Labor Strikes and Economic Theories

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Questions and Answers

What significant event is associated with the Great Railroad Strike of 1877?

Establishment of the gold standard

Formation of a new union

The introduction of assembly lines

The financial bubble burst (correct)

What is Scientific Management?

The introduction of industrialism, assembly lines, mass production.

Who is Cyrus McCormick?

A businessman who utilized mass production and production managers with his reapers.

What does the term 'Visible Hand' refer to?

A new class of managers. Signup and view all the answers

What was J.P. Morgan known for?

Being a steel tycoon and overseeing the formation of the USS. Signup and view all the answers

Who is Henry George?

An economist and author of 'Progress and Poverty'. Signup and view all the answers

What is a 'robber baron'?

A nickname for financial titans like Rockefeller, Carnegie, Morgan, and Vanderbilt. Signup and view all the answers

Who was Cornelius Vanderbilt?

An American business magnate who built his wealth in railroads and shipping. Signup and view all the answers

Who is John D. Rockefeller?

An American oil industry business magnate and philanthropist. Signup and view all the answers

What was Andrew Carnegie known for?

Leading the expansion of the American steel industry. Signup and view all the answers

What is Social Darwinism?

The idea that the fittest would see superiority through economic success. Signup and view all the answers

Who was William Graham Sumner?

A sociologist who believed the weak should not be helped. Signup and view all the answers

What was the Knights of Labor?

A union that welcomed both skilled and unskilled workers. Signup and view all the answers

What was the Haymarket Riot?

A union protest that resulted in a bomb explosion killing seven policemen. Signup and view all the answers

What is the American Federation of Labor?

An organization that emerged after the Haymarket Riot as a conservative option. Signup and view all the answers

What happened during the Homestead Strike of 1892?

Workers shut down and occupied one of Carnegie's steel mills. Signup and view all the answers

What was the Pullman Strike of 1894 about?

Workers went on strike when wages were cut but the cost of living remained the same. Signup and view all the answers

Who was Eugene Victor Debs?

An American union leader and founding member of the Industrial Workers of the World. Signup and view all the answers

What was the Farmer's Alliance?

A group of agricultural farmers dissatisfied with the capitalist system. Signup and view all the answers

What did the Populist Party spring from?

The Farmer's Alliance. Signup and view all the answers

What was the Omaha Platform of 1892?

An expansion of federal power, nationalized railroads, and government loans. Signup and view all the answers

What was the Panic of 1893?

The worst economic depression the nation had seen to that point. Signup and view all the answers

What is 'Free Silver'?

The promotion of the free coinage of silver. Signup and view all the answers

Who was William Jennings Bryan?

A candidate for the 1896 Democratic presidential bid and the Populist bid. Signup and view all the answers

Who won the presidential election of 1896?

William McKinley. Signup and view all the answers

What was the Socialist Party of America known for?

Gaining 150,000 members by 1913. Signup and view all the answers

Study Notes

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.

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Description

This quiz explores significant labor movements in the United States, including pivotal strikes such as the Great Railroad Strike of 1877 and the Pullman Strike of 1894. It also delves into economic theories that influenced labor practices, including Scientific Management and Social Darwinism. Test your knowledge on these critical events and concepts that shaped labor history and economic thought.