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Private companies freely competing with each other with little or no government regulation
Exclusive control of one section of business, such as all rail roads, or mines.
A type of business where shares of stock are sold to investors who own part of the business and share its profit.
A board or committee that helps to make business choices, and are able to control member corporations.
The act of becoming one unit or union
Expanding in one area of production/industry
Oil rich landOil drillsOil refineriesTransportation
Gaining control of all steps of an industry (raw material to finished good)
Iron ore minesCoal minesSteel factories/millsTransportation (RR,
ships)
Survival of the fittest and smartest in the business world
Idea that business should be free of government regulation (“hands off”)
When a wealthy person in the business world uses his money to help better man kind.
The public calls for action against wealthy businessmen they refer to as “Robber Barons”
Amer. Business man who got wealthy by unethical means
Made all monopolies of trade illegalNot enforced
Regulated railroad rates and made rebates illegal
Similar to kickbacks return some $ because of confidential agreement
Political machines controlled the cities Boss Tweed Tammany Hall
Government corruption Spoils System
Pendleton Civil Service Act – • Hired and promoted people based
on how they scored on exams. (tried to stop spoils system)
Low WagesEasy availability of workers, leads to
lower wagesNo minimum wage laws
Poor lighting, heating and ventilationNo safety standardsChild labor
“Sweatshops” Tried to get more production out of
workers and forced them to work 12 – 15 hour days
Knights of Labor
American Federation of
Labor
Industrial Workers of the
World
Founder Date
Uriah Stephens 1869
Samuel Gompers1886
William Haywood
1905
Members
Craft, industrial; skilled & unskilled;
whites & minorities
Skilled workers(a union of unions)
Women & minorities
Goals 8-hour work day
• High wages• Shorter hours• Better working
conditions
Successes Won a major strikeCollective bargaining
Won a textile strike
Problems
• Prejudice•Too much attention on political goals
Racist Attitude• Discrimination •Reputation for violence
Haymarket Riot A strike in Chicago which turned into riot People Riot was blamed on the Knights of Labor
AFLPinkertons
http://www.history.com/topics/andrew-carnegie/videos/andrew-carnegie-and-the-homestead-strike
40% InjunctionCourt order forcing you back to work
President during completion of Transcontinental Railroad
Built by the Irish & the Chinese
Election ended in Reconstruction
Assassinated by an unbalanced lawyer
Passed the Pendleton Civil Service Act for which Garfield was assassinated for promoting.
First Democratic PresidentFormer mayor of BuffaloBelieved in laissez-faire (gov’t is
hands off business)
Raised tariffs to highest level ever
Only President to serve two terms that were not consecutive
Tried to reduce tariffs but Congress overrode
Horizontal & Vertical IntegrationLaissez – faireSocial DarwinismAnti-trustSherman Anti-trust Act Interstate Commerce ActCollective bargaining InjunctionArbitration
Bread & butter goalsLabor Unions
Knights of Labor American Federation of Labor Industrial Workers of the World
Gov’t & American public did NOT support unions