Industrialization Flashcards
(22 cards)
Consolidate
Combine - large companies bought lots of small companies
Rebates
Discounts - they wanted new customers
Pooling
Dividing/splitting up business - rebates helped cause pooling
George Westinghouse
Air brake - lots of accidents before the air brake
George Pullman
Comforts - he designed more comfortable trains and travel vehicles
Cornelius Vanderbilt
Combined with/bought smaller companies
Corporation
Owned by many investors/shareholders
Entrepreneurs
Laissez faire - caused more people to open individual businesses
Andrew Carnegie
Carnegie steel - Got rich from investments, built the Maryland bridge, eventually owned 60% of the steel industry
J.P. Morgan
Famous banker - Sold Andrew Carnegie’s company and controlled 3/5ths of the steel business
John D. Rockefeller
Formed the Standard Oil Company of Ohio
Refinery
Process of taking oil from the ground and refining it to sell
Trust
An organization that took shareholders from different companies and had them turn in their shares of stock in exchange for new/different shares
Vertical Integration
Took over all the parts of the industry and put everybody else out of business by selling for lower prices
Anarchist
People that opposed all forms of government
Collective bargaining
“The right of unions to negotiate with management for workers as a group”
Injunction
Required order from a judge
Knights of Labor
Union - A union that opposed child labor, low pay, long workdays, and more.
Terence Powderly
President - he was the president of the Knights of labor
Samuel Gompers
Formed the AFL
International Ladies’ Garment Workers Union (ILGWU)
It was founded by garment workers
Building code
Laws that set standards on how buildings and other structures should be built
