NWRHS US History Ch 8 & 9 vocabulary
Terms
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- entrepreneur
- person who organizes or manages a business
-
economies of sale
Do you mean economies of scale? -
ability of big businesses to sell little businesses
economy of scale is the advantage big business have over small ones. They can buy in bulk & sell at bigger discount etc - corporation
- form of business that is created by the grant of a state charter; enables a group of individuals to operate as a single "artificial legal person"
- holding companies
- a company with controlling shares in other companies
- trust
- something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)
- horizontal integration
- absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
- vertical integration
- absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
- Horatio Alger
- author of inspirational adventure stories for boys; virtue and hard work overcome poverty (1832-1899)
- Ida Tarbell
- author and journalist, known as one of the leading muckrakers -- a muckraker is a journalist or an author who searches for and exposes scandals and abuses occurring in business and politics.
- Sherman Antitrust Act
- 1880 -- the principal antimonopoly law in United States
- rebate
- A rebate is an offer in which the purchase of a product entitles the buyer to mail in a coupon or receipt and receive a check for a particular amount, depending on the particular product, time, and place of purchase.
- Social Darwinism
- a kind of social theory that draws an association between big business and the survival of the fittest (only big business will survive) -- Charles Darwin
- philanthropy
- voluntary promotion of human welfare - the action to benefit society
- Bessemer process
- an industrial process for making steel using a Bessemer converter to blast air through through molten iron and thus burning the excess carbon and impurities; the first successful method of making steel in quantity at low cost
- real wages
- income reduced because of inflation
- Jane Addams
-
co-founded (with Ellen Gates Starr) Hull House Hull House, founded in Chicago, Illinois --was one of the first settlement houses in the U.S. --its main purposes were to provide social and educational opportunities for working class people in the neighborhood
--also a leader in women's suffrage and pacifist movements. - business cycle
-
sequence of economic actitivy --
refers to the ups and downs seen somewhat simultaneously in most parts of an economy. They tend to repeat at fairly regular time intervals - company towns
-
A company town is a town or city
in which all or almost all real
estate, buildings and other necessities or luxuries of life within its borders are owned by a single company - lockout
- work stoppage in which an employer prevents employees from working - this is different from a strike where workers refuse to work
- collective bargaining
- process of negotiation between unions and employers over wages, hours or working conditions
- Homestead lockout
- 1893 - labor dispute where Carneghie Steel Company hired a private army of 300 Pinkerton detectives armed with rifles
- Railroad Strike of 1877
-
companies cut workers' pay as much as 35%; lengthened workdays; discontinued "free ride" policy
B&O workers held a work stoppage; firemen abandoned trains; strikers took over town of Martinsburg, W.Va.; governor of West Virginia sent state militia and then federal troops in to regain control - Knights of Labor
- U.S. labor organization that attempted to bring all labor groups (skilled/unskilled, black/white, men/women, white collar/blue collar) into one BIG union
- American Federation of Labor (AFL)
-
labor organization for only skilled male workers; organized workers into separate unions each covering a particular craft
president: Samual Gompers - arbitration
- parties in a dispute submit their positions to a neutral third party for resolution
- Haymarket Square Riot
- May 1886; During a meeting to denounce the events of the previous days, the police began to disperse the crowd when someone threw a bomb, killing twelve people; policemen killed. Some of the speakers earlier in the day had been anarchists, and so the crime was presumed to have been committed by an anarchist; eight German-Americans that organized the rallies were accused and found guilty
- Samuel Gompers
- president of AFL for 37 years
- industrial union
- a union organizing method through which all workers in the same industry are organized into the same union -- regardless of skill or trade -- thus giving workers in one industry, or in all industries, more leverage in bargaining and in strike situations.
- Pullman Strike of 1894
-
1894, Illinois
George Pullman cut wages without an equivalent decrease in rent and other expenses. Discontented workers joined the American Railway Union led by Eugene Debs; effectively shut down production in Pullman factories; buildings were set on fire; strike would be broken by 12,000 federal troops ordered in by President Cleveland because U.S. Mail was being obstructed. - Eugene Debs
- prominent American labor leader; organized first industrial union - the ARU; jailed for part in Pullman Strike; would run for President as a Socialist
- Grover Cleveland
-
US President 1885-89 and 1893-97;
vigorously pursued a policy barring special favors to any economic group; vetoed many private pension bills; signed Interstate Commerce Act (first law attempting federal regulation of railroads)
"If it takes the entire army and navy of the United States to deliver a post card in Chicago," he thundered, "that card will be delivered." - Senator Henry Cabot Lodge
- strongly against immigration; argued for a bill that would exclude all prospective immigrants that could not read or write at least 25 words of the US Constitution
- urbanization
- increase in city population; rising new industries held out the promise of jobs and opportunities, held promise of excitement and activity, luxuries like running water, shops, convenient transportation, etc.
- merchandising
-
buying and selling of goods for profit;
one product is used to sell another