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Posted: December 9th, 2022
Chapter 14 Section 3
Terms & Names * Andrew Carnegie- a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist. * Vertical Integration-a company’s taking over its suppliers and distributors and transportation systems to gain total control over the quality and cost of its product.
* Horizontal Integration- the merging of companies that make similar products. Social Darwinism- an economic and social philosophy—supposedly based on the biologist Charles Darwin’s theory of evolution by natural selection—holding that a system of unrestrained competition will ensure the survival of the fittest. * John D. Rockefeller- an American oil magnate. * Sherman Antitrust Act- a law, enacted in 1890, that was intended to prevent the creation of monopolies by making it illegal to establish trusts that interfered with free trade.Samuel Gompers- an English-born American labor union leader and a key figure in American labor history (founded AFL). * American Federation of Labor (AFL)- an alliance of trade and craft unions, formed in 1886.
* Eugene V. Debs- an American union leader, one of the founding members of the International Labor Union and the Industrial Workers of the World (IWW), and several times the candidate of the Socialist Party of America for President of the United States. Industrial Workers of the World (IWW)- a labor organization for unskilled workers, formed by a group of radical unionists and socialists in 1905. * Mary Harris Jones- a prominent American labor and community organizer, who helped co-ordinate major strikes and co-founded the Industrial Workers of the World. 2. Main Idea 3. Do you think that the tycoons of the late 19th century are best described as ruthless robber barons or as effective captains of industry?I believe that the tycoons of the late 19th century are best described as effective captains of industry because they were never committing any crimes to achieve the immense amounts of money they made.
More importantly they didn’t keep the money for themselves (proves their unselfishness). They donated their money to organizations that were beneficial for others, not themselves.
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