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Chapter 4
The Triumph of Industry
| Term | Definition |
|---|---|
| 1. entrepreneur | person who invests money in a product or business with the goal of making a product |
| 2. protective tarriff | tax on imported goods making the price high enough to protect domestic goods from foreign competition |
| 3. laissez-faire | lenient, as in the absence of government control over private business |
| 4. patent | official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time |
| 5. Bessemer process | method developed in the mid-1800s for making steel more efficiently |
| 6. suspension bridge | bridge that has a roadway suspended by cables |
| 7. time zone | any of the 24 longitudinal areas of the world within which the same time is used |
| 8. mass production | production of goods in large numbers through the use of machinery and assembly lines |
| 9. corporation | company recognized as a legal unit that has rights and liabilities separate from each of its members |
| 10. monopoly | exclusive control by one company over an entire industry |
| 11. cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| 12. horizontal integration | system of consolidating many firms in the same business |
| 13. trust | group of separate companies that are placed under the control of single managing board in order to form a monopoly |
| 14. vertical integration | system of consolidating firms involved in all steps of a product's manufacturing |
| 15. Social Darwinism | the belief held by some in the late nineteenth that certain nations and races were superior to others and therefore destined to rule over them |
| 16. Interstate Commerce Commission (ICC) | first federal agency monitoring business operations, created in 1877 to oversee interstate railroad procedures |
| 17. Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| 18. sweatshop | small factory where employees have to work long hours under poor conditions for little pay |
| 19. company town | community whose residents rely upon one company for jobs, housing, and shopping |
| 20. collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions |
| 21. socialism | system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals |
| 22. Knights of Labor | labor union that sought to organize all workers and focused on broad social reforms |
| 23. American Federation of Labor (AFL) | labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes |
| 24. Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| 25. Homestead Strike | 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania |
| 26. Pullman strike | violent 1894 railway workers' strike which began outside of Chicago and spread nationwide |
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