Owning as many firms from the same industry as possible.
Taking over each step in the production and distribution of a product.
Government tactic of leaving business alone and not getting evolved.
Idea that businesses will prosper or fail by themselves as survival of the fittest.
Sherman Anti-Trust Act
A vague law that was passed to stop monopolies, and trusts.
The Gilded Age
Used to describe an era in which a very small percentage of people controlled the nations wealth and many were poor.
Rich people who gave their money to good causes.
A negative term to describe the most wealthy in the nation.
Captains of Industry
A positive term to describe the most wealthy in the nation.
a trust set by companies to have power without competition with each other
one business controls the whole production
John D. Rockefeller
a great success in the Oil Industry. he would under cut his competitors.
a company that is recognized by law as existing independently from its owners
Trained workers to work in the most efficient way.
The process of making steel in more efficient and cheaper way
An economic system in which factories equipment and other means of production are privately owned rather than being controlled by government
people going illegally into a country
People moving from small farms and town because of job and opportunity
the process of making goods by machines
The people who run the machines
Parties that corrupt
1) People produce things for profit/sale
2) Making goods by machine in mass production (Trade with foreign nations)
Post industrial Economy
Provides services + knowledge more than manufacturing