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2010-02-27 17:17:13
Chapter 12

Capter 12, 13, 14
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  1. Laissez-fair
    • French Phrase "let people do as they choose"
    • Belief gov. should not interfere with the economy
    • The gov. should only protect private property rights and maintain peace.
  2. Entrepreneurs
    • People who risk thier capitol to run a business
    • Profit attacted many ppl into business
    • Attracted to the idea of making it in manufactoring and transportation
  3. Union Pacific Railway
    • Went westward
    • employed 10,000 ppl
    • laborers faced harsh conditions
    • faced angry indians
  4. central pacific railway
    • 10,000 workers from china
    • equipment was shipped from east
    • dream of Theodore Judah
  5. Cornelius Vanderbilt
    • Successful railroad consolidator
    • merged 3 NY railroads
    • Extended controll to chicago within 4yrs
    • Began building Gand Central terminal
  6. Andrew Carnegie
    • Life Illistrates factors that led to rise of big businesses
    • Born in Scotland
    • Started as Bobbin boy worked way up to superintendent
    • Began Verticle Integration
  7. John D. Rockefeller
    • Famous industrialist
    • achieved almost complete horizantal Integration of his industry
    • Built all refineries
    • Controlled bout 90% of oil refinery industry
  8. Monopoly
    • When a single company achieves controll of an entire market
    • Many americans feard it
    • thought they could carge w/e they wanted
    • Many states made it illegal for 1 comp. to own stock in another comp.
  9. Trusts
    • New way of merging businesses that didnt violate laws
    • legal arrangement that allows 1 person to manage another's prop.
    • man who manages that prop. = trustee
  10. J.P. Morgan
    • successful investment banker
    • specialized in helping comp. issue stock
    • merged Carnegie stell w/ other large steel comp.
    • U.S. steel comp. 1st billion $ comp. in american Hist.
  11. Marxism
    • Ideas of Carl Marx
    • basic force shapping capitolist society
    • was class struggle between workers and owners
  12. Haymarket Riot
    • Supporters of 8hr day
    • called nation wide strike
    • Nights of Labor led a March
    • Turned violent
  13. Pullman Strike
    • Pullam Co. laid off workers and slashed wages
    • workers had to live n buy goods from company prop.
    • workers couldnt do this w/ wage cuts
    • a strike began
  14. Injunction
    • Formal court order
    • issued by Fed. Court to make (ARU) halt boycott
    • debbs went to jail for violating it
  15. Closed Shop
    • One of 3 goals of (AFL)
    • All companies could only hire union members
    • 2nd goal
  16. Eugene Debbs
    • Labor leader
    • member of American Socialist party
    • helped organize ARU
    • arrested for interfering w/ U.S. mail during pullman strike
  17. Ellis Island
    • Tiny island in NY harbor
    • Where 3-story building processed imigrants
    • it took a day for most to pass thru island
    • Hetic w/ all the ppl and different languages
  18. Jacob Riis
    • Danish Boy
    • journalist
    • obsereved a map of NY city colorded to show all the different nationalities would have more stripes than a zebra
  19. Tenements
    • Apartment Buildings
    • Most urban working class lived
    • dark and crowded
  20. Boss Tweed
    • Leader of Tammany Hall
    • Tammy Hall- most infamous political machine
    • His corruptness led him to prison