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Ch. 4

Chapter 4

TermDefinition
entrepreneur people who invest money in a product or enterprise in order to make a profit
protective tariffs taxes that would make imported goods cost more than those made locally
laissez-faire policies which allowed businesses to operate under minimal government regulation
patent a grant by the federal government giving an inventer the exclusive right to develop, use, and sell an invention of a set period of time
Bessemer process method developed in the mid-1800s for making steel more efficiently
suspension bridges bridges in which the roadway is suspended by steel cables
time zone any of the 24 longitudinal areas of the world within which the same time is used
mass production turning out large numbers of products quickly and inexpensively
corporation company that has rights to separate from each of its members
monopoly complete control of a product or service
cartel association of products of a good or service that prices and controls stocks in order to monopolize the market
horizontal integration consolidating many firms in the same business
trust group of separate companies that are placed under the control of a single managing board in order to form a monopoly
vertical integration allowed companies to reduce costs and charge higher prices to competitors
Social Darwinism the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore defined to rule over them
Interstate Commerce Commission (ICC) first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
Sherman Antitrust Act outlawed any trust that operated "in restraint of trade or commerce among the several law was often used in the corporations" favor, as they argued that labor unions restrained trade
sweatshop small, hot, dark, and dirty workhouses
company town community whose residents rely upon one company for jobs, housing, and shopping
collective bargaining process in which employers negotiate with labor unions about hours, wages, and other working conditions
socialism an economic and political philosophy that favors public, instead of private, control of property and income
Knights of Labor labor union that sought to organize all workers and focused on board social reforms
American Federation of Labor (AFL) a craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades
Haymarket Riot 1886 labor-related protest in Chicago which ended in deadly violence
Homestead Strike 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania
Pullman Strike violent 1894 railway workers' strike which began outside of Chicago and spread nationwide
Created by: K_Higgins01