Chapter 19 Terms

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  1. Railroads
    important transportation system that allowed people and items to be shipped -rather quickly- east to west, time
  2. 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
  3. 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
  4. George Westinghouse
    along with Nikola Tesla, in 1886, developed the electric motor to power things, even in the home
  5. George Easton
    • revolutionized photography with his Kodak camera line
    • *replaced other photography equipment*
  6. Alexander G. Bell
    • created the telephone, no longer need telegraph or morse code
    • -Bell Telephone Company, 1876
    • modernized offices, eased business transactions
  7. Finance Capital
    look up...
  8. 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
  9. Labor Contract Law
    look up...
  10. 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
  11. 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
  12. 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
  13. Consolidation
    look up
  14. Pooling
    • informal agreements among competing companies to act together
    • designed to remove competion that led to rate wars
    • --> w/out law, poos failed
  15. The Pool
    • combination of businesses, agreement to divide production, assign markets, and set prices- double the prev rate
    • helped corporations stay in business
  16. Horizontal Growth
    • joining loosely with rivals --> unsatisfactory
    • other form; formal managers- spread
  17. 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
  18. 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)
  19. 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
  20. 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
  21. 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
  22. 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
  23. Boom and Bust Cycle
    the tendancy of the economoy to thrive and then fall sporradically
  24. Social Darwinism
    • applied Darwinism to socitey (Herbert Specner)
    • condemned unfit to poverty while rewarding "fit" with profit, priveledge, and property
  25. 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
  26. 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
  27. Taylorism
    full-blown philosophy eveloped by Frederick W. Taylor, that increased productivity by studying work habits and offering pay incentives
  28. Railroad Brotherhood
    unions, furnished insurance for those hurt of killed on the RR lines, weak and unconnected
  29. 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
  30. 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
  31. 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
  32. Injunctions
    court orders prohibiting certain actions, like strikes, by barring workers from interfering with employer's business
  33. Yellow Dog Contracts
    contracts that fought unions by forcing laborers to sign and agree not to join unions
  34. 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*
  35. 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
  36. 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
  37. 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
  38. 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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Chapter 19 Terms
2012-01-31 00:04:46
AP American History

chapter 19 terms
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