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tariff
Tariffs are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers. -
Bessemer converter
The Bessemer converter was a machine and surrounding process that involved the removal of impurities from pig iron (a type of iron with a high carbon content) and its conversion into steel – a material that had historically been costly and time consuming to manufacture. -
J Pierpont Morgan and Company
One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations. ... In 1895, their firm was reorganized as J.P. Morgan & Company, a predecessor of the modern-day financial giant JPMorgan Chase. -
National Labor Union
National Labor Union. National Labor Union (NLU), in U.S. history, a political-action movement that from 1866 to 1873 sought to improve working conditions through legislative reform rather than through collective bargaining. -
Knights of Labor
The Knights of Labor, founded in 1869, was the first major labor organization in the United States. The Knights organized unskilled and skilled workers, campaigned for an eight hour workday, and aspired to form a cooperative society in which laborers owned the industries in which they worked. -
Standard Oil Company
Standard Oil, in full Standard Oil Company and Trust, American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States. -
Horizontal Integration
Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger. The process can lead to monopoly if a company captures the vast majority of the market for that product or service. -
vertical integration
Vertical integration is a strategy whereby a company owns or controls its suppliers, distributors, or retail locations to control its value or supply chain. ... Netflix is a prime example of vertical integration whereby the company started as a DVD rental company supplying film and TV content. -
laissez-faire
[ (les-ay-fair, lay-zay-fair) ] French for “Let (people) do (as they choose).” It describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws. -
Great Railroad Strike
The Great Railroad Strike of 1877 started on July 14 in Martinsburg, West Virginia, in response to the Baltimore & Ohio Railroad (B&O) cutting wages of workers for the third time in a year. Striking workers would not allow any of the trains, mainly freight trains, to roll until this third wage cut was revoked. -
Monopoly
A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. -
Haymarket Riot
The Haymarket Riot in Chicago in May 1886 killed several people and resulted in a highly controversial trial followed by executions of four men who may have been innocent. The American labor movement was dealt a severe setback, and the chaotic events resonated for many years. -
American Federation of Labor
American Federation of Labor. The American Federation of Labor (AFL) was organized in 1886. ... The purpose of the AFL was to organize skilled workers into national unions consisting of others in the same trade. Their purpose was not political, and aimed simply at shorter hours, higher wages, and better working conditions. -
Homestead steel strike
Homestead strike, in U.S. history, a bitterly fought labor dispute. On June 29, 1892, workers belonging to the Amalgamated Association of Iron and Steel Workers struck the Carnegie Steel Company at Homestead, Pa. to protest a proposed wage cut. ... Frick , the company's general manager, determined to break the union. -
holding compay
A holding company is a company or firm that owns other companies' outstanding stock. The term usually refers to a company that does not produce goods or services itself; rather, its purpose is to own shares of other companies to form a corporate group. -
Pullman strike
Pullman Strike, (May 11, 1894–c. July 20, 1894), in U.S. history, widespread railroad strike and boycott that severely disrupted rail traffic in the Midwest of the United States in June–July 1894. The federal government's response to the unrest marked the first time that an injunction was used to break a strike. -
Carnegie steel company
Carnegie Steel Company was a steel-producing company primarily created by Andrew Carnegie and several close associates, to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century. -
Child labor
Child labour refers to the employment of children in any work that deprives children of their childhood, interferes with their ability to attend regular school, and that is mentally, physically, socially or morally dangerous and harmful. -
trust
The term trust is often used in a historical sense to refer to monopolies or near-monopolies in the United States during the Second Industrial Revolution in the 19th century and early 20th century.
