Questions and Answers
Who used horizontal integration to build the Standard Oil Company into a huge corporate business?
What company did Andrew Carnegie create?
Carnegie Steel Company
Who was the investment banker that reorganized the railroads and helped raise money for U.S. Steel Corporation?
JP Morgan
What is the term for companies having the same directors leading to similar interests?
Signup and view all the answers
What is a trust in business terms?
Signup and view all the answers
What does vertical integration involve?
Signup and view all the answers
What is horizontal integration?
Signup and view all the answers
What is a pool in business?
Signup and view all the answers
What is a holding company?
Signup and view all the answers
What is the concept established by Andrew Carnegie in the Gospel of Wealth?
Signup and view all the answers
What did the National Labor Union aim to achieve?
Signup and view all the answers
Which labor union sought an 8-hour workday and included all laborers?
Signup and view all the answers
What did the American Federation of Labor focus on?
Signup and view all the answers
What was the Congress of Industrial Organizations?
Signup and view all the answers
What did the IWW, or Wobblies, wish to achieve?
Signup and view all the answers
What triggered the Pullman Strike of 1892?
Signup and view all the answers
What occurred during the Haymarket Strike in 1886?
Signup and view all the answers
What was the cause of the Homestead Steel Strike?
Signup and view all the answers
What was the Great Railroad Strike of 1877 about?
Signup and view all the answers
What is Social Darwinism?
Signup and view all the answers
What is socialism?
Signup and view all the answers
Study Notes
John D. Rockefeller
- Pioneered horizontal integration to build Standard Oil, dominating the petroleum industry.
- By the late 1870s, controlled 90% of U.S. refined oil.
- Employed vertical integration by owning production facilities, storage, and distribution.
Andrew Carnegie
- Founded Carnegie Steel Company and became a prominent philanthropist.
- Authored "The Gospel of Wealth," advocating for the wealthy to support community welfare.
J.P. Morgan
- Influential investment banker known for restructuring the railroad industry.
- Instrumental in the formation of U.S. Steel Corporation in 1901 and established his own banking institution.
Interlocking Directorates
- Concept involving shared board members among companies, aligning business interests.
- J.P. Morgan held positions in multiple firms, influencing their decisions collectively.
Trusts
- Business structure where one company controls multiple entities within an industry, creating monopolies.
Vertical Integration
- Strategy where a company controls all stages of production, from raw materials to final sales.
- Example includes steel companies owning mines, transport systems, and manufacturing plants.
Horizontal Integration
- Strategy of acquiring all competitors in a specific industry to eliminate competition.
- Aimed at forming monopolies by controlling a significant market share.
Pools
- Collaborative agreements among business entities to share resources or profits for a common goal.
Holding Companies
- Corporations that own stakes in multiple companies, creating a façade of choice for consumers while maintaining monopoly control.
The Gospel of Wealth
- Philosophy that posits the wealthy should use their fortune for societal good rather than dying rich.
National Labor Union
- Inclusion of skilled and unskilled workers while excluding Chinese laborers, women, and African Americans.
- Disbanded following the economic downturn of the 1870s.
Knights of Labor
- Inclusive labor union advocating for all workers, including women and African Americans, seeking an eight-hour workday.
American Federation of Labor (AFL)
- Comprised of skilled laborers led by Samuel Gompers, focused on achieving better wages, hours, and working conditions.
- Aimed for incremental reforms in industry to improve worker rights.
Congress of Industrial Organizations (CIO)
- Founded by John L. Lewis in 1938 to unify workers in industrial unions across the U.S. and Canada from 1935 to 1955.
Industrial Workers of the World (IWW)
- Known as the Wobblies, this socialist movement aimed for a worker-run society, engaging marginalized groups like African Americans and women.
Pullman Strike
- Major labor strike initiated by wage cuts at the Pullman Company in 1892; resulted in violent clashes with federal troops and the jailing of union leaders.
Haymarket Strike (Square Incident)
- 1886 protest against labor conditions that escalated when a bomb exploded; outcome led to public association of unions with radicalism.
Homestead Steel Strike
- Labor unrest stemming from wage reductions at Carnegie's steel plant, culminating in a lockout scenario.
Great Railroad Strike of 1877
- Workers protested a 10% wage cut across major railroad companies; federal troops were sent to restore order, demonstrating governmental allegiance to business interests.
Social Darwinism
- Ideology suggesting that financial success and leadership emerged through survival of the fittest, legitimizing wealth disparity.
Socialism
- Political and economic philosophy advocating for communal ownership of production, notably advocated by Edward Bellamy in "Looking Backward."
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of key figures and concepts from the Gilded Age. This quiz features important definitions and contributions of influential individuals like John D. Rockefeller and Andrew Carnegie. Enhance your understanding of this pivotal period in American history.
