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entrepreneur person who risks his own money to organize and run a business Morrill Tariff an 1861 tax on imported goods which changed international trade patterns time zones needed to keep railroads running well investors people who risk their own money to help start a business Great Northern Railroad successfully built and operated because it avoided government subsidies Northern Pacific Railroad this company went bankrupt because it accepts government subsidies Henry Villard operated Northern Pacific Railroad; ruined it by accepting government intervention corporation business owned by many people; each own a certain number of shares stock a small share of a corporation which anyone can purchase economies of scale decreased cost of manufacturing by producing goods quickly in large quantity vertical integration company owning different businesses on which it depends for supplies holding company business which simply owns other businesses J.P. Morgan banker who specialized in lending money to, or buying, railroads and steel manufacturers deflation rise in the value of money: dropping prices trade unions workers with the same skill unite to bargain for wages industrial unions workers in the same industry unite to bargain for wages blacklist troublemakers, identified by their politics or by their unionizing lockouts when factory owners shut down a factory to calm unionizing tendencies Marxism variation of socialism or communism Knights of Labor bargained for higher wages without striking; used boycotts arbitration a neutral third party negotiates a compromise injunction when a court commands something to be done closed shops factories where only unionized workers are hired American Federation of Labor (AFL) mega-union created by joining several smaller unions Samuel Gompers first president of the AFL