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History chapter 19

lesson2

TermDefinition
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.
Created by: Ella!!
 

 



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