the combination in one company of two or more stages of production normally operated by separate companies.
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Gospel of Wealth
* **Carnegie will try to give his money away. → gives buildings to communities (libraries)**
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Rockefeller is
two-faced → one is very religious, the other is evil
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Edwin Drake
drills oil
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Rockefeller will
move to refining oil → kerosene
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**Standard** **Oil**:
* *Monopoly* * fair price; high quality.
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Horizontal Integration
focusing on one part of the industry
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Rockefeller then
focused on “refining”.
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J.P. Morgan
(born rich) = investment banker
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America gets its money from
J.P. Morgan
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R is for
railroad
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O is for
oil - Rockefeller and Standard Oil
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S is for
steel - Carnegie and his disruptions
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E is for
electricity - Edison
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Labor Unions
protect the people
* Make things equal * Strike * Ask for pay, hours, conditions * Conditions are so bad
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1st Strike
*aka Great R.R. Strike*
* Wages are cut in the middle of economic downturn * Ops will break up the fighting
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Skilled Workers
their skills are needed so they have more power
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Unskilled Workers
* skills are not needed, so they’re irrelevant
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Knights of Labor
* invites unskilled workers and are very utopian * *Goal*: own and control company on behalf of the workers
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HayMarket Square Bombing
Meeting because of revenge posters
* ends in bombing
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Albert Parsons
* Went to Baylor * Ran out of Texas by marrying an African American woman
* Parsons will go underground after speech even though he wasn’t there * “It was Parsons who caused this!”
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HayMarket Square Bombing Ending
* Bomb goes off and 66 people are wounded & 7 people die * Parsons and 7 other people are convicted * Terrible violence against Police * Destroys Night of Labor
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American Federation of Labor
made up of skilled workers who must work in a closed shop
* Racist
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Closed Shop
has to be part of Labor Union
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De-skilling
reducing level of skill
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Bisset Strike
Carnegie leaves Frick to deal with mess of destroying labor unions
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Pullman Strike
In this company town, the workers’ wages are cut but not costs → STRIKE