Test Flashcards
(66 cards)
What was the Bessemer process?
In 1856 Henry Bessemer devised a way of converting iron into steel on a large scale
his invention involved blowing air through molten iron in a converter, or furnace, in order to burn off the excess carbon
his invention revolutionize the industrial age
What were the factors for industrial growth?
Factors for industrial growth
natural resources, capital (gold, silver and banking)
US government support
desire: creative inventors and industrialists, transportation system, labor force (immigrants)
What were some Gilded age inventions?
Some gilded age inventions were the skyscraper, subway, telephone, automobile, lightbulb, motion pictures
What was laissez faire?
The laissez faire was an economic belief supported by the US that opposes the government regulating business.
In the late 1800s businesses operated without much government regulation is known as laissez faire economics
The laissez faire means ‘allowed to be’ for the government stays out of a person’s business in French
The laissez faire supports our economic system of capitalism
What are capitalism and Socialism?
Capitalism is an economic system characterized by private property ownership
Socialism is an economic system based on cooperation rather than competition
What does rags to riches mean?
Rags to riches means that some big businessman started out with little and became much greater
What were labor union strategies?
Strikes, boycotting, collective-bargaining, violence
What are strikes?
One method for having demands met. workers stop working until the conditions are met. This a very effective form of attack.
What Is boycotting?
Boycotting is when people refuse to buy company’s product until the company meets demands.
What Is collective-bargaining?
Collective bargaining is a type of negotiation between an employer and labor union where they sit down face to face and discuss better wages, Etc.
What is violence?
Violence is a harsh way that employees try make their employers meet demands
What are big business strategy?
Big business strategies are Yellowdog contracts, blacklisting, violence.
What are yellow dog contracts?
Yellow dog contracts is a written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.
What is blacklisting?
Blacklisting is a list of people disliked by business owners because they were leaders in the union. Often would lose their jobs, beaten up, or even killed.
Who were Knights of labor?
Knights of labor were a labor union who sought to organize workers their goals were to end land grants to the railroads, prohibition of child laborers under 14, and gender equality and pay.
What are trusts and monopolies?
Trust and monopolies are companies and related fields combined under the direction of a single Board of Trustees.
What is horizontal integration?
Horizontal integration is buying out rivaled businesses to gain more control of an industry
What is vertical integration?
Vertical integration is gaining control of the many different businesses that make up all phases of a product production
Who are captains of industry?
Big businesses provide a job strengthen the economy improved technology and donated money to universities charities etc.
Who are robber barons?
Robber barons are tycoons that part out small businesses, for monopolies and cartels, and swindled the poor
What is social Darwinism?
Social Darwinists believe that company struggled for the survival in the economic world and the government should not temper with this natural process
What is the Gospel of wealth?
The Gospel well stated that wealth was no longer looked upon as bad it was viewed as a sign of God’s approval and it was the Christian duty to accumulate wealth.
Who is Carnegie?
Steel
Who is Rockerfeller?
Oil