Unit # 10 - Big business & labor movement flashcards

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American Federation of Labor

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Established in 1886 by Samuel Gompers, this union only allowed skilled white male workers. They used collective bargaining instead of striking.

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Anarchy

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Belief in a society without government or rulers.

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Andrew Carnegie

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A Gilded Age industrialist who founded Carnegie Steel Corporation and later donated his wealth to libraries, universities, and hospitals. Promoted the Gospel of Wealth.

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Gospel of Wealth

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The belief that the rich have a duty to serve society, promoted by Andrew Carnegie, who donated over $350 million to various causes.

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The Bessemer Process

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A steel-making process where pig iron is heated to remove impurities, leading to stronger steel for railroads and skyscrapers.

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Boss Tweed

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Head of Tammany Hall, led the Tweed Reign, a group of corrupt politicians in NYC. Known for defrauding the city, e.g., NY court house construction.

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Capitalism

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An economic system based on private ownership of capital and the means of production.

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Corporations

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Businesses owned by many investors who buy shares of stock.

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The Haymarket Riot

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A violent 1886 labor protest in Chicago that led to anti-immigrant and anti-union sentiments after a bomb killed police officers.

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The Homestead Strike

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An 1892 strike against Carnegie Steel Company where ten workers were killed when 'scab' labor was used to end the strike.