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Unit 2 Vocabulary Quiz 9/20 (Thursday)

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1 Unit 2 Vocabulary Quiz 9/20 (Thursday)

2 America The Story of Us Answers

3 Big Business and Labor The Gilded Age

4

5 Corporation Owned by many people but treated as one entity
Stockholders- hold pieces of business; company gains capital to spend The market decides

6 Monopolies One company controls it’s industry’s production, wages, and prices Holding companies existed solely to buy out stock of companies (didn’t actually make anything) J.P. Morgan Companies would conspire to hold down prices, dump stock, etc. in pools Corrupts idea of a free market of competing prices Virtually unregulated

7 Credit Mobilier Construction company set up by Union Pacific RR
Member of Congress helps Member sells shares of company cheap to other Congressmen in exchange for votes to give UPR more land grants Main way railroads got land

8 Robber Barons or Captains of Industry?
Carnegie Steel (Bessemer Process) Carnegie Hall Rockefeller Standard Oil Vanderbilt Railroads Morgan Banking Buys out Carnegie for the first billion dollar company Innovation and philanthropy vs. low wages and corrupt practices

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11 Integration Carnegie wanted to control as much of the steel industry as possible Vertical integration- bought out supplies needed for steel Horizontal integration- bought out competing steel producers

12 My Business Empire 3. Treatment of Workers: Would you slash wages and crush unions to make big profits? Or would you treat workers well to create a stable but less profitable business? 4. Government Legislation: What laws would help your business grow and become more profitable? 5. Spending on Myself: Would you be frugal? Or an extravagant and conspicuous consumer? 6. Philanthropy: How would you use your wealth for the benefit of society as a whole? Show me that you, too, could be a robber baron or captain of industry! Create your own business empire with one partner on the next page: Start by creating “My Business” in the bottom left corner. Business name and what it is. Expand your business both vertically and horizontally (see the Rockefeller/Standard Oil example below for help) by filling in the small boxes extending in both directions.

13 Treatment of Employees Government Legislation
My Business Empire Treatment of Employees Government Legislation Vertical Integration Spending on Myself Philanthropy My Business: Horizontal Integration

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15 Advertisement Department stores brought together these wide array of products to sell Sears You are responsible for creating an advertisement for your company/product on a sheet of printer paper You will present your Business Empire and Advertisement at the end of class tomorrow

16 Labor Unions Laborers were exploited Seven day workweek
12 or more hours per day No benefits or time off Injuries Dirty factories with no safety regulations Low wages Often every family member had to work (even children) Example: Men made $498 per year, women made $267 per year, Andrew Carnegie made $23 million with no income tax

17 Labor Unions First was the National Labor Union Knights of Labor
Link local unions Knights of Labor Focused on individuals Used bargaining American Federation of Labor Craft Union (skilled workers) Closed shop (hire Union only) Samuel Gompers Used strikes Blacklisted

18 Socialism Huge inequalities between workers and owners turn many to Socialism led by Eugene Debs Government control of business and property with equal wealth distribution Karl Marx advocates overthrow of capitalism Industrial Workers of the World Unskilled workers “Wobblies”

19 Strikes Map

20 Strikes 1877 Strike Haymarket Square Homestead Strike Pullman Strike
Railroads for low wages 50,000 miles of track comes to a stop Hayes ends it with federal troops Haymarket Square Protest police brutality Bomb thrown at police who fire Homestead Strike Wage cuts Pullman Strike Wage cuts and layoffs Grover Cleveland sends in federal troops

21 Women Organize Mary Harris Jones Triangle Shirtwaist Factory Fire
Led 80 mill children with horrific injuries to protest outside Theodore Roosevelt’s home Triangle Shirtwaist Factory Fire Fire starts and only one door was unlocked No sprinkler system Fire escape collapsed 146 women die

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