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Industrialization test

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unlimited liability
when you own the company and you can loose more then you invested
limited liability
only loose what you invested
strike
workers refused to work
lock out
employers refuse to let employees work
Henry Frick
locked workers out of plant in Homestead Lock out
importance of electricity
cheap, easy, powerful source of power
importance of steel
better buildings, bridges, and railroads
philanthropy
the act of deoing good deeds
Social Darwinism
the belief that you need to adapt to your environment in order to survive-if you do, you survive but if you don't, you'll die
Collective Barganing
when workers would team up against the employers to get what they wanted
Frederick Taylor
an engineer who owned a steel company and supported the use of machines. He thought that the workersd weren't people, but just part of the process. EFFICENCY EXPERT
assembly lines
when different people (or things) did a different part of the process of making something
What was the government's role in labor disputes?
took the employers' sides
Haymarket Square
employees wanted 8 hour days (instead of 12), so they went on strike. They all gathered in Haymarket Square. When they were about to leave, the police showed up and someone fired at the police and killed 7 of them and 1 civillian
Homestead Lock-Out
Henry Frick wanted to add machines to the factories but the employees didn't want him too. He locked them out of the building a week later, the PA militia came in and escorted non-Union workers to work. The lock out went on for 4 months
Pullman Strike
George Pullman layed off half of the company's workers and cut the ones that were left's wages in half. The workers then went on strike. The government took Pullman's side and added a mailcart to the train so that if they didn't work, it would bea federal crime to interfere eith the mail.
American Federation of Labor
skilled workers only-hard to replace because they were all skilled
Knights of Labor
a union set up like a secret society (because the employers can't fire them if they don't know if they're Union members) and excepted EVERYONE-skilled or unskilled
partnership
2 or more people doing a business (unlimited liability)
sole proprietorship
a business with only 1 owner
anarchists
people who oppose all forms of government
John Rockefeller
wealthy, USED HORIZONTAL INTEGRATION TO MAKE OIL
Andrew Carnegie
philanthropist, USED VERTICAL INTEGRATION TO MAKE STEEL
patents
an exclusive right to make and sell an invention- proof that you own the invention (yours for 15 years)
Sherman Anti Trust Act
outlawed monopolies and trusts that RESTRAINED TRADE
trusts
a company that doesn't DO anything, but owns stock in lots of other companies
horizontal integration
owning all the stores in a certain field
vertical integration
owning each step of the manufacturing process
corporations
business that sells shares of stock which represents companies- owned by shareholders (limited liability)
free enterprise
when the government doesn't interfere with business- businesses can do whatever they want as long as it is not illegal
entrepreneurs
people who started new businesses- risked taking business people
Thomas Edison
investigated the practical use of electricity CREATED THE FIRST ELECTRIC LIGHT BULB awarded more that 1000 patents
2nd Industrial Revolution
machinery and new inventions to make products cheaper and more officially (railroads, skyscrapers, bridges)
Bessemer Process
a quicker and cheaper way of making iron into steel- blasted hot air through it to remove waste material
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