IR test
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20 terms
Terms | Definitions |
|---|---|
 Cottage Industry | Helped to start the IR, farmers worked in their homes/ cottages sewing cloth for merchants. They were paid by the item. |
| Second IR | Early 1900's in America. Examples of inventions: Cars, airplanes, telephone, electricity usage, etc. |
| Laissez- faire | French word for "let it be- leave it alone." This is a term used in capitalism about the government leaving businesses alone. |
| bourgeoisie | Middle/upper class |
| proletariat | working class- lower class |
| vertical integration | when a company owns/ controls all the products needed for producing the product it sells. John D. Rockefeller came close to achieving a monopoly in selling petroleum. He purchased most of the competitors then worked to buy all aspects of production. |
| Corporation | a group of people who pool their money to create a larger business. There are shareholders- each share is a tiny portion of the company. |
| company town | a town run by a company- the company owns houses and businesses |
| strike | all the workers quit working and stand outside the workplace and protest until the owners have satisfied their needs. |
| picket line | the strikers walk around in a large circle around the door holding up signs saying their on strike. they can also keep other workers from going in and taking their jobs. |
| scabs | this is a nickname for workers who are hired by a company to replace workers on strike |
| black list | a list by companies of workers who have created labor or strike problems. Someone on the list wouldn't be hired by any company. |
| John D. Rockefeller | Created a huge oil empire- the wealthiest person who ever lived |
| Alexander Graham Bell | Developed the telephone. HE also worked with people who had hearing disabilities and he wanted to create a machine that could help them hear. His first words on a phone were "Watson, Watson come here." |
| Samuel Morse | Developed the telegraph and "Morse Code." |
| Andrew Carnegie | Began as a poor Scottish immigrant who rose from nothing to become one of the most wealthy and powerful men in history. Hie built his wealth from the steel industry. He gave away millions to charities. He didn't believe in giving money to his children. |
| Adam Smith | Developed the idea of Laisse- Faire. The idea that capitalism was the best economic system. |
| Karl Marx | He was a middle class German who became angry about the gap between rich and poor. He wrote the book "Das Kapital" that presented an economic system that would end the inequalities. |
| Mother Jones | A Woman who spent her like working on behalf of workers. She was a labor leader and she worked especially hard to bring better conditions to minder and child laborers. During her lifetime, she was one of the most famous women in the world. |
| James Watt | Invented the steam engine |
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