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Gilded Age
1860-1890, rapid growth in wages, but high poverty and inequality for many, wealth concentrated in the hands of a few, materialistic excess + extreme poverty
gilded
wealth and privileges
free enterprise
economic system in which there is competition between businesses, little government control or interference
entrepreneurs
assume the financial risks and rewards of starting and operating a business
corporations
businesses that sell ownership shares, money invested in the business, investors receive share of the profits made by the business
Andrew Carnegie
Built a steel mill empire; US STEEL
vertical integration
ownership of businesses involved in each step of the manufacturing process, control of the supply chain
horizontal integration
ownership of businesses in an particular field of business or industry, control like businesses
trust
arrangement grouping several companies under one board of directors to eliminate competition and to regulate production
John D. Rockefeller
Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
Gospel of Wealth
article by Carnegie that places responsibility of philanthropy on the wealthy, argued against extravagant spending
Thomas Edison
prolific inventor: light bulb, motion picture camera, phonograph, electric power supply
Henry Ford
founded Ford Motor Company, developed assembly line production technique, mass produced inexpensive goods, paid workers well
Cornelius Vanderbilt
(mid 1800s) built shipping and railroad industry, gift started Vanderbilt University
Mass Marketing
use of slogans, advertising, and visuals to sell products to people
conspicuous consumption
spending money just to display one's wealth
Booker T. Washington
led Tuskegee Institute, argued that African Americans should use education and business to advance equality of the races
W.E.B. DuBois
argued for African American educational and political rights immediately, attacked racism, helped found the NAACP
political machines
organizations that help elect government officials, influence government policies, and control city / state politics, exchanged money and job for votes
Boss Tweed
boss of Tammany Hall political machine in New York, convicted of stealing $200 million from New York treasury via fraud and construction overcharging
Pendleton Civil Service Act
created the modern-day merit-based system under which federal employees take a test and are selected for jobs based on test performance
strike
work stoppage to pressure ownership / management for union demands
Progressivism
reform movement concerned with curing problems of cities and industry
muckraker
investigative journalists who wrote articles to bring about reform in an industry or government
Teddy Roosevelt
became President when McKinley assassinated, increased presidential power, used power to advocate for progressive reforms
bully pulpit
Roosevelt's use of presidency to speak out on vital issues
square deal
Roosevelt's balance of business, consumer, and labor interests
Trust Busting
campaign of legal assault on trusts and monopolies
Roosevelt Corollary
expansion of Monroe Doctrine, stated that US would police the Western Hemisphere to keep foreign nations from intervening in the region
American Federation of Labor (AFL)
est. 1886, unions of same craft, most membership from building trades, coal miners, and railroad shop craftsmen
Samuel Gompers
president of AF of L, used walkouts and boycotts
Homestead Steel Strike (1892)
against Carnegie Steel Company, Pinkerton detectives called in to break up strike, 10 killed in violence, national guard protects nonunion strike breakers working the mills, crushed union power in steel for 40 years
Knights of Labor
unite workers into one big union of producers, pushed for safety and health codes, declined after Haymarket Square bombing and exodus of skilled laborers to AF of L
National Grange
a social and educational organization for farmers
Cooperatives
organizations in which groups of farmers pool their resources to buy and sell goods
Interstate Commerce Act
prohibited railroads from giving secret rebates to large shippers or charging more for short hauls vs. long hauls over the same line, created the Interstate Commerce Commission
graduated income tax
tax rate increases as the income increases
Gold Standard
each dollar was equal to and redeemable for a set amount of gold
Populism/Populist Party
A new political movement focused on giving the common people (like farmers and laborers) a solution to their problems and more say in their government
Suffrage
the right to vote
16th Amendment (1913)
Congress is given the power to tax incomes
17th Amendment
Direct election of senators
18th Amendment
Prohibition of alcohol
19th Amendment
Gave women the right to vote
Elkins Act
forbid shipping companies from accepting money given back in return for business (rebates)
Hepburn Act
set railroad rates and regulated other companies engaged in interstate commerce
Meat Inspection Act
required federal inspection of meat shipped across state lines
Pure Food and Drug Act
forbid sale, manufacturing, and transportation of food and medicine containing harmful ingredients, companies must provide labels