CHAPTER 24
wabash, st. louis & pacific railroad company v. illinois
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A Supreme Court case that ruled that individual states had no power to regulate interstate commerce.
interstate commerce act
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An act passed by Congress which prohibited rebates and pools and required the railroads to publish their rates openly.
vertical integration
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A strategy coined by Andrew Carnegie where the business controlled all parts from collecting the raw resource to making it market-ready.
horizontal integration
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The business strategy of allying with other companies to make a monopoly on a certain good.
trust
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A strategy devised by Rockefeller where stockholding companies pooled their stocks into a larger business in the same line of goods.
interlocking directorates
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A strategy used by J.P. Morgan where his bank syndicates would be placed in boards of directors of different companies.
standard oil company
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The name of the giant oil company owned by Rockefeller.
social darwinists
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People who interpreted Darwin's theory of evolution to mean that businesses that were powerful were fit and entitled to survive.
sherman anti-trust act
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An act passed in 1890 that forbade combinations in restraint of trade without and distinction between good and bad trusts.
national labor union
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The first labor union ever made in 1866 to protect workers, their rights, and their wages.
knights of labor
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A labor union that fixed the mistakes of the National Labor Union.
haymarket square
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An event in Chicago where labor workers gathered and openly protested injustices from their authorities.
american federation of labor
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A federation of self-governing unions that banded together to protect workers more effectively.
closed shop
A goal of AF of L leader Samuel Gompers to make all-union labor.