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22 Cards in this Set
- Front
- Back
- 3rd side (hint)
A government grant that allows only the inventor to make, use, and sell an invention for a certain time.
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Patent
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protects an inventor's ideas and inventions from theft/fraud in marketing
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Damage to the land, air, and water from harmful materials
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Pollution
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Mankind can cause this problem in air, land and water destroying our environment
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A large company formed by a group of investors
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Corporation
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A large company that is a legal entity and is subject to double taxation by the government.
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The complete control of an industry by one company or person
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Monopoly
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John D. Rockefeller had a ___________ on the oil industry, Andrew Carnegie on the steel industry and Andrew Mellon on the railroad industry
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A community set up and run by a company for its workers
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Company Town
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Workers gave a portion of their wages to live in housing belonging to the company and purchased from company stores with scrip (paper used as currency)
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A group of workers that tries to help its members.
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Labor Union
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Sought better working conditions & higher pay for its workers.
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To refuse to work until certain demands,such as higher wages or better working conditions are met
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Strike
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During this protest workers picketed,made no money, and hurt productivity of the industry
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A railroad worker who organized the American Railway Union & later promoted the Socialist Party of America.
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Eugene V. Debbs
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He ran for president five times & once won 6% of votes as an independent candidate.
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An Irish immigrant who lead the American labor movement; called "the mother of the laboring class" on her Children's March in 1903.
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Mary Harris "Mother" Jones
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Led the Great Strike of 1877 & started the United Mine Workers of America (UMW)
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An oath that said a worker would not join the union.
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"Yellow Dog Contracts"
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Later outlawed by the courts.
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A group of radical unionists and socialists who organized in 1905 to represent unskilled workers.
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Industrial Workers of the World (IWW)
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IWW members were called "the Wobblies" & included miners, lumberers, & cannery/dock workers.
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An alliance of trade and craft unions formed in 1886.
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American Federation of Labor
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The AFL later joined with the CIO (Congress of Industrial Organizations)in 1955 in an alliance of industrial unions.
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An economic & social philosophy based on Darwin's theory of natural selection which says that holding a system of unrestrained competition will insure survival of the fittest.
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Social Darwinism
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The weaker industries will fall victim to stronger industry which has a better chance of survival.
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An 1890 law intended to prevent the creation of monopolies by making it illegal to establish trusts that interfered with free trade.
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Sherman Antitrust Act
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Trusts led to monopolies which some politicians felt hindered competition in business
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A Scottish immigrant born into poverty who became one of the first industrial moguls to make his own fortune in steel production using the Bessemer Process.
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Andrew Carnegie
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He contributed much of his fortune to charity to build public libraries.
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A "robber baron" who made a fortune on monopolizing the oil industry (ie. Standard Oil Company)
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John D. Rockefeller
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In 10 yrs. he controlled 90% of oil refinery business by paying extremely low wages & undercutting competition by selling oil at lower cost than its production. When he controlled the market he would hike prices above their original levels.
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Carnegie's method of buying out his suppliers to control raw materials & transportation systems. This allowed companies producing similar products to merge.
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Vertical and Horizontal Integration
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Carnegie used these two business strategies to monopolize the steel industry
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An 1887 law establishing the federal government's right to supervise railroad activities & created a 5 member Interstate Commerce Commission to do so.
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Interstate Commerce Act
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This Act allowed the government to check the power of the railroad monopoly.
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Making steel stronger through injecting air into the ore during the smelting process.
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Bessemer Process
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This process was developed in England by Henry B________
& was brought to the U.S.A. by Andrew Carnegie |
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In 1880, he built a factory for manufacturing sleepers and other railroad cars on the Illinois prairie.
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George Pullman
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He built a town called Pullman, Illinois for his workers and imposed unreasonalble rules for worker behavior which led to an 1894 strike
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A construction company whose stockholders gave it a contract to lay track at 2-3 times the actual cost & pocketed the profits; donating shares of stock to 20 congressional representatives in 1867
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Credit Mobilier
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A business scandal which tarnished the reputation of the republican party.
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1877 Supreme Court case that upheld the Granger laws allowing states to regulate the railroads for the benefit of farmers & consumers
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Munn Vs. Illinois
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It set a precedent that the federal government had the right to regulate private industry to serve the public interest.
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