front 1 Protective Tariffs | back 1 Taxes that would make imported goods cost more than those made locally |
front 2 Laissez-faire | back 2 Allowed businesses to operate under minimal government regulation |
front 3 Patent | back 3 A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time |
front 4 Thomas Edison | back 4 Established a research laboratory and invented the light bulb; developed plans for central power plants to light entire sections of cities |
front 5 Bessemer Process | back 5 Process for purifying iron, resulting in strong, but lightweight, steel |
front 6 Impact of Electricity | back 6 Lit city streets and powered homes and factories, which extended the number of hours Americans could work and play |
front 7 Impacts of the invention of steel | back 7 Made possible the building of skyscrapers, elevators, and suspension bridges |
front 8 Reasons for technological and industrial growth | back 8 Vast supplies of natural resources, a growing workforce, capitalism encouraging entrepreneurs, and government policies encouraging free enterprise |
front 9 Mass Production | back 9 System for turning out large numbers of products quickly and inexpensively |
front 10 Corporation | back 10 A form of group ownership; investors lose no more than they originally invested in the business if it experiences economic problems; perfect solution to the challenge of expanding business |
front 11 Monopoly | back 11 Complete control of a product or service by either buying out a company's competitor or driving them out of business |
front 12 Cartel | back 12 Businesses making the same product agree to limit their production and keep prices high; worked to eliminate competition |
front 13 John D. Rockefeller | back 13 Oil tycoon who made deals with railroads to increase his profits; one of the first businessmen to use the horizontal integration method |
front 14 Horizontal Integration | back 14 System of consolidating many firms in the same business |
front 15 Trust | back 15 Companies assign their stock to a board of trustees who combine them into a new organization |
front 16 Andrew Carnegie | back 16 Steel tycoon who used vertical integration |
front 17 Vertical Integration | back 17 Gaining control of the many different businesses that make up all phases of a product's development; allowed companies to reduce costs and charge higher prices to competitors |
front 18 Social Darwinism | back 18 Wealth was a measure of one's inherent value and those who had it were the most "fit" |
front 19 Technological Innovations | back 19 Electricity, communication (telegraph & telephone), steel production, and transportation (railroads) |
front 20 Capitalism | back 20 Private individuals own all of the means of production |
front 21 Interstate Commerce Commission (ICC) | back 21 Created to oversee railroad operations; first federal body ever set up to monitor American business operations; could only monitor railroads that crossed state lines; could require the railroads to send their records to congress |
front 22 Sherman antitrust Act | back 22 Outlawed any trust that operated "in restraint of trade or commerce among several states" |
front 23 Sweatshop | back 23 Small, hot, dark, and dirty workhouse; employed mainly women who worked for long hours on machines making mass-produced items |
front 24 Company Towns | back 24 Isolated communities near workplaces where laborers lived |
front 25 Working Conditions in Factories | back 25 Very dangerous; workplaces were poorly lit, overheated, and badly ventilated; some workers lost their hearing |
front 26 Collective Bargaining | back 26 Negotiating as a group for higher wages or better working conditions |
front 27 Socialism | back 27 Economic and political philosophy that favors public, instead of private, control of property and income |
front 28 Knights of Labor | back 28 Labor union founded by Uriah Smith Stephens; devoted to broad social reform such as replacing capitalism with workers' cooperatives |
front 29 Terence V. Powderly | back 29 Took on the leadership of the knights in 1881; continued to pursue ideological reforms meant to lead workers out of the bondage of wage labor; encouraged boycotts and negotiation with employers |
front 30 Samuel Gompers | back 30 Formed the AFL in 1886; set high dues for membership in the AFL to create a strike and pension fund to assist workers in need |
front 31 American Federation of Labor (AFL) | back 31 Craft union that focused on workers' issues such as wages, working hours, and working conditions; often called a "bread and butter" union; opposed women members because Gompers believed they drove wages down |
front 32 Effects of Haymarket Square | back 32 The knights of labor eventually disappeared, employers became more suspicious of union activities, and they associated them with violence |
front 33 Homestead Strike (1892) | back 33 Workers' wages were cut causing them to go on strike in which Henry Frick brought in the Pinkertons, killing several strikers |
front 34 Pullman Strike (1893) | back 34 Pullman Palace Car Company laid off workers and reduced wages by 25%; George Pullman required workers to live in the company town and controlled their rents and the prices of goods; he fired three workers and shut down the plant |
front 35 Eugene V. Debs | back 35 Led the American Railway Union in which he grouped all railroad workers together rather than separating them by the job they held; organized a strike against Pullman and refused to end it, causing him to be imprisoned |