Flashcards: Organized Labor

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Laissez-faire policies

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An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

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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.

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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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Boycotts

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A withdrawal from commercial or social relations with a country, organization, or person as a punishment or protest.

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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.

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Socialism

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A political and economic theory advocating for state or collective ownership and administration of the means of production and distribution of goods.