Rise of Industry - Vocabulary

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Battle of Little Bighorn
General George Custer and his forces were defeated by Sioux and Cheyenne warriors on June 25, 1876, popularly known as Custer's Last Stand.
Boss Tweed
William Tweed, head of Tammany Hall, NYC's powerful democratic political machine in 1868. Between 1868 and 1869 he led the Tweed Reign, a group of corrupt politicians in defrauding the city. Example: Responsible for the construction of the NY court house; actual construction cost $3million. Project cost tax payers $13million.
Tammany Hall
The building in which the Tammany organization had its headquarters.
Horizontal Integration
The combining of many firms engaged in the same type of business into one large corporation
Vertical Integration
A single company owns and controls the entire process from raw materials to the maufacture and sale of the finished product
Monopoly
When a single company achieves control of an entire market
Capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Communism
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Laissez-faire
In economics, this means allowing industry to be free of state intervention, especially restrictions in the form of tariffs and government monopolies.
Captains of Industry
A business leader whose means of amassing a personal fortune contributed positively to the country in some way. This may have been through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy.
Social Darwinism
This was a belief held by many that stated that the rich were rich and the poor were poor due to natural selection in society.
Trust
An economic method that had other companies assigns their stocks to the board of trust who would manage them. This made the head of the board, or the corporate leader wealthy, and at the same time killed off competitors not in the trust.
Stocks
Money invested into a corporation which is used to fund its endeavors and with its success the money invested by stockholders is reciprocated as a profit.
Robber Barons
An American capitalist who acquired a fortune in the late nineteenth century by ruthless means.
Horatio Alger Jr.
A prolific 19th-century American author, best known for his many young-adult novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security and comfort through hard work, determination, courage, and honesty.
George Westinghouse
An American entrepreneur and engineer who invented the railway air brake and was a pioneer of the electrical industry.
George Pullman
the inventor of a luxurious train car for the rich. These cars helped convince the rich to take the train.
Cornelius Vanderbilt
An American businessman, who built his wealth in railroads and shipping.
J.P. Morgan
An American financier and banker who dominated corporate finance and industrial consolidation.
John D. Rockefeller
An American businessman of the late nineteenth and early twentieth centuries; a founder of the Standard Oil Company.
Andrew Carnegie
Industrialist who developed the U.S. steel industry.
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