The Growth of Industry and Labor Movements

Vocabulary flashcards covering the rise of American industry, the emergence of corporations and monopolies, early industrial working conditions, key industrial figures, and labor union movements and tactics.

Corporation

A form of business that began after 1865 to obtain large sums of money required to establish large factories, buy materials, install power-driven machines, and hire workers.

Shares of Stock

Units of ownership in a corporation that are offered for sale to the public to raise business capital.

Stockholders (Shareholders)

Individuals who purchase shares of stock and become part owners of a corporation.

Board of Directors

A group selected by stockholders to manage and oversee the operations of a corporation.

Dividends

A share of the business's profits distributed to stockholders when a corporation succeeds.

Captains of Industry

A term for the pioneer leaders at the head of the largest corporations who transformed America into an industrial nation of factories and machines by 1900.

Robber Barons

A derogatory term used to describe corporate leaders who utilized harsh business tactics, treated employees poorly, and focused primarily on making money regardless of who was hurt.

Cornelius Vanderbilt

A pioneer American business leader and owner in the railroad industry.

James J. Hill

A pioneer leader and owner in American business who operated within the railroad industry.

Andrew Carnegie

A major American business pioneer and leader in the steel industry.

John D. Rockefeller

A pioneer leader in American industry who built a business empire in oil.

Monopoly

A single company that controls all or nearly all of an industry, enabling it to eliminate competition and dictate market prices to consumers.

Labor Unions (Trade Unions)

Organizations formed by workers joining together to advocate for their collective interests against employers.

Knights of Labor

The first large union in the United States, established in 1869, which welcomed all workers regardless of whether they were skilled or unskilled.

Uriah Stephens

The organizer who founded the Knights of Labor in 1869.

Samuel Gompers

The first successful leader of American working people, who advocated for organizing only skilled workers into separate trade unions and using collective bargaining.

Craft Unions

Trade unions organized so that well-trained, skilled workers belong exclusively to a union representing their specific craft or trade (e.g., separate unions for carpenters, plumbers, or locksmiths).

Collective Bargaining

Negotiations between employer management and union representatives to discuss issues and agree on wages, hours, rules, and working conditions.

American Federation of Labor (A.F. of L.)

A major labor organization founded in 1886 by Samuel Gompers, focused on organizing skilled workers into craft-specific unions.

Strike

A work stoppage where laborers refuse to work until management meets their demands.

Picket

A protest method in which workers station themselves at factory entrances to persuade others not to work and urge customers not to patronize the plant.

Boycott

An organized refusal by workers and their sympathizers to purchase the products of a targeted business.

Lockout

An employer tactic during labor disputes where management closes the facility and refuses to communicate or negotiate with the workers.

Blacklist

A shared roster of union leaders compiled by employers to ensure other businesses refuse to hire those individuals.

Yellow-Dog Contract

A pledge or agreement signed by an employee prior to being hired promising not to join or become a member of a labor union.

Injunction

A legal court order requiring individuals to do or refrain from doing something, such as compelling striking employees to halt their strike and return to work.