The Second Industrial Revolution, Big Business & the Labor Movement

First Industrial Revolution

A period from 1760 to 1840, characterized by the use of coal and water power, focused on textiles and ironwork.

Second Industrial Revolution

A period from 1870 to 1914, marked by the use of petroleum and electricity, focused on steel, chemicals, and mass production.

Natural Resources

Mineral wealth, such as iron ore in Minnesota and coal in Pennsylvania, that supported industrial growth.

Bessemer Steel Process

A method patented in 1856 that reduced steel production costs by blasting cold air through molten iron to remove carbon impurities.

Laissez-Faire Capitalism

An economic system where the government has minimal involvement in business, promoting lower regulation and taxes.

Child Labor

The employment of children in industrial and agricultural operations often under poor conditions and for low wages.

Urbanization

The rapid growth of cities as populations move from rural to urban areas, often driven by available factory jobs.

Monopoly

A situation where one company controls a large part of an industry, reducing competition.

Vertical Integration

A business strategy where a company controls every step of production, from raw materials to final distribution.

Horizontal Integration

A business strategy that involves merging with or acquiring competing companies at the same production stage.

Captains of Industry

Business leaders viewed positively for their contributions to economic growth and job creation.

Robber Barons

Wealthy business leaders criticized for exploiting workers and using unfair tactics to eliminate competition.

Social Darwinism

The belief that the ideas of 'survival of the fittest' apply to human societies and justify economic inequality.

Gospel of Wealth

Andrew Carnegie's philosophy that the wealthy have a moral obligation to distribute their wealth for the good of society.

Interstate Commerce Act (1887)

Legislation aimed at regulating railroad rates and practices to curb corporate monopolies.

Sherman Anti-Trust Act (1890)

A law that aimed to combat anticompetitive practices, prohibiting monopolies and trusts.

Knights of Labor

An inclusive labor organization founded in 1869 that advocated for worker rights and better labor conditions.

American Federation of Labor (AFL)

A labor union founded in 1886 that focused on skilled workers and practical workplace improvements.

Haymarket Riot (1886)

A labor protest in Chicago that turned violent, resulting in a decline of the labor movement.

Pullman Strike (1894)

A nationwide railroad strike that highlighted the conflict between labor and management.

Management Tactics

Strategies employed by employers to control labor, including lockouts and hiring strikebreakers.

Labor Tactics

Strategies used by workers to demand better conditions, including strikes and collective bargaining.

Transcontinental Railroad

A railroad completed in 1869 that connected the eastern and western United States, facilitating national trade.

Thomas Edison

An inventor known for the incandescent light bulb and advancements in electrical power distribution.

Alexander Graham Bell

An inventor who patented the telephone, significantly improving communication.

Important Dates in Industrialization

Key years to remember include 1856 for the Bessemer process, 1869 for the transcontinental railroad, and 1890 for the Sherman Anti-Trust Act.

Essential Question regarding big business leaders

Are they Captains of Industry or Robber Barons? They embody both roles, contributing to economic growth while also exploiting labor.