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Great Railroad Strike of 1877
A pivotal labor conflict in the United States, marking a widespread strike against wage cuts and poor working conditions in the railroad industry. This event highlighted the growing tensions between labor and management during the Gilded Age, involving thousands of workers and leading to violent confrontations.
Economic Downturn
A significant decline in economic activities that occurred after the financial bubble burst in 1873, causing widespread financial instability and leading to dramatic wage cuts and job losses, particularly impacting the railroad industry.
Taylorism
An innovative management philosophy developed by Frederick Winslow Taylor that emphasizes efficiency in production through scientific methods. This approach involves the division of labor and standardization of tasks, significantly boosting industrial productivity in the late 19th century.
Corporate Structure
A legal framework that enables businesses to operate as distinct entities, offering limited liability to owners. This structure facilitates the mobilization of capital and encourages growth and investment during the industrial expansion of the Gilded Age.
Social Darwinism
A socio-economic ideology prevalent in the late 19th and early 20th centuries, proposing that wealth accumulation reflects natural superiority, serving to justify the disparities in wealth and the survival of the fittest within capitalist societies.
Gilded Age
A historical period in the United States from the late 19th century characterized by rapid economic growth, industrialization, and significant social inequality, with a stark contrast between immense wealth for a few and abject poverty for many.
Horizontal Integration
A strategic business approach where companies acquire or merge with competitors in the same industry to minimize competition, enhance market control, and increase profitability.
Vertical Integration
A business strategy involving the acquisition of companies operating at different stages of the production process, allowing firms to improve their efficiency and exert greater control over supply chains, famously employed by industrialists like Andrew Carnegie.
Knights of Labor
An influential labor organization founded in 1869 that aimed to unite both skilled and unskilled workers to fight for better wages, working conditions, and labor rights through broad-based collective action.
American Federation of Labor (AFL)
Established in 1886, this labor federation focused on organizing skilled workers into trade unions, advocating for practical improvements in wages, hours, and working conditions through collective bargaining.
Panic of 1907
An economic downturn that resulted in a severe financial crisis marked by bank runs and stock market crashes, during which financier J.P. Morgan played a crucial role in orchestrating financial stability measures, restoring confidence in the banking system.
Laissez-faire
An economic philosophy advocating minimal government interference in business operations, particularly prominent during the Gilded Age, favoring the growth of large corporations without regulatory constraints.
The Bessemer Process
A revolutionary steel production method introduced by Henry Bessemer in the 1850s, allowing for the mass production of steel at lower costs by converting iron into stronger and lighter steel, which fueled industrial growth.
Carnegie Steel Co.
A major steel manufacturing company founded by Andrew Carnegie in the late 19th century, exemplifying the rise of industrial capitalism, it became one of the largest and most efficient steel producers in the world.
Standard Oil Company
Founded by John D. Rockefeller in 1870, this oil company became a leading example of monopoly power, controlling approximately 90% of the U.S. oil industry and implementing practices that eliminated competition.
Trusts
A term commonly associated with large business conglomerates that gained monopoly control over their respective industries, leading to significant economic power and anti-competitive practices during the Gilded Age.
Andrew Carnegie
A steel magnate and philanthropist who led the expansion of the American steel industry in the late 19th century, known for his innovative business practices and significant charitable contributions.
Philanthropy
The desire to promote the welfare of others, typically through the donation of money to good causes. Andrew Carnegie is famous for his philanthropic efforts, including establishing libraries and educational institutions.
Gospel of Wealth
An article written by Andrew Carnegie in 1889, advocating for the wealthy to use their surplus wealth for the betterment of society, arguing that the rich have a moral obligation to distribute their fortunes to promote the welfare of the community.
Carnegie Hall
A world-renowned concert venue in New York City, founded by Andrew Carnegie and opened in 1891, serving as an important cultural landmark for music and arts.
Carnegie's Labor Relations
Andrew Carnegie is noted for his controversial approach to labor relations, especially the violent Homestead Strike of 1892, which reflected ongoing tensions between labor rights and industrialist interests.
J.P. Morgan
A powerful banker and financier in the late 19th and early 20th centuries, known for his role in the formation of several major corporations and for stabilizing the U.S. economy during financial crises.
U.S. Steel Corporation
Formed in 1901 through the merger of Carnegie Steel and several other companies, this was the first billion-dollar corporation in U.S. history, largely facilitated by J.P. Morgan.
Morganization
A term used to describe the practice of consolidating companies under J.P. Morgan's financial control, often leading to greater efficiency and reduced competition.
Panic of 1907
An economic crisis that showcased J.P. Morgan's influence as he coordinated rescue efforts to stabilize banks and restore confidence in the financial system.
J.P. Morgan & Co.
The investment banking firm founded by J.P. Morgan, which became instrumental in underwriting and financing major American corporations during the Gilded Age.
Railroad Consolidation
A significant focus of J.P. Morgan's investments, where he helped consolidate multiple railroad lines to create more efficient transportation systems and improve profitability.
The Northern Securities Company
A short-lived railroad trust created by J.P. Morgan in 1901, which was later deemed a monopoly and dissolved by the Supreme Court in 1904.
Interlocking Directorates
A business practice where the same individuals serve on the boards of multiple companies, utilized by J.P. Morgan to create alliances and enhance corporate power.
John D. Rockefeller
An American businessman and philanthropist who co-founded Standard Oil Company, which dominated the oil industry and became the first great U.S. business trust.
Monopoly Practices
Rockefeller employed strategies like price-fixing, secret rebates, and undercutting competitors to establish a monopoly in the oil industry.
Rockefeller's Philanthropy
Known for his charitable contributions, Rockefeller established foundations that funded public health, education, and scientific research, including the Rockefeller Foundation.
Standard Oil Trust
Formed in 1882, a group of companies controlled by a board of trustees, allowing Rockefeller to maintain control while limiting competition in the oil industry.
Oil Refining Industry Transformation
Rockefeller's innovative techniques and economies of scale revolutionized oil refining, increasing efficiency and reducing costs in the production of kerosene.
Sherman Antitrust Act
Enacted in 1890, this federal legislation aimed to combat monopolistic practices; it was famously used to dissolve Standard Oil in 1911.
Rockefeller's Legacy
His business practices and philanthropy left a lasting impact on American industry and charitable giving, exemplifying both the potential and pitfalls of capitalism.
