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Laissez-fair
- French Phrase "let people do as they choose"
- Belief gov. should not interfere with the economy
- The gov. should only protect private property rights and maintain peace.
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Entrepreneurs
- People who risk thier capitol to run a business
- Profit attacted many ppl into business
- Attracted to the idea of making it in manufactoring and transportation
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Union Pacific Railway
- Went westward
- employed 10,000 ppl
- laborers faced harsh conditions
- faced angry indians
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central pacific railway
- 10,000 workers from china
- equipment was shipped from east
- dream of Theodore Judah
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Cornelius Vanderbilt
- Successful railroad consolidator
- merged 3 NY railroads
- Extended controll to chicago within 4yrs
- Began building Gand Central terminal
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Andrew Carnegie
- Life Illistrates factors that led to rise of big businesses
- Born in Scotland
- Started as Bobbin boy worked way up to superintendent
- Began Verticle Integration
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John D. Rockefeller
- Famous industrialist
- achieved almost complete horizantal Integration of his industry
- Built all refineries
- Controlled bout 90% of oil refinery industry
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Monopoly
- When a single company achieves controll of an entire market
- Many americans feard it
- thought they could carge w/e they wanted
- Many states made it illegal for 1 comp. to own stock in another comp.
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Trusts
- New way of merging businesses that didnt violate laws
- legal arrangement that allows 1 person to manage another's prop.
- man who manages that prop. = trustee
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J.P. Morgan
- successful investment banker
- specialized in helping comp. issue stock
- merged Carnegie stell w/ other large steel comp.
- U.S. steel comp. 1st billion $ comp. in american Hist.
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Marxism
- Ideas of Carl Marx
- basic force shapping capitolist society
- was class struggle between workers and owners
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Haymarket Riot
- Supporters of 8hr day
- called nation wide strike
- Nights of Labor led a March
- Turned violent
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Pullman Strike
- Pullam Co. laid off workers and slashed wages
- workers had to live n buy goods from company prop.
- workers couldnt do this w/ wage cuts
- a strike began
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Injunction
- Formal court order
- issued by Fed. Court to make (ARU) halt boycott
- debbs went to jail for violating it
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Closed Shop
- One of 3 goals of (AFL)
- All companies could only hire union members
- 2nd goal
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Eugene Debbs
- Labor leader
- member of American Socialist party
- helped organize ARU
- arrested for interfering w/ U.S. mail during pullman strike
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Ellis Island
- Tiny island in NY harbor
- Where 3-story building processed imigrants
- it took a day for most to pass thru island
- Hetic w/ all the ppl and different languages
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Jacob Riis
- Danish Boy
- journalist
- obsereved a map of NY city colorded to show all the different nationalities would have more stripes than a zebra
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Tenements
- Apartment Buildings
- Most urban working class lived
- dark and crowded
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Boss Tweed
- Leader of Tammany Hall
- Tammy Hall- most infamous political machine
- His corruptness led him to prison
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