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the earliest national union, members were skilled, unskilled, black, white, men, women.
Knights of Labor
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made a fortune in the railroad industry
Cornelius Vanderbilt
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invented the telegraph
Samuel Morse
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this method was used to increase steel production by purifying molten iron
Bessemer Process
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company that sells stock in order to raise money for financial ventures in order to make profits of which stockholders will get a percentage
corporation
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invented the lightbulb, phonograph, and movie camera
Thomas Edison
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belief that private businesses should run most industries
capitalism
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invented the telephone which made communication much easier
Alexander Graham Bell
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strike taken over by anarchists that ended badly for police and anarchists
Haymarket Square Riot
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made a fortune in the steel industry
Andrew Carnegie
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performed the first manned flight in Kitty Hawk, NC
Orville and Wiber Wright
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belief that no one should own anything and everything should be provided for by the state
communism
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a person acquires companies that provide the materials and services upon which their enterprise(business) depends to survive
vertical integration
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one company's control of other companies ability to produce the same product
horizontal integration
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group of companies that turn control of their stock over to a board of trustees who run all of the companies as a single enterprise
trust
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when a trust gains exclusive control of an industry
monopoly
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when businesses are left free from gov't regulation and allowed to compete in a free market
Free enterprise
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the "survival of the fittest" theory applied to society and business
Social Darwinism
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people who oppose all forms of gov't
anarchists
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outlawed all monopolies and trusts that restrained trade
Sherman Anti-trust Act
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became leader of the Knights of Labor in 1879 and expanded the membership
Terence Powderly
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became wealthy by buying out oil rigs, very shady.
John D. Rockefellar
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