Capital and Labor ID Terms 09 10 2013 Gilded Age last quarter of 19th century capitalism changed the world first industrial revolution inventions to improve manufacturing cheap massed produced consumer goods LOOKED GOOD BUT WAS NOT ALWAYS A GOOD TIME PERIOD increased jobs Corporate Capitalism Corporation Monopoly Oligopoly Monopoly Oligopoly John D Rockefeller Large scale ownership to finance growth o One big business that controls the market o A few firms control the market completely controlled how much oil was produced the prices and where it was sold to Owned Standard Oil Company SOC o By 1890s SOC controlled 90 of the country s oil Andrew Carnegie Steel industry Homestead Steel Strike 1892 Laissez Faire More of a hands off way of controlling businesses don t get unions and government should let the businesses do what they involved want o courts supported this Social Darwinism evolution and survival of the fittest Published in 1859 Plant and animal species that CAN adapt well will wipe out the ones that CANNOT adapt as well Lochner v New York 1905 limited the hours to 60 hours a week that children could work in the bakery o Courts decided that they couldn t interfere with the contracts that bosses have with their employees Professional managers Organized labor Knights of Labor Offered an alternative to capitalism Great Railway Strike July 1877 First and largest in US history Hourly wages for working trains and railroads Workers refused to work and used freight trains to block train tracks Broken up when President Rutherford B Hayes sent in federal troops Homestead Steel Strike 1892 Homestead PA Big business to crush Andrew Carnegie used steel company to maximize his profits o Viewed Union for Iron and Steel workers as an obstacle to minimize his profits instead of maximizing Carnegie cut workers pay by 26 o Union rejected contract o Carnegie locked out workers 7 Union protesters were murdered Pullman Strike 1894 During the depression Pullman kept 28 of the wages o Pullman a company that manufactured fancy sleeping cars for railroads and trains Haymarket Square affair 1886 Socialists and anarchists leaders o Everyone was equal 10 people died 09 10 2013 09 10 2013
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