Laissez-Faire -idea that the government will stay out of the interests of people and businesses-

Monopoly -business which controls the supply of a particular product

Merger / Trusts -Merger-two or more companies join to form one -Trust- several business act as if one

Regulation -public call to regulate monopolies -Sherman Act, 1890 -Clayton Act, 1914

Public Utilities -some monopolies are allowed -their prices are regulated by government

Conglomerates -business that supplies a large variety of products -may become too powerful

Deregulation -Idea that the government should reduce the amount of government regulation

Cooperation -Government also tries to help business interests

Worker’s Conditions -Working Conditions

Labor Unions -Labor Unions are groups of workers -Goal of Unions??

Collective Bargaining -the ability of a group of workers to bargain together as a group -Advantages-

Labor Union Methods -Collective Bargaining -Strikes -Picketing -Sit-downs -Slowdowns

Employer Methods -Court Injunctions -Blacklists -Lockouts

NLRB -National Labor Relations Board -Made Union activity a right -Government acts as mediator between unions and employers

Union Limitations Union Practices Banned -Closed Shop—job where only union members are allowed to work -Featherbedding—practice of keeping too many workers

Today’s Labor Unions -Unions are weaker than in the past -Taft-Hartley Act, 1947 -Right to Work Laws Open Shop

Negotiations -Mediation— 3rd party negotiation where both parties are under no obligation -Arbitration— negotiations where both sides are to bound to the 3rd party decision