Monopoly Vocab Flashcards
(13 cards)
Interstate Commerce Act
Congressional legislation that established the Interstate Commerce Commision, compelled railroads to publish standard rates, prohibited rebates and pools. Railroads quickly became a dept at using the act to achieve their own ends, but it gave the govt an important means to regulate Big businesses
Vertical Integration
process created by Andrew Carnegie of controlling every step of the production process to increase efficiency and limit competition
Horizontal Integration
practice perfected by John D. Rockefeller of dominating a particular phase of the production process in order to monopolize a market, often by forming trusts and alliances with competitors
Trust
A mechanism by which one company gants control over its operation, through ownership of its stock, to another company
Wabash
Supreme Court decision that prohibited States from regulating the railroads because the constitution grants Congress the power to regulate interstate commerce. As a result, reformers turned their attention to the federal govt which now held sole power to regulate the railroad industry
Standard Oil Company
1st Big trust - Rockefeller - symbol of monopoly
Haymarket Square
labor protest turned violent. Bomb was thrown into the meeting, eight anarchists were unruly convicted
Nation Labor Union
1st national labor fed in the US United various labor groups.
Social Darwinisim
Survival of the fittest
Closed shops
A Union - practice of oly allowing unionized employees to work for a particular company
Knights of Labor
unite all workers into one organization
American FEd of Labor
National federation of trade unions that included onlyy skilled workers. Led by Samuel Gombers
Sherman Anti-trust Act
a federal statute which prohibits activities that restrict interstate commerce and competition in the marketplace
