Flashcards: Organized Labor

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Laissez-Faire policies

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A system in which business operates free from government regulation. Enables competition and promotes survival of the fittest.

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Industrialization

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The development of industries in a country or region on a wide scale.

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Monopolies – Trusts

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Large business entities that control a significant portion of a market, often eliminating competition.

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Labor unions

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Organizations formed by workers to protect their rights and interests.

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Collective bargaining

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Negotiation of wages and other conditions of employment by an organized body of employees.

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Strikes

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A refusal to work organized by a body of employees as a form of protest. Used by labor unions to push for better wages and working conditions.

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Aristocracy

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A class of persons holding exceptional rank and privileges, especially the hereditary nobility.

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“Scab”

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A derogatory term for a worker who refuses to join a labor union or participate in a strike. Oftentimes act as strike busters willing to cross picket lines and work in the place of strikers.

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Socialism

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Advocates for state or collective ownership and administration of the means of production and distribution of goods. Promotes greater economic equality and worker rights.

Note: It's like a lighter form of Communism. The US adapted socialist programs to the US economy beginning with the passage of the federal income tax and later with social security/disability during the Great Depression.

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Bourgeoisie

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Also referred to as the middle class