Chapter 17-The Industrial Revolution 3 01/17/08

Monopolies

Holding companies

One company holds significant voting stock in another country so that it controls business practices

Cartels

International monopolies

OPEC

Labor

Unions

Keep wages high

Safe conditions

8 hr workday

Knights of Labour: 1869

Becomes AFL: 1886

1st Pres. is Samuel Gompers

Union Weapons

Collective bargaining

Mediation

Stalemate

Strike

Railroad strike in 1877

Sit down strike

Now illegal

Slow-down Strike

Break Equipment on purpose

Weapons of Management

Scabs

People willing to cross picket line

Pinkerton Agency

Lock-out

Blacklist Union Leaders

Boycott

Arbitration

Bound in advance to compromise

Yellowdog Contract

Blacklist all Union members

Injunction

Court order closing a strike

Strike affects community

In 1894, Pullman Strike

Employees paid low wages to produce RR cars

Employees protested having to live in company towns and overhead from paychecks

In come Pinkerton Police

Longshoreman Strike

Injunction given