The Second Industrial Revolution

In the late 1800’s, industry was revolutionized for a second time, creating the-

Second Industrial Revolution

Those who rose to prominence in the railroad industry

Railroad barons

What is the assembly line?

An arrangement of workers and machines in a factory, where each worker deals with only one part of a product. The product passes from one worker to another until it is finished. In simple words, employees working together to produce a product.

What was the impact of the Bessemer Process?

It sped up the creation of railroads and cities.

Instead of individuals owning businesses-

Corporations owned them and shareholders controlled them

Dividends:

A portion of a company’s profit paid to shareholders.

Stock:

The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.

Capital:

Wealth in the form of money or assets

Business man who founded an oil refinery in 1863

John D. Rockefeller

What was the name of John D. Rockefeller’s oil company?

Standard Oil Company of Ohio

What did Rockefeller create?

A monopoly on oil.

What form of integration did John D. Rockefeller demonstrate?

Horizontal integration.

What is horizontal integration?

When a business acquires or merges with another business that sells similar products.

Ex; Nike buys Adidas, Sketchers, New Balance

Who began their career as a railroad employee and after making smart investments in steel and iron, founded a steel company?

Andrew Carnegie

What form of integration did Andrew Carnegie demonstrate?

Vertical integration

What is vertical integration?

When a company takes ownership of key stages in its supply chain.

Ex; Nike buys the rubber company, the silk company, the cotton company

What does “Gilded” mean?

Appears to be gold, but is made of something else

People like Rockefeller were called-

Robber barons

What is a robber baron?

Someone who lives like nobility, but is an unethical man who used trickery to become wealthy.

In July of 1890, Congress passed-

The Sherman Antitrust Act

What is the Sherman Antitrust Act?

It made trusts and monopolies illegal.

Carnegie and Rockefeller both became-

Philanthropists

What came first: The Sherman Antitrust Act or the Clayton Antitrust Act?

The Sherman Antitrust Act

What was the first national union?

The Knights of Labor

Unlike most unions, the Knights of Labor welcomed-

Women, African Americans, and unskilled workers - but Asians were still excluded.

The Knights tried to use the tactic of-

Collective bargaining

What is collective bargaining?

Negotiation of wages and other conditions of employment by an organized body of employees.

Who founded the American Federation of Labor (AFL) in 1886?

Samuel Gompers

*Fill in the blanks*

Although _______ sometimes helped unions fight businesses, they also sometimes damaged the reputation of the unions, some of which came to be seen as violent _________ groups.

Strikes; anarchist

What was the Haymarket Affair?

Occured on May 4, 1886, when a labor protest rally near Chicago's Haymarket Square turned into a riot after someone threw a bomb at police. At least 8 people died.

What was the Homestead Strike?

In 1892, the Carnegie Steel Company in Homestead, Pennsylvania discharged workers from the Amalgamated Association of Iron and Steel Workers Union. A bloody confrontation ensued between the workers and the hired Pinkerton security guards, ultimately killing 16 people and causing many injuries.

What was the Pullman Strike?

(May 11, 1894–c. July 20, 1894) A widespread railroad strike and boycott that severely disrupted rail traffic in the Midwest of the United States in June–July 1894. The federal government's response to the unrest marked the first time that an injunction was used to break a strike.