25 terms

Ch. 4 Triumph of Industry

STUDY
PLAY
sweatshop
a small, hot, dirty workhouse
corporation
a business in which ownership is shared
monopoly
complete control of a product or service
Andrew Carnegie
a steel tycoon who used vertical integration to increase profits
Thomas Edison
the inventor who wanted to develop affordable lighting for homes
mass production
a system for turning out large numbers of products quickly and inexpensively
John D. Rockefeller
an oil tycoon who used horizontal integration to decrease costs and increase profits.
Homestead Strike
the response to wage cuts at a Carnegie Steel plant in 1892 in which 10 workers were killed
entrepreneur
a person who invests money in a business venture to make a profit
Interstate Commerce Commission (ICC)
first federal agency monitoring business operations, created in 1887 to oversee interstate railroad operations.
cartel
businesses making the same product agree to limit production.
protective tariffs
taxes on imported goods that encouraged people to buy American goods.
Haymarket Square Riot
1886 labor-related protest in Chicago which ended in deadly violence causing many Americans to become wary of unions and turn away from radicalism.
vertical integration
system in which one company controls the businesses that make up all phases of a products development
horizontal integration
system which consolidates many firms involved in the same business into one giant company
Pullman Strike
a violent 1894 strike of railway workers outside Chicago which spread nationally and halted railroad traffic and mail delivery.
American Federation of Labor (AFL)
union that limited membership to skilled craftspeople and focused on economic reforms
bessemer process
a technological breakthrough that allowed steel to be produced more efficiently.
laissez-faire
"hands off", the absence of government control over private business or the economy.
Knights of Labor
the first founded labor union, it was open to workers from any trade
Sherman Antitrust Act
law in 1890 that banned any large corporation that restrained interstate trade or commerce
Robber Barons
a negative term for business leaders that implied they built their fortunes by stealing from the public
Social Darwinism
The idea which held that wealth was a measure of one's inherent value and those who had it were the most "fit".
tycoon
a wealthy, powerful person in business or industry
Cornelius Vanderbilt
The first tycoon who became the Titan of the railroad industry.