Week 6 The Triumph of Industry 2023 with complete solution
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Course
PMA
Institution
PMA
Week 6 The Triumph of Industry 2023 with complete solution
Labor Unions
An organization formed by workers to strive for better wages and working conditions. They were often started in response to business monopolies and the inequalities of wealth during the Gilded Age.
Causes of the 2nd Indust...
Week 6 The Triumph of Industry 2023 with complete
solution
Labor Unions
An organization formed by workers to strive for better wages and working conditions.
They were often started in response to business monopolies and the inequalities of
wealth during the Gilded Age.
Causes of the 2nd Industrial Revolution
Natural resources, abundant labor force, free enterprise and laissez-faire policies,
patent system, Great Migration and immigration, urbanization, and expansion of the
railroad.
Laissez-faire economics
Theory that opposes government interference in economic affairs beyond what is
necessary to protect life and property. This policy led to the market often times being
dominated by one or two monopolies. Favors the economic system of capitalism.
1st Industrial Revolution
Steam engine, factory system, textiles, machine-based production, coal, wood, cotton
gin. Think or the year 1800.
2nd Industrial Revolution
Think of the year 1900. Oil, steel, telephone, assembly line, business integration,
transcontinental railroads. Birth of the trust and corporation.
Trusts
Firms or corporations that combine for the purpose of reducing competition and
controlling prices (establishing a monopoly).
John D Rockefeller - horizontal integration - Standard Oil Company
He had a monopoly on the oil industry.
Alexander Graham Bell
Invented the telephone.
Key Inventors of the 2nd Industrial Revolution
George Westinghouse - RR air brake, Lewis Howard Latimer - Air Conditioning, Sarah
E. Goode - Folding Bed, Thomas Eidson - Phonograph
Collective Bargaining
Process by which a union representing a group of workers negotiates with management
for a contract. When workers unite together, they have a stronger case/voice.
American Federation of Labor (AFL)
A national organization of labor unions founded in 1886 by Samuel Gompers. Worked
for the skilled workers, opposed to women working as well as unskilled men.
Pullman Strike (1894)
Workers rebelled because the Pullman Palace Car Company cut wages by 1/3 and the
American Federation of Labor refused to support the strikers. Military action led by
federal troops that were ordered by President Cleveland was needed in order to keep
mail delivery on track.
Monopolies
Corporations that gain complete control of the production of a single good or service.
Accepted more often when the government sticks to laissez-faire policies.
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