Laissez faire Economic liberalism that believes in

unrestricted private enterprise and no

government interference in the economy

Social Darwinism The application of ideas about evolution

and "survival of the fittest" to human
societies - particularly as a justification for
their imperialist expansion.

JP Morgan An influential banker and businessman

who bought and reorganized companies.
His US Steel company would buy
Carnegie steel and become the largest
business in the world in 1901

John D Rockefeller Established the Standard Oil Company,

the greatest, wisest, and meanest
monopoly known in history

Andrew Carnegie A business man that increased his power

through by gaining control of the many
different businesses that make up all
phases of steel production development.

Horizontal Integration A technique used by John D. Rockefeller.

It is an act of joining or consolidating with
ones competitors to create a monopoly.
Rockefeller was excellent with using this
technique to monopolize certain markets.
It is responsible for the majority of his
wealth.

Vertical Integration Practice where a single entity controls the

entire process of a product, from the raw
materials to distribution. Company took
over all different businesses on which it
relied for its primary function (Carnegie
Steel came to control not only steel mills
but mines, railroads, etc)
Robber baron r​efers to the industrialists or big business
owners who gained huge profits by
paying their employees extremely low
wages. They also drove their competitors
out of business by selling their products
cheaper than it cost to produce it. Then
when they controlled the market, they
hiked prices high above original price.

Sherman Anti-Trust Act 1890 First federal action against monopolies, it

was signed into law by Harrison and was
extensively used by Theodore Roosevelt
for trust-busting. However, it was initially
misused against labor unions

Conspicuous Consumption Buying and using products because of the

"statement" they make about social
position

Gilded Age 1870s - 1890s; time period looked good

on the outside, despite the corrupt politics
& growing gap between the rich & poor

Panic of 1893 Serious economic depression beginning

in 1893. Began due to rail road
companies over-extending themselves,
causing bank failures. Was the worst
economic collapse in the history of the
country until that point, and, some say, as
bad as the Great Depression of the 1930s

Knights of Labor 1st effort to create National union. Open

to everyone but lawyers and bankers.
Vague program, no clear goals, weak
leadership and organization. Failed
because of the Haymarket Square Riot

Great Railroad Strike of 1877 A violent but ultimately unsuccessful

interstate strike, which resulted in
extensive property damage and many
deaths. The first major interstate strike in
 us history. The panic of 1873 caused
railroad lines to cut wages which caused
workers to walk off the job and block the
tracks- it eventually turned violent.
Federal troops finally quelled the
violence. After workers turned violent the
public began to blame them for the looting
and violence and they lost all sympathy

Haymarket Square 1886 Demands for an 8 hour working day in

Chicago. Demonstration by a group of
anarchists cause a crowd of 1,500
people. Bomb exploded & police opened
fire. Anarchists were tired on court.

Homestead Strike 1892 It was one of the most violent strikes in

U.S. history. It was against the
Homestead Steel Works, which was part
of the Carnegie Steel Company, in
Pennsylvania in retaliation against wage
cuts. The riot was ultimately put down by
Pinkerton Police and the state militia, and
the violence further damaged the image
of unions.

Pullman Strike 1894 in Chicago, Pullman cut wages but

refused to lower rents in the "company
town", Eugene Debs had American
Railway Union refuse to use Pullman
cars, Debs thrown in jail after being sued,
strike achieved nothing, nonviolent strike
Prez. Cleveland shut it down because it
was interfering with mail delivery

Eugene Debs 1855-1926. American union leader, one

of the founders of the International Labor
Union and the Industrial Workers of the
World, and five-time Socialist Party of
America Presidential Candidate.

American Federation of Labor 1886 founded by Samuel Gompers; sought

better wages, hrs, working conditions;
skilled laborers, arose out of
dissatisfaction with the Knights of Labor,
rejected socialist and communist ideas,
 non-violent.

Samuel Gompers He was the creator of the American

Federation of Labor. He provided a stable
and unified union for skilled workers.

Mother Jones Labor activist who was a member of the

Knights of Labor union and who used
publicity techniques to create awareness
of the plight of mine workers and child
laborers.

The New South Not all white southerners revered the lost
cause. Many looked to the future rather
tha the past. They attempted to
modernize the South's economy and to
disversify southern agriculture. They
encouraged northern investment and the
building of new railroads to tie the south
into national and internaltional markets.
Rather than a lost cause, these
southerners looked to a new south
Crop-lien system