Labor Strikes and Economic Theories

Labor Strikes and Movements

• The Great Railroad Strike of 1877 marked a significant labor uprising, stemming from the railroad financial crisis, affecting cities from Baltimore to St. Louis.
• The Knights of Labor was an inclusive union allowing both skilled and unskilled workers, including women, aiming for broad labor reforms.
• Heightened labor tensions led to pivotal events like the Haymarket Riot, where a bomb explosion resulted in the deaths of seven policemen.
• The Homestead Strike of 1892 involved workers who occupied Andrew Carnegie's steel mill to protest harsh working conditions.
• The Pullman Strike in 1894 arose when workers protested wage cuts while living costs remained unchanged.

Economic Theories and Practices

• Scientific Management introduced efficiency in factories through assembly lines and mass production techniques.
• Social Darwinism suggested that economic success was a marker of superiority, leading to a belief that assistance to the weak would weaken society.
• Notable economist Henry George authored "Progress and Poverty" in 1879, analyzing the interplay of wealth and inequality.

Key Figures in Industry

• Cyrus McCormick revolutionized agriculture by applying mass production to his reapers, leading to significant profit increases.
• J.P. Morgan was crucial in forming the United States Steel Corporation, a notable early monopoly combining eight companies.
• Cornelius Vanderbilt built immense wealth through railroads and shipping, becoming a prominent business tycoon.
• John D. Rockefeller dominated the oil industry, establishing a massive industrial and philanthropic legacy.
• Andrew Carnegie spearheaded the expansion of the American steel industry, greatly influencing industrial growth.

Labor Organizations

• The American Federation of Labor emerged after the Haymarket Riot, positioning itself as a more conservative alternative to the Knights of Labor.
• Eugene Victor Debs, a key labor leader and Socialist Party candidate, played a vital role in advocating for workers' rights through union activities.

Political Movements

• The Populist Party originated from the Farmer's Alliance, emphasizing reforms to support farmers and challenge the capitalist system.
• The Omaha Platform of 1892 called for increased federal control, including nationalizing railroads and expanded government loans to alleviate economic struggles.
• The Panic of 1893 triggered a severe economic depression, escalating the need for reform and alternative political solutions.

Monetary Policies

• The Free Silver movement advocated for the coinage of silver to counter the gold standard, aiming to increase money supply and aid economic recovery.
• William Jennings Bryan secured the 1896 Democratic presidential nomination as well as support from the Populist Party, representing a pivotal force in advocating for monetary reform.
• William McKinley won the 1896 election, enforcing the gold standard, which had significant implications for the economy and future monetary policy.

Cultural Terms

• "Robber baron" referred to wealthy industrialists like Rockefeller and Carnegie, often criticized for their monopolistic practices and exploitation of workers.
• The "Visible Hand" concept described the emerging managerial class facilitating communication and responsibility between workers and owners in growing industries.
• William Graham Sumner championed the notion that helping the weak was detrimental to societal progress, aligning with Social Darwinist beliefs.