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History chapter 19
lesson2
| Term | Definition |
|---|---|
| corporations | businesses that sell portions of ownership called stock shares. |
| Stockholders | in a corporation typically get a percentage of pro ts based on the amount of stock they own. |
| Andrew Carnegie | was one of the most admired business people of the time. Worked in Railroad business focused on steel |
| Vertical Integration | ownership of businesses involved in each step of a manufacturing process. /Carnegie largely seceded in this |
| John D. Rockefeller | made an oil-refining company, was also successful in consolidating, or combining, businesses. |
| horizontal integration | or owning all businesses in a certain field. |
| trust | a legal arrangement grouping together a number of companies under a single board of directors. |
| How do you earn more money in a trust? | trusts often tried to get rid of competition and to control production. |
| Leland Stanford | made a fortune selling equipment to miners, one of the founders of the state’s Central Pacific railroad, founded Stanford University |
| Social Darwinism | a view of society based on scientist Charles Darwin’s theory of natural selection. |
| What did Social Darwinists believe | that Darwin’s “survival of the fittest” theory decided which human beings would succeed in business and in life in general. |
| philanthropy | giving money to charities. |
| monopoly | total ownership of a product or service. Critics argued that monopolies reduced necessary competition. |
| Sherman Antitrust Act | a law, passed by congress that made it illegal to create monopolies or trusts that restrained trade. |
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