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Am. Ind. Rev.

American Industrial Revolution

TermDefinition
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
Created by: bellanbn