History of American Business Quiz 2
Terms
undefined, object
copy deck
- Interstate Commerce Act
- regulation of rail roads - did not receive power to establish maximum rates so could not effectively prohibit discrimination - prohibit pools, rebates, unreasonable rates and long & short-haul differentiations
- Granger Laws
- establish maximum rate schedules --> Munn v Illinois (upheld state regulation of maximum rates.(when a business is clotehd w/ a public interest, regulation is constitutional)..later appealed by RR companies because too difficult) --> wabash case (limited state regulation)
- Adamson Act
- 8 hour work day
- Alfred P Sloan
- single general office to set goals and policies..independence encourages innovaton and initiatve - unique organizational structure for GM: buick (vs ford), olds and chevy (middle), cadillac on top
- Hepburn Act
- gave ICC power to fix maximum rates
- Air Commerce Act of 1926
- aid to civil air transport and navigation including the establishments of airports
- Civil Aeronautics Authority
- transferred federal responsibilities for non-military aviation from the Bureau of Air Commerce to a new, independent agency, the Civil Aeronautics Authority. The legislation also gave the authority the power to regulate airline fares and to determine the routes that air carriers would serve.
- Thomas Edison
- Edison General Electric - incandescent light, dc current (only short range)
- George Westinghouse
- westinghouse electric company - ac current(did NOT invent it!!!!), air break in railroads to make trains run faster
- Tennessee Valley Authority
- idea or yardstick to ensure fair rates
- Rural Electrification Act
- cooperatives received loans to extend power lines to farms
- Petroleum Industry
- 1947 - US a net importer of petroleum 1980 - higher prices for crude oil so we have switched back to coal and natural gas **POST WW2 it was very important!! rise of gasoline in auto industry
- Sherman Anti Trust Act
- Trust busting - 1890 - started in New Jersey - End restrictions against free trade
- Banking act of 1933
- (Glass-Steagall Act) - FDIC - banking deposits insured up to 100,000 - separated commercial and investment banking
- Major coalmines
- Wisconsin, Michigan, Minnesota (Mesabi Range)
- Steel Industry Development
- Bessemer proces (remove excess carbon from iron to get steel. after civil war, this was the predominant way b/c large volumes of steel at low prices) --> open-hearth process --> basic oxygen furnace (most desirable now) --> electric furnace
- Andrew Carnegie
- manufactured Crude steel - US Steel/Big steel - made people sign the iron clad agreement - did NOT work in tobacco industry - sold company for 490 million - gave away 90% of what he earned!!!! - very competitive, paid low dividends
- JP Morgan
- Federal Steel
- John D. Rockefeller
- OIL!!! - standard oil company of ohio, new jersey - unreasonably restraining trade with the petroleum industry - oil refinining - gave away 550 million!!!!! - considered a savage in business
- US #1 steel producer by
- 1906 but did NOTTTT invent technology (europe)
- Henry Clay Frick
- coking industry - helped Carnegie buy out a lot of competitors because coke used in steel industry
- Judge Elbert H. Gary
- - more formal and regulated policy. - morgan man, more conservative - financial statements so public could see how company was doing
- Webb-Pomerene Act
- gave immunity to antitrust laws for companies that combined to operate the export trade that was essential to the war effort. The act was important because it granted exemptions from the Clayton Anti-Trust Act of 1914.
- Federal Trade Commission Act of 1914
- established the Federal Trade Commission (FTC), a bipartisan body of five members appointed by the President of the United States for seven year terms.
- David Sarnoff
- produced color TV but a huge flop because too expensive and not compatible - associated with RCA
- FCC
- - assigned frequencies - limited power outputs - equalize geographical access to radio facilities
- Wheeler-Lea Amendment
- to the Federal Trade Commission Act (1938)..gave the FTC autority to regulate ufair and deceptive advertising as weel as jurisdiction over false advertising of food, drugs, and therapeutic devices
- Robinson Patmen Act
- (1936) - prohibits price discrimination (anticompetitive practices by producers) - an amendment to the clayton Act
- Nicholas Biddle
- father of the modern central bank - 3rd director of 2nd bank. argument with jackson
- First Bank
- - did not have charter renewed - 10 million in capital stock - private and govt investors - Hamilton FOR bank, Jefferson says not necessary (more agricutural nation)
- National Bank Act of 1863
- - to promote the credibility of banks and limit the size of their loans - provided uniform in banking regulation - new central agency - national currency (SILVER REMOVED)
- Federal Reserve Act of 1913
- controlled CASH of economy (nottt credit!) - 12 largely independent reserve banks
- Emergency Banking Act
- - inspected banks - gold currency - sec of treasury increase bank notes *elimination of gold standard made currency and credit more flexible
- CDs
- long-term savings high interest rates
- MMCs
- short, 6 month maturity variable interest rates
- 3 major structures in foreign trade
- 1. business or cooperation 2. money changer 3. government
- State Department
- maintains good relations with other countries to trade with them rather than going to war with them
- Securities Act of 1933
- regulates the offer and sale of securities - investors must receive significant information concerning securities behing offered for public sale
- War Industries Board
- government agency established on July 28, 1917, during World War I, to coordinate the purchase of war supplies.[1] The organization encouraged companies to use mass-production techniques to increase efficiency and urged them to eliminate waste by standardizing products.
- Non-Intercourse Act
- lifted all embargoes on American shipping except for those bound for British or French ports. The intent was to damage the economies of the United Kingdom and France.
- National Industrial Recovery Act (NRA!!!)
- Section 7(a) of the bill, which protected collective bargaining rights for unions, proved contentious (especially in the Senate),[1][3] but both chambers eventually passed the legislation and President Roosevelt signed the bill into law on June 16, 1933 - authorized the President of the United States to regulate industry and permit cartels and monopolies in an attempt to stimulate economic recovery - GENERAL JOHNSON
- National Labor Relations Act
- or Wagner Act -limits the means with which employers may react to workers in the private sector that labor unions, engage in collective bargaining, and take part in strikes and other forms of concerted activity in support of their demands
- New Deal
- - Civil Aeronautics Authority - National Industrial Recovery Act (NRA) - Social Security - Tennesse Valley Act - Rural Electrification Act - FDIC - Fair labor standards act
- RFD
- free delivery
- Eli Whitney
- interchangeable parts cotton gin