UNIT 6 Flashcards
(11 cards)
What was the period 1865-1898 known as?
The age of invention and economic growth
What is horizontal integration?
combining smaller companies within the same industry to form a larger company through legal buyouts
(monopoly)
What is vertical integration
when one company buys out all the factors of production from raw materials to the finished product, still allowing competition in the marketplace
What was Corporate Consolidaton?
Large businesses resulting from economies of scale and lack of government regulations
= monopolies and holding companies
What was the Sherman Anti-Trust Act of 1890?
a law forbidding “restraint of trade” combination
What was the ruling of U.S. v. E.C. Knight Co. 1895?
E.C. Knight, controlling 98% of the sugar refining plants, did not violate the Sherman Anti-Trust Act
What is the Gospel of Wealth?
idea that wealth should be used for the betterment of society and not just for personal gain
Who advocated for the Gospel of Wealth?
Andrew Carnegie
One of the first national labor unions?
Knights of Labor
What were goals of the Knights of Labor
- 8-hour workday
- equal pay for equal work
- child labor laws
- safety and sanitary codes
-federal income tax
What was the cause of the Homestead Steel Strike?
Workers protested wage cut
