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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
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  • Number of pages: 2

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1.  Scientific Management - A theory that focused on changes in the techniques of production. Some believed that it was a way to improve labor productivity and efficiency. Others believed it was a way to give employers more control of the workplace. Scientific Management was also known as Taylorism because Frederick Winslow Taylor started the movement. This movement was significant because it was the first attempt to study the work process scientifically, and to apply science to management efficiency.

2. Horizontal and Vertical Integration - Methods used by businessmen to create large organizations. Horizontal integration was the combining of many firms in the same type of business into one large corporation. An example was the combining of several railroad lines into one company. Vertical integration was a single company that controls all phases from raw materials to marketing. These methods of integration were significant because Andrew Carnegie monopolized the Steel Industry through vertical integration, and John D. Rockefeller used a combination of both methods to create the Standard Oil Company.

3. Trust Company - A method created and used by John D. Rockefeller's Standard Oil Company. It was an economic method that had other companies transfer their stocks to the board of trust who would manage them in exchange for shares in the trust. This method made the corporate leader wealthy. This method was significant because i made John D. Rockefeller extremely wealthy and was used to create monopolies.

4.  The “Self-Made Man” - A  myth which stated that all millionaires in America claimed to be self-made men. This meant that they did not come from wealthy backgrounds and started with low paying jobs. They claimed to work their way up to success. However, it has been proven that their success was not only a result of hard work, but a result of corruption. This was significant because it shows that many millionaires during this time became millionaires through corruption and bribery.

5.  Gospel of Wealth - A book written by Andrew Carnegie. In his book, he wrote that the wealthy should use their wealth to improve society. He advocated for philanthropic acts that would benefit the community. He justified monopolies and trust funds. Andrew Carnegie's book was significant because he stated that the wealthy had a responsibility to share their wealth to benefit the community.

6. Knights of Labor - A national labor organization that allowed skilled worker, unskilled worker, women, and African Americans to join. The organization seemed solutions to labor problems. However, the organization was loosely organized. The members wanted an eight hour work day and an end to child labor. Under the leadership of Terence Powderly, there were over 700,000 people in the organization. It was significant because unsuccessful strikes caused their downfall and the end of the organization.

7. American Federation of Labor - A combination of craft unions. It rejected the ideas of the Knights of Labor organization. Unlike the Knights, the AFL gave membership to mainly skilled workers. Also, the members of the AFL were hostile to the idea of women workers because they believed that women would make the wages decrease for everyone. The first president of the AFL was Samuel Gompers. The objectives of the AFL were better wages, hours, and working conditions. It was significant because it contributed to the decline of the Knights of Labor.

8. Haymarket Square - A riot in Haymarket Square in Chicago that occurred after a strike at the McCormick Harvester Company. When the police attempted to disperse the crowd, a bomb exploded and killed seven officers. The officers fired back and killed people in the crowd. Eight anarchists were put on trial. This riot was significant because it led to the decline of the Knights of Labor Organization.

9. Great Railway Strike - Labor strikes that occurred after railroads made a 10 percent pay cut. These labor strikes spread through the country in 1877. It became a national strike, and many workers were killed. President Hayes ordered the federal troops to restore order after workers were killed. This strike was significant because it was the first major national labor conflict.

10. Homestead Strike - The strikers were iron and steel workers who striked against the Carnegie Steel Company. They protested salary reductions. Henry Clay Frick hired Pinkerton security guards to protect Carnegie's Homestead plant. Fighting resulted in the deaths of both the protesters and the guards. The strike was significant because it shows how workers continued to battle with management over wages and working conditions.

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