The Expansion of American Industry (1850-1900) Vocab

Created by mhodge13 

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23 terms

patents

lienses to make, use, or sell an invension

productivity

the amount of goods and services created in a given period of time

transcontiental railroad

a railway extending from coast to coast

bessemer process

new process, patented in 1856, for making steel more efficiently

mass production

production in great amounts

social darwinism

theory derived from darwin's theory of natural selection, that society should do as little as possible to interfere with people's pursuit of success

monopoly

complete control of a product or service

cartel

a loose association of businesses that make the same product

trust

a group of seperate companies that are placed under control of a single managing board

sherman antitrust act

outlawed any combination of companies that restrained intersate trade or commerce

horizontal consolidation

the method of bringing together many firms that were in the same business

vertical consolidation

gaining control of many different businesses that make up all phases of a product's development

economies of scale

as production increases the cost of each item produced is lower

business cycle

periodic growth and contraction of a nation's economy

piecework

those who worked the fastest and produced the most pieces earned the most money

division of labor

way of producing in which diffrent tasks are preformed by different persons

socialism

economic and political philosophy that favors public (or social) control of property and income, not private control

collective bargaining

process in which workers negotiate as a group with employers

scab

negative term for a worker called in by an employer to place striking laborers

annarchists

radicals who violently oppose all government

haymarket riot

1886 labor-related violence in Chicago

homestead strike

1892 strike in pennsylvania against carnegie steel

pullman strike

1894 railway workers' strike that spread nation-wide

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