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Am. Ind. Rev.
American Industrial Revolution
Term | Definition |
---|---|
Entrepreneur | person who invests money to make profit |
protective tariff | tax on imported goods making the price high enough to protect domestic goods from foreign competition |
laissez-faire | system where businesses operate under minimal government regulation |
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 |
Thomas Edison | Inventor, received more than 1000 patents; invented light bulb; developed plans for power plants |
Bessemer process | method to make strong, lightweight steel |
suspension bridge | bridge held by strong cables |
time zone | within a time zone, the same time is used |
mass production | creation of goods in large numbers; with machines & assembly lines |
corporation | company with rights & liberties of its own |
monopoly | Entire industry run by one company; could set own prices |
cartel | Businesses agreeing to limit their production to keep prices high |
John D. Rockefeller | oil tycoon |
horizontal integration | Buy up rival businesses to gain control over an industry (ex: owning a bunch of oil businesses) |
trust | Group of separate companies placed under the control of a managing board (to form a monopoly) |
Andrew Carnegie | Steel tycoon |
vertical integration | Owning businesses that are involved in different steps of production (example: owning the oil wells, the tank cars of RRs, and the retail locations to sell the oil) |
Social Darwinism | certain races & nations were superior to others therefore destined to rule over them; also the wealthy were meant to rule |
ICC | Oversaw RRs; first federal agency monitoring business operations |
Sherman Antitrust Act | Law banning trusts that restrain interstate trade or commerce |
sweatshop | small factory; long hours with poor conditions; little pay |
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 | theory where the means of production are publicly controlled and regulated, rather than owned by individuals |
Knights of Labor | Labor union that sought to organize all workers and focused on broad social reforms |
Terence V. Powderly | Leader of the Knights of Labor |
Samuel Gompers | formed the AFL |
AFL | American Federation of labor; organized skilled workers in a specific trade and made specific demands |
Haymarket Riot | 1886 labor-related protest in Chicago; ended in deadly violence |
Homestead Strike | 1892 strike against Carnegie's steelworks |
Eugene V. Debs | Led the ARU (American Railway Union); led Pullman Strike |
Pullman Strike | 1894 RR worker's strike; began outside of Chicago & spread nationwide |