Economics Chapter 16: Capital and Labor

A nationwide strike by railroad workers in 1877 in response to wage cuts.

A reduction in the amount of money workers are paid for their labor.

Discontent and disturbances among workers due to poor conditions or wages.

Changes in employment, wages, and working conditions due to economic shifts.

Economic structure and conditions in the U.S. following the Civil War.

The world's first billion-dollar company formed by J.P. Morgan from 8 steel companies.

A period of industrial capitalism marked by stark social inequalities and wealth concentration.

Wealthy industrialists like Vanderbilt and Rockefeller known for their exploitative practices.

The wealthiest 1% owned 25% of U.S. assets, indicating a huge gap between rich and poor.

The principle of natural selection, published in 1859 by Charles Darwin.

Social philosopher who applied Darwin's theories to society and coined 'survival of the fittest.'

Believed societal growth benefits only the strong, suggesting a surrender to natural selection laws.

A concept popularized by Spencer, blending philosophy and Darwinian ideas; sold widely in early 1900s.

The founding document of the Populist Party adopted in 1892, outlining their political vision and cooperative program.

A political movement aimed at representing the interests of ordinary people against elites, particularly in the late 19th century.

A proposed system of federal warehouses for storing crops, allowing farmers to get loans against stored goods.

The policy of backing currency with silver to increase availability of money and help farmers and working-class citizens.

A prominent female figure in the Populist movement from Kansas known for her fiery speeches.

James B. Weaver was the Populist presidential candidate in 1892, receiving over 1 million votes.

An economic depression that led to widespread unemployment and strengthened the credibility of the Populist movement.

A southern orator and supporter of the Populist movement who criticized northern capitalists.

A work that provided populist solutions to societal issues in the 1890s.

Populists won six Senate and seven House seats during the 1894 elections.

Used electoral fraud and racism to counter Populist successes.

A segregated group supporting farmers, peaking at 250,000 members.

Advocated for white supremacy, opposing electoral fraud.

Nebraskan congressman, skilled orator, three-time presidential candidate.

Farmers suffered from low crop prices and lack of political support.

Worked to shift Democratic views on economic issues during his time.

Phrase from William Jennings Bryan's speech opposing the gold standard.

Republican president elected in 1896, favored gold standard.

1900 legislation that established the U.S. monetary system on gold.

Political group advocating for workers' rights and economic reform.

The concentration of wealth and power in a small elite.

Philosopher who argued for the class struggle between bourgeoisie and proletariat.

American union leader who advocated for workers' rights and socialism.

Concept advocating government ownership for the public good.

The Republican Party emerged as an antislavery faction supporting free labor and business.

Abraham Lincoln was a corporate lawyer who promoted pro-business policies during his presidency.

Industrial laborers often faced unemployment for one month and worked 60 hours per week.

The failure of The Great Railroad Strike led workers to see the need for organization into unions.

A labor organization that welcomed all workers, including women, but excluded certain professions.

A protest at Haymarket Square resulted in violence, associating unions with radicalism.

A conservative labor union focused on skilled workers, emerging after the Knights of Labor.

Workers struck over wage cuts, leading to federal intervention and arrests.

An organization of farmers aimed at restoring economic power against banks and railroads.

Farmers' cooperatives enabled members to negotiate better prices for their crops and goods.

A political party formed by the Farmers' Alliance aiming to address economic grievances.

Shift in farming control to bankers and railroads, impacting farmers' earnings.

A belief that individuals and groups are subject to natural selection in social and economic contexts.

Many strikes were met with violence, including support from state militias and private agencies.