| A | B |
|---|
| Social Darwinism | said "survival of the fittest" explains why some people are more successful than others |
| laissez faire | idea that the government should not interfere with business |
| Horatio Alger | author who wrote "rags to riches" stories |
| corporation | business that sells stock to raise money |
| proprietorship | a business with only one owner |
| limited liability | says that if a corporation goes bankrupt the stockholders will only lose what they invested in the stock |
| John D. Rockefeller | made a billion dollars in the oil industry in the late 1800s |
| Andrew Carnegie | became a multi-millionaire by organizing the steel industry |
| vertical integration | when a company is organized so that they control the entire process of production from raw materials to finished goods |
| Sherman Anti-Trust Act | said any business combination in restraint of trade is illegal |
| Munn v. Illinois (1877) | ruled that states can regulated a private business in the public interest |
| Interstate Commerce Act (1886) | passed by Congress to regulate the railroads |
| Transcontinental Railroad | completed in 1869 this unified the nation |
| Pendleton Act | created the civil service system in 1884 |
| time zones | created to help the railroads run more efficiently |
| Sears and Roebuck | one of the first mail order companies made possible by the railroads |
| yellow dog contract | an agreement a worker was made to sign saying they would not join a union |
| closed shop | union in which one had to belong to the union before they could even get hired for a job |
| agency shop | when a worker has to pay dues to a union even though they don't join the union |
| strike | main weapon of labor unions against the employer |
| boycott | refusing to buy a product to protest something |
| injunction | a court order to cease and desist from something |
| monopoly | a company that has no competition |
| trust | when several companies that make the same product agree to set prices and to not compete |
| cartel | an international trust |
| Knights of Labor | one of the first national unions formed in 1869 for any kind of worker |
| American Federation of Labor | a craft union formed in 1886 and soon became an important union |
| Samuel Gompers | founder of the AFL |
| IWW | a socialist union formed in the early 1900s; known as the "Wobblies" |
| socialism | when the government owns the major means of production; usually has a democratic form of government |
| communism | when the government owns all the means of production; usually has one party that holds power |
| capitalism | believes in free enterprise, the profit motive, and competition |
| John L. Lewis | Founder of the Congress of Industrial Organization |
| industrial union | union for unskilled or semi-skilled workers doing mass production |
| Gilded Age | name for the era from 1877 to 1900 |
| Adam Smith | founder of capitalism |
| Eugene Debs | founder of the American Railway Union and later became a leading socialist |
| strikebreakers | used by employers to beat up striking workers |
| scabs | nickname for people hired to replace striking workers |
| Haymarket Square | 1886 strike in which someone threw a bomb at the policemen and a huge riot happened |
| Pullman Strike | 1894 strike that stopped the nation's railways |
| Homestead Strike | 1892 strike at Carnegies steelmill; Pinkerton agents were captured by the strikers |
| "Bread and Butter Unionism" | idea that some unions simply wanted what was fair for workers-- decent pay and shorter hours |
| Herbert Spencer | English writer who promoted the ideas of Social Darwinism |
