PRESENTATION OUTLINE
Innovation- taking existing technology & resources & crating something new to meet a need
Monopolies- a situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
Trust- a group of corporati-ns run by a single board of directors
Robber Baron- Refers to industrialists or big business owners who gained a huge profit by paying their employees extremely low.
Vertical integration- the combination of companies that supply equipment & services needed for a particular industry
Horizontal integration- the merging of companies that make similar products
Knights of Labor- used boycotts and arbitration, would admit anyone
Blacklist- list of troublemakers
Pullman strike- refused to handle pullmans cars. Tied up railroads and threatned to paralyze the economy.
Haymarket riot- supporters of the eight hour workday called for a nation wide strike
Homestead strike- wage cut of 20%
Unionization- the formation of labor unions
Laissez-Faire- recession depression prosperity hover believed economy would take care of itself
National Labor Union- an organization formed by workers to strive for better wages & working conditions
Spoils system- practice of appointing applicants to public offices as rewarded for their loyalty to political party in power.
Merit system- The system by which federal civil service jobs are classified into grades or levels, to which appointment are made on the basis of performance on competitive examinations
Capitalism- an economic system based on open competition in a free market, in which individuals & companies own the means of production & operation for profit
Bessemer process- a cheap & efficient process for making steel developed around 1850
Sweatshop- a shop or factory where workers work long hours at low wages under unhealthy conditions
Gospel of wealth- people in the world who were destined to become rich & help society
Craft union- union of workers with similar skills who work in different industries w/ different employers
Trade unions- associations of workers formed for the purpose of improving the pay & working conditions of their employees through collective bargaining
Lockout- the refusal by an employer to allow employees to work unless they agree to his terms
Scab- a non-union who usually worked for low wages. Used as strike they were not part of a union
Yellow dog contract- an agreement some companies forced workers to take that forbade them from joining a union
