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Industrialization

TermDefinition
Andrew Carnegie Own Carnegie Steel, used the Bessemer process, believes in Gospel of Wealth and used Vertical Integration.
John D. Rockefeller Owns Standard Oil and 90% of all oil in America. Believes in Social Darwinism and used Horizontal Integration
Lassez-Faire Government took a "hands off" approach to business. They did not regulate businesses which results it the rapid growth of business and big business will control the government.
Free Enterprise The economic system used in America. Allows for entrepreneurs to own their own business, decide what to produce, how much to sell it for and keep their profits. Allows for competition.
Vertical Integration Used by Andrew Carnegie. He owned all means of production to produce steel. (no middle man)
Horizontal Integration Used by John D. Rockefeller. He purchased all the same types of business in the same industry to become a monopoly.
Big Business Large companies grew rapidly due to Laissez-faire. They used unfair competition to run competitors out of business, no standard rates and controlled the government.
Social Darwinism John D. Rockefeller supported it. It was the belief the strong and wealthiest in society will survive and the weak and poor will die.
Gospel of Wealth Andrew Carnegie: the rich will donate to the poor. He donated money to build libraries and universities
Bessemer Process Production technique used to make steel faster and cheaper. Impact: steel will be used for railroads and to build sky scrapers.
Alexander Bell Invented the telephone. The impact is faster communication and faster business transactions.
Thomas Edison Perfected the light bulb. Electricity was used in homes and businesses. This allowed for factories to produce (work) at night.
Philanthropist A wealthy person who donates to the poor
Created by: embonin