29 terms

Industrialization Vocabulary

Industrialization Vocabulary
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patent
exclusive rights over an invention; someone can't copy your invention until the document signed, expires
mass production
Making large quantities of a product quickly and cheaply
assembly line
Production method that breaks down a complex job into a series of smaller tasks
social darwinism
The belief that only the fittest survive in human political and economic struggle; When people take the smaller companies and make it into one big company
profit motive
the driving force that encourages individuals and organizations to improve their material well-being
stock
Share of Ownership in a Corporation
corporation
an organization that is authorized by law to carry on an activity but treated as though it were a single person
trust
A group of corporations run by a single board of directors
monopoly
control of a product or service by one company
entrepreneur
a person who organizes, manages, and takes on the risks of a business
capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
free enterprise
economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
laissez-faire
policy based on the idea that government should play as small a role as possible in the economy
triangle shirtwaist factory
this factory kept doors locked to avoid theft trapping workers inside when a fire erupted; alerted reformers to the terrible conditions of industrial workers
collective bargaining
the process by which unions and firms agree on the terms of employment
injunction
An order which legally prevents something
henry ford
1863-1947. American businessman, founder of Ford Motor Company, father of modern assembly lines, and inventor credited with 161 patents.
wright brothers
inventors of the first in flight airplane
robber barron
Bought out competitors, paid workers low wages, and dominated their respective industry
captains of industry
The term used for men who steered the country in the direction of economic prosperity
andrew carnegie
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
john d. rockefeller
Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
j. pierpont morgan
He was a banker who financed the reorganization of railroads, insurance companies, and banks. He bought out Carnegie and in 1901 he started the United States Steel Corporation.
cornelius vanderbilt
A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical.
philanthropists
People who give donations to worthy causes
samuel gompers
founder of American Federation of Labor
knights of labor
1st effort to create National Union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed
american federation of labor (AFL)
a national organization of labor unions founded in 1886 by Samuel Gompers
jane addams
1860-1935. Founder of Settlement House Movement. First American Woman to earn Nobel Peace Prize in 1931 as president of Women's Intenational League for Peace and Freedom.
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