Industrialization and Labor Movement

A set of vocabulary flashcards covering key concepts, figures, and terms related to industrialization and the labor movement.

Industrialization

The process by which machines replaced hand tools and new sources of power replaced human and animal power.

Cornelius Vanderbilt

One of the richest men in America and the most powerful railroad baron.

Monopoly

When one person or company controls all or most of the business in an industry.

Bessemer Process

A new way to refine iron into steel.

Vertical Integration

When a person controls all aspects of their business from raw materials to the finished product.

Philanthropy

The act of giving large sums of money to a variety of charities.

Mass Production

High quantity of goods produced at a fast rate, leading to lower prices for consumers.

Assembly Line

A method where objects move along a conveyor belt as workers add their part to it.

Surplus

Overproduction; having many of something.

Scarcity

Not enough of something.

Supply and Demand

Economic principle where low supply and high demand drive prices high, and high supply and low demand drive prices low.

Capital

Money needed to open a business.

Overhead

Money needed to run a business other than direct production costs.

Profit

Money left over after all expenses are paid.

Laissez-faire

An economic principle where the government does not interfere with business activities.

Regulation

When the government steps in to control or monitor big businesses to promote competition.

John D. Rockefeller

Oil tycoon whose Standard Oil trust ended competition and formed a monopoly.

Sherman Anti-Trust Act

Passed in 1890, banning the formation of trusts and monopolies.

Horizontal Integration

When a company controls one step of the production process in a certain industry.

Haymarket Riot

A violent confrontation between striking workers and police in Chicago in 1886.

Knights of Labor

A labor union that sought to improve the working conditions for all workers.

American Federation of Labor (AFL)

A labor union open only to skilled workers, focused on practical goals.

Collective Bargaining

The process where union representatives negotiate with management for better wages, safer working conditions, and shorter work days.

Strike

A work stoppage by employees in response to grievances.

Triangle Shirtwaist Factory Fire

A tragic disaster in 1911 that led to reforms in labor and workplace safety.

Strikebreaker

A person employed in place of workers who are on strike.

Capitalism

An economic system where private individuals own and control property and businesses.

The Jungle

A novel by Upton Sinclair that exposed harsh conditions in the meatpacking industry.

Pullman Strike

A nationwide railroad strike in 1894 protesting wage cuts.

Gilded Age

A period characterized by rapid economic growth and social issues.

Social Darwinism

The belief that social order is a result of natural selection.

Urbanization

The increasing number of people moving to urban areas, often linked to industrial growth.

Network

A system of interconnected elements, such as railroads or businesses.

Consolidation

The process of combining multiple companies into a single entity to form dominance.

Rebate

A return or reduction in the amount paid for goods or services.

Pool

An agreement between competitors to fix prices or limit production.

Partnership

A business owned by two or more individuals sharing profits and losses.

Cooperative

A legal entity separate from its owners, providing limited liability.

Trust

A combination of firms or corporations that limit competition.

Captain of Industry

A business leader whose means of amassing a personal fortune contributes positively to the country.

Robber Baron

A term for unscrupulous businessmen who exploit workers and resources.

Patent

A government license that gives an inventor exclusive rights to make, use, or sell an invention.

Andrew Carnegie

A Scottish-American industrialist who led the expansion of the steel industry in the U.S.

Terrence Powderly

Leader of the Knights of Labor.

Thomas Edison

Inventor of the electric light bulb, significant in industrialization.

Alexander Graham Bell

Scientist who created the first telephone, aiding long-distance communication.