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The flashcards below were created by user
ellie.kay88
on FreezingBlue Flashcards.
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Railroads
important transportation system that allowed people and items to be shipped -rather quickly- east to west, time
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Bessemer Process
a cheaper process to transform iron to steel, cut the prices of steel in half --> more steel for train tracks, bridges, and frames
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Thomas Edison
- improved a brokerage's design of stock tickets, patented a new invention every 4-5 mo, wanted to systemize inventing processes
- created an "invention factory" --> Edison Electric Light Comp.
- created unified electrical power system and power plants all over the country
- created the record player
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George Westinghouse
along with Nikola Tesla, in 1886, developed the electric motor to power things, even in the home
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George Easton
- revolutionized photography with his Kodak camera line
- *replaced other photography equipment*
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Alexander G. Bell
- created the telephone, no longer need telegraph or morse code
- -Bell Telephone Company, 1876
- modernized offices, eased business transactions
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Finance Capital
look up...
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Corporation
- was used in old times but readapted because of growing scale of enterprise and need for capital
- used for raising money and protecting business holdings
- could increase profit by selling stock certificates, could outlive owners, limited liability, and separate owners from management
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Labor Contract Law
look up...
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Daniel McCallum
- superintendent of the NY and Erie RR laid foundations for managerial system by drawing up first table of organization force an American Company
- executives, managers, and workers led to organized labor
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rebates
- secret discounts to preferred customers- used by RRs to drop prices below the posted rates of competitors
- *recouped losses by overcharging others (farmers)
- by 1880, 65 lines declared bankruptcy
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Erie Wars
- corporate war started when Cornelius Vanderbilt tried to steal control of Erie RR from Daniel Drew, James Fisk Jr, and Jay Gould
- --> stand off --> paid vanderbilt ransom to stop--> Erie bankrupt
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Pooling
- informal agreements among competing companies to act together
- designed to remove competion that led to rate wars
- --> w/out law, poos failed
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The Pool
- combination of businesses, agreement to divide production, assign markets, and set prices- double the prev rate
- helped corporations stay in business
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Horizontal Growth
- joining loosely with rivals --> unsatisfactory
- other form; formal managers- spread
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Vertical Integration
- integrated several different activites (requiring raw materials to advertising to consumers) -under one company
- *brought producers of condumer goods closer to market place and profit came from high-volume sales
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Andrew Carnegie
- scottish immigrant, built the biggtest steel mill in the world (1872)
- J. Edgar Thomas Mills opened in 1875, expanded mills all over
- Keys to Success:
- -took advantage of boom- and- cycle
- -employed skilled managers
- -knew how to compete
- -expanded (vert. and horiz)
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John D. Rockafeller
- successful in oil business (like Carnegie in steel)
- developed an innovative business structure (the trust)
- the trust- promised greater control than any integrated system
- --:>he bribed, spread, slashed prices, phony businesses
- granted RRs rebates on shipping rates and "drawbacks"- a fee standard to RRs paid for shipping rival products
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The Trust
- stockholders of a corporation their shares "in trust" to a central board of directors with the power to control all property, in exchange, stockholders got certificates of trust that paid hefty dividends
- in 1882 standard oil company of Ohio fromed first trust
- ----> centralized management of the oil industry
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J. Pierpoint Morgan
- House of Morgan played a part in consolidating almost all industries
- main man involved in corporate "mergers"- one corporation buying another
- --> merger movement--> 1904 certain firms became giants and controlled most of industry
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Holding Company
- a corporation of corporations that had the power to hold shares of other companies, created by Samuel Dodd
- --> after Sherman Antitrust Act banned trusts, trusts became holding companies
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Boom and Bust Cycle
the tendancy of the economoy to thrive and then fall sporradically
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Social Darwinism
- applied Darwinism to socitey (Herbert Specner)
- condemned unfit to poverty while rewarding "fit" with profit, priveledge, and property
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Henry George
- critic of coporations, "how could poverty exist when industrialization had created such wealth?"
- blamed land speculators, wrote Progress and Poverty
- propesed "single tax" to hinder monopolies
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Socialism
- socialist labor party (1877), under Daniel De Leon
- stressed class conflict and called to givve workers control of production by revolution
- mostly follwed by intellecutals
- --> Socialist Party of America
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Taylorism
full-blown philosophy eveloped by Frederick W. Taylor, that increased productivity by studying work habits and offering pay incentives
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Railroad Brotherhood
unions, furnished insurance for those hurt of killed on the RR lines, weak and unconnected
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Nationl Labor Union
- founded in 1869 by Urian Stevens and other Philadelphia garment cutters, strongly Protesten
- elected Terrence V. Powderly as their Grand Master Workman
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Terrence V. Powderly
- Grand Master Workman of Knights of Labor
- looked to abolish wage system and replace with worker-owned coporations, support 8 hours and regulation of trusts, prohibition of child labor, convict labor, and alcohal
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Samuel Gompers
- leader of the American Federation of Labor
- preached accomodation, not resistence, urged followers to accept capitalism and wage system, worked union that bargained for needs
- created mainly craft unions
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Injunctions
court orders prohibiting certain actions, like strikes, by barring workers from interfering with employer's business
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Yellow Dog Contracts
contracts that fought unions by forcing laborers to sign and agree not to join unions
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Great R.R. Strike
- first nationwide strike after Baltimore and Ohio RRs cut wages 20%
- local dopt was seized and line blocked, and 2/3s of RR tracks in nation shut down in sympathy
- --> 12 days later, 100 dead and $10 million in damage army stopped strike
- *showed rising power and unity among labor forces*
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Haymarket Square Riot
- workers protesting the killing of laborers by police and the police ordered everyone out of the square --> bomb went off
- despite the lack of evidence 8 radicals were found guilty, four hanged
- --> rest later pardoned on basis of mistrial
- --->fear among employers bc of growing power of labor
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Homestead Strike
at Carnegie steel mill in Pennsylvania, silver mines of Coeur d' Alene, and coal mines near Tracy City, workers striked only to be crushed by government
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Pullman Strike
- broadcast confrontation of labor and management
- Pullman, owner of car factory, laid off workers and cut off wages because of a depression and refused to discuss greivances
- -->workers stuck and ocnvinced RRs to boycott Pullman cars in 27 states, Pulman appealed to Cleveland to stop the strike --> crushed
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Eugene V. Debs
- put behind bars because of a violation of a court injunction
- spent 6 months behind bars--> became socialist leader in American
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