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Rise of Big Business

TermDefinition
Capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Free enterprise an economic system in which private business operates in competition and largely free of state control.
Communism a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Social Darwinism the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals.
Corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Trust 1. firm belief in the reliability, truth, ability, or strength of someone or something. 2. confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others.
Monopoly the exclusive possession or control of the supply or trade in a commodity or service.
Vertical Integration the combination in one company of two or more stages of production normally operated by separate companies.
Horizontal Integration a strategy where a company creates or acquires production units for outputs which are alike - either complementary or competitive.
Cornelius Vanderbilt an American business magnate and philanthropist who built his wealth in railroads and shipping.
George Pullman an American engineer and industrialist. He designed and manufactured the Pullman sleeping car and founded a company town, Pullman, for the workers who manufactured it.
Horatio Alger Jr. a prolific 19th-century American author, best known for his many juvenile novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security and comfort through hard work, determination, courage, and honesty.
Andrew Carnegie a Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century.
John D. Rockefeller an American business magnate and philanthropist.
Created by: 0628