiate with labor unions about our wages and other working conditions

Socialism

System or theory under which the main production are publicly controlled in regulated rather than owned by individuals

Haymarket Riot

a violent confrontation between police and labor protesters that occurred in Chicago’s hay market Square that ended poorly

Homestead Strike

a violent labor dispute between the iron and steel workers in Homestead, Pennsylvania

Pullman Strike

a nationwide railroad strike in boycott that occurred when workers were unhappy about their wages being cut, and they were forced to live in company own housing with high rents

Pattern of outcomes for labor union strikes

Labor unions were associated with violence and workers lose ground because they don’t have much support from powerful positions