Late Nineteenth-Century Industrialization and Labor Key Terms

Vocabulary flashcards based on key terms regarding nineteenth-century corporate growth, labor movements, management strategies, and social philosophies.

Haymarket affair

The rally and subsequent riot in which several policemen were killed when a bomb was thrown at a peaceful workers rights rally in Chicago in 1886.

holding company

A central corporate entity that controls the operations of multiple companies by holding the majority of stock for each enterprise.

horizontal integration

Method of growth wherein a company grows through mergers and acquisitions of similar companies.

Molly Maguires

A secret organization made up of Pennsylvania coal miners, named for the famous Irish patriot, which worked through a series of scare tactics to bring the plight of the miners to public attention.

monopoly

The ownership or control of all enterprises comprising an entire industry.

robber baron

A negative term for the big businessmen who made their fortunes in the massive railroad boom of the late nineteenth century.

scientific management

Mechanical engineer Fredrick Taylor's management style, also called "stop-watch management," which divided manufacturing tasks into short, repetitive segments and encouraged factory owners to seek efficiency and profitability over any benefits of personal interaction.

social Darwinism

Herbert Spencer's theory, based upon Charles Darwin's scientific theory, which held that society developed much like plant or animal life through a process of evolution in which the most fit and capable enjoyed the greatest material and social success.

trust

A legal arrangement where a small group of trustees have legal ownership of a business that they operate for the benefit of other investors.

vertical integration

A method of growth where a company acquires other companies that include all aspects of a product's lifecycle from the creation of the raw materials through the production process to the delivery of the final product.