Gilded Age Flashcards
JP Morgan
- most influential and powerful figures in financial world
- began series of consolidations in the railroad of colossal corporations including US Steel and General Electric
Andrew Carnegie
- self made man
- founded Carnegies Steel company
- maximized his profits by vertical integration
- controlled the entire steel industry
Knights of Labor
- unhappy workers sought to organize labor in the US.
- membership peaked in 1880 but failed bc they knew they could get more done if they were narrowly focused
Pullman Strike
- massive strike on the Pullman company
- Eugene debs asked for arbitration but Pullman refused
- strike breakers replaced workers and strikers were fired and blacklisted
Pendleton Civil Service Act
A law that established a bipartisan civil service commission to make appointments to government jobs by means of the merit system
Populist Party
New political party formed by farmers and common people against the entrenched interests of railroads, bankers, processers, corporations, and the politicians in league with such interests. Pushed for:
- free silver
- graduated income tax
- public ownership of railroads, telegraphs, and telephones
Depression of 1893
- US Treasury was nearly empty
- investors traded silver for gold on a convoluted scheme that sent the gold reserve below the $100 mil mark
Corey’s Army
- Coxey and 500 men went to D.C. To petition the government for cheap money and debt relief programs
- during depression of 1893
Vertical Integration
- When all steps of a production process are controlled by one company
- Cuts out the middle man to maximize profits
Eugene Debs
- social and labor leader
- worked in the Pullman company
- requested arbitration, but Pullman refused to reason with workers
- involved in Pullman Strike
