| A | B |
|---|
| rebates | refunds to buyers of part of the fees for purchased products or services |
| consolidations | combining several companies into one large company |
| regulate | make rules for |
| free enterprise | economic system in which businesses are free to compete without gov't rules |
| interstate commerce | business between states |
| capital | money used to produce goods |
| corporation | type of business that raises money by selling stock |
| stockholders | investors who own stsock in corporations |
| dividends | part of the profits of a corporation earned by stockholders |
| trusts | form of business combination in which a board of trustees or managers control the member coorporations |
| collective bargaining | process by which the representatives of a union and a business discuss and reach agreement about wages and working conditions |
| arbitration | using a third party to settle a dispute |
| injunction | a court order |
| socialism | belief that gov't rather than individuals should own a nation's major industries |
| Andrew Carnegie | Scottish immigrant who rose to control US steel industry (steel robber baron); dev. Gospel of Wealth theory |
| mail-order business | shopping by mail; dev. by Montgomery Ward to allow people in rural areas access to goods found in big cities |
| Aaron Montgomery Ward | dev. the mail-order business |
| Sears, Roebuck Company | Ward's competitor in the mail-order business; catalog called the Wish Book |
| Madame CJ Walker | 1st African Am. female millionaire; sold her hair-care products through mail and door to door |
| Granville T. Woods | dev. RR telegraph system; prevented collisions |
| Gustavus Swift & Phillip D. Armour | used refrigierated RR cars to ship western beef safely from Chicago to eastern markets |
| George M. Westinghouse | dev. airbrakes; improved safety |
| George M. Pullman | invented the sleeper car; improved comfort |
| "pools" | created when competing RRs agreed to share freight business & fix proces at high levels; didn't always succeed since members would break away to make quick profits |
| Cornelius Vanderbilt | master at RR consolidation; RR robber baron |
| Interstate Commerce Act | law passed by Cong. to regulate RR rates; est. the ICC; 1st attempt by fed govt to regulate big business |
| Interstate Commerce Commission | govt agency set up to investigate unfair RR practices; today investigates any business that does business in multiple states |
| Bessemer Process | invented by Henry Bessemer in GB; reduced the cost to produce steel; intro'd to US by Carnegie |
| investment bankers | bamkers corporations rely on to help sell, arrange loans & give advice on how to run profitable businesses |
| J. Pierpont Morgan | most powerful investment banker in US at turn of cent.(banker robber baron); purchased Carnegie Steel & made it US Steel |
| United States Steel Company | Morgan's steel co.; produced 3/5 of nation's steel; largest copr. in world at turn of century |
| "The Gospel of Wealth" | article by Carnegie; described the wide gulf between wealthy industrialists and avg. workers; felt great wealth should be used to help those who help themselves by creating libraries, schools, etc |
| John D. Rockefeller | poor Ohioan who grew to control US oil business by 1900 (oil rober baron); created 1st monopoly - Standard Oil- and trust company |
| Standard Oil of Ohio | Rockefeller's oil refining co. & 1st monopoly; eventually controlled 90% of oil business in US |
| monopoly | single business that has the power to control prices in its market |
| Standard Oil Trust | name of company that controlled all of Rockefeller's corps; 1st trust |
| Sherman Anti-Trust Act | law passed by Cong to control monopolies to allow fair prices & fair trade (business) practices |
| entrepreneurs | people who start businesses |
| "robber barons" | what critics called entrepreneurs like Rockefeller, Carnegie, etc because they made their fortunes by driving competitors out of business, often using unfair practices/methods |
| labor unions | organizations dev to help workers improve pay & working conditions; org. to help workers fight for common goals |
| "blacklists" | lists of workers names who were in or supported unions; created & circulated by businesses to prevent these people from working |
| Knights of Labor | one of the 1st unions; accepted men & women; skilled & unskilled workers; preferred arbitration to striking |
| Terence V. Powderly | Knight leader (later mayor of Scranto, PA); increased membership by calling for 8 hr day, = pay for = work by mern & women, & end of child labor |
| Mary Harris "Mother" Jones | 1 of the most successful union organizers; focused on coal miners; led protests against child labor |
| "strikes" | when workers refuse to work to force employers to make changes; tactic used frequently by unions |
| Haymarket Bombing | strike that destroyed Knights union; they were unfairly blamed for bomb thrown in riots caused by a strike |
| American Federation of Labor (AFL) | umbrella union for many trade unions that admitted only skilled workers; most member unions barred women, immigrants and African Ams |
| Samuel Gompers | pres of AFL; focused on higher wages, shorter hrs, better working conditions; pioneered collective bargaining & used strikes |
| Homestead Strike | against Carnegie Steel after wages were cut; unsuccessful due to strikebreakers & use of armed guards |
| Henry Clay Frick | manager of Homestead plant who broke strike; used a lockout, scabs and armed guards |
| strikebreakers | called scabs; outside workers brought in to replace striking workers |
| Pullman Strike | very violent; caused by Pullman requiring workers to live in Pullman, IL in company owned apts; wages were cut but rents were raised & workers were caught in the middle; supported by American Railway Workers; strike failed due to injunction against workers & troops sent in causing a riot; ARU destroyed |
| Eugene V. Debs | pres of ARU; became a socialist while in jail after Pullman Strike; went on to become leader of Socialist Party of Am. |
| Socialist Party of America | politcal party in US, part of larger world-wide movement; believed govt should control a nation's major industry |
