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23 terms

The Expansion of American Industry (1850-1900) Vocab

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patents
lienses to make, use, or sell an invension
productivity
the amount of goods and services created in a given period of time
transcontiental railroad
a railway extending from coast to coast
bessemer process
new process, patented in 1856, for making steel more efficiently
mass production
production in great amounts
social darwinism
theory derived from darwin's theory of natural selection, that society should do as little as possible to interfere with people's pursuit of success
monopoly
complete control of a product or service
cartel
a loose association of businesses that make the same product
trust
a group of seperate companies that are placed under control of a single managing board
sherman antitrust act
outlawed any combination of companies that restrained intersate trade or commerce
horizontal consolidation
the method of bringing together many firms that were in the same business
vertical consolidation
gaining control of many different businesses that make up all phases of a product's development
economies of scale
as production increases the cost of each item produced is lower
business cycle
periodic growth and contraction of a nation's economy
piecework
those who worked the fastest and produced the most pieces earned the most money
division of labor
way of producing in which diffrent tasks are preformed by different persons
socialism
economic and political philosophy that favors public (or social) control of property and income, not private control
collective bargaining
process in which workers negotiate as a group with employers
scab
negative term for a worker called in by an employer to place striking laborers
annarchists
radicals who violently oppose all government
haymarket riot
1886 labor-related violence in Chicago
homestead strike
1892 strike in pennsylvania against carnegie steel
pullman strike
1894 railway workers' strike that spread nation-wide