Industry and Corporations

Monopoly

• Company or corporation so large or powerful that it stifles economic competition

• View that society and nature advance by the "survival of the fittest."

• When an owner refuses to allow employees to work due to labor struggles

• Union tactic of walking off the job and trying to shut down a company's operations

The negotiation of wages and other conditions of employment by an organized body of employees

• Labor Union

• Collective Bargaining

• Workers Rights

• Worker strikes

Why did factory owners choose to hire women and children?

• They could tolerate working conditions in the factories better than men

• They were more reliable than men

• They were better at factory work than men

• They were cheaper to employ than men

This is when there is one big company that controls an entire industry

• Monopoly

• Vertical Integration

• Laissez Faire

• Philanthropy

Which of these gives a negative effect of long working hours for children?

• There was little time to attend school

• Industrial employment grew quickly

• Nearly 2 million children under the age of 15 worked

• Progressive reformers sought to change working conditions

What were the working conditions like in the factories and sweatshops BEFORE the movement?

• Unions helped to create positive work environments with safety regulations in place

• Workplace where people labor long hours in poor conditions for little pay

• Women and children received better pay than men

• Peace and love

How did the Triangle Fire affect labor reform in New York and other states?

• New laws were passed to improve factory safety

• More factory workers joined unions

• Women received better pay

• A strike called attention to workplace abuses

What did Rockefeller create?

• A Banking Empire

• An Oil Empire

• A Steel Empire

• A Railroad Empire

What did Andrew Carnegie create?

• A Banking Empire

• An Oil Empire

• A Steel Empire

• A Railroad Empire

What is the idea of Vertical Integration?

• A market where one individual owns companies through the entire distribution line

• with lower production costs, less labor was needed

• A market where there are many well-informed buyers and sellers

• A market where a single entity is large enough to set prices without impacting demand