Unit 4, Chapter 24 Flashcards Preview

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Flashcards in Unit 4, Chapter 24 Deck (19):
1

Interstate commerce act (1887)

-congressional legislation that establish the interstate commerce commission, compel the railroads to publish standard rates, and prohibited rebates and pools
-railroads quickly became a adept to using the act to achieve their own ends but it gave the government an important means to regulate big business

2

Vertical integration

-The practice perfected by Andrew Carnegie of controlling every step of the industrial production process in order to increase efficiency and limit competition

3

Wabash, St. Louis and pacific railroad company vs Illinois (1886)

-A 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 government which now held sole power to regulate the railroad industry

4

Horizontal integration

-The 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

5

Trust

-A mechanism by which one company grants control over its operations through ownership of it stock to another company
-The standard oil company became known for its practice in the 1870s as it illuminated its competition by taking control of smaller oil companies

6

Standard oil company (1870-1911)

-John D Rockefeller's company formed in 1870 which came to symbolize the trust and monopolies of the gilded age
-by 1877 standard oil controlled 95% of the oil refineries in the United States
-One of the first multinational corporations and at times distributed more than half of its kerosene production outside the United States

7

Interlocking directorates

-The practice of having executives or directors from one company serve on the Board of Directors of another company
-introduced by J.P. Morgan to eliminate banking competition in the 1890s

8

Social Darwinists (popular in the late 19th century)

-believers in the idea that people gain wealth by survival of the fittest
-this theory provided one of the popular justifications for US imperial ventures like the Spanish-American war

9

Sherman anti-trust act (1890)

-A law that forbade trusts or combinations in business
-One of the first congressional times to regulate big business for the public good

10

National labor union (1866-1872)

-first national labor organization in US history
-devoted much of its energy to fighting for an eight hour workday before it dissolve in 1872

11

Nights of labor

-Second national labor organization
-Secret society and open for public membership in 1881
-known for their efforts to organize all workers regardless of his skill level, gender, or race

12

Haymarket square (1866)

- May day rally that turned violent when someone threw a bomb into the middle of the meeting

13

American federation of labor (AFL)

-The national Federation of trade unions that included only skilled workers
-Led by Samuel Gompers
-sought to negotiate with employers for a better kind of capitalism that were awarded workers fairly with better wages, hours, and condition

14

Closed shop

-A union organizing term that refers to the practice of allowing only unionized employees to work for a particular company
-AFL became known for negotiating closed shop agreements with employers

15

Bessemer process

Creation of steel

16

Thomas Edison

-motion picture camera
-lightbulb

17

Alexander graham bell

-Telephone
-AT&T(direct current=battery)

18

George Westinghouse

-(Alternate current=plug into wall)
-lights/lamps

19

J.P. Morgan

-helped finance the purchase of carnegie's steel