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The Gilded Age
| Term | Definition |
|---|---|
| industrialization | Development of a system which supports machine production of goods |
| entrepreneur | A person who organizes, manages, and takes on the risks of a business. |
| free enterprise | An economic system in which private individuals own most of the resources, technology, and businesses, and can operate them for profit with little control from the government. |
| monopoly | A market in which there are many buyers but only one seller. |
| trust | A group of corporations run by a single board of directors |
| laissez-faire capitalism | an economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference |
| gold standard | A monetary system in which paper money and coins are equal to the value of a certain amount of gold |
| Bessemer process | A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. |
| patent | exclusive rights over an invention; copyright |
| capitalism | An economic system based on private property and free enterprise. |
| corporation | A business owned by stockholders who share in its profits but are not personally responsible for its debts |
| free coinage of silver | Populists wanted to do this in addition to backing money with gold in order to cause inflation which would help the farmers pay off their debts. |
| economic inflation | The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. |
| Sherman Anti Trust Act | First federal action against monopolies, used by Theodore Roosevelt for trust-busting. |
| Transcontinental Railroad | Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west |
| Homestead Act | 1862 - Provided free land in the West to anyone willing to settle there and develop it. Encouraged westward migration. |
| Push Factor | Factors that induce people to leave old residences. |
| Pull Factor | A factor that draws or attracts people to another location |
| Homestead Strike | 1892 steelworker strike near Pittsburgh against the Carnegie Steel Company. Ten workers were killed in a riot when "scab" labor was brought in to force an end to the strike. |
| influx of immigrants | During the period of the Civil War to WWI (1865-1914) more that 26 million immigrants come to America. By 1910, they made up more than 35% of the total population |
| philanthropist | a person who seeks to promote the welfare of others, especially by the generous donation of money to good causes. |
| Social Darwinism | 19th century of belief that evolutionary ideas theorized by Charles Darwin could be applied to society. |
| telegraph | Communication by transmitting signals over a wire. Messages could be sent over long distances in a short period of time. |
| telephone | originally known as the talking telegraph, patented by Alexander Graham Bell. "Perhaps the greatest marvel achieved by the electric telegraph" |
| Nativist | A person who favors those born in his country and is opposed to immigrants |
| Settlement Houses | institutions that provided educational and social services to poor people |
| Rural Society | Society where there is a low ratio of inhabitants to open land (like farms) and in which the most important economic activities are the production of foodstuffs and raw materials. |
| Urban Society | Society in which cities are the center of political, economic, and social life. |
| Political Bosses | powerful politician who controls work done locally and demands payoffs from businesses |
| Populism | the political doctrine that supports the rights and powers of the common people in their struggle with the privileged elite |
| political machines | Corrupt organized groups that controlled political parties in the cities. A boss leads the machine and attempts to grab more votes for his party. |
| Knights of Labor | 1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed |
| American Federation of Labor | founded by Samuel Gompers; sought better wages, hrs, working conditions; skilled laborers, arose out of dissatisfaction with the Knights of Labor, rejected socialist and communist ideas, non-violent. |
| William Tweed | N.Y. political boss (did not hold a political office) controlled the Democratic political machine known as Tammany Hall; Stole $200 million form New York City |
| William McKinley | Republican, supported gold standard, protective tariff, and Hawaiian Islands, against William Bryan . Was assassinated |
| William Jennings Bryan | United States lawyer and politician who advocated free silver and prosecuted John Scopes (1925) for teaching evolution in a Tennessee high school (1860-1925) |
| Chinese Exclusion Act | (1882) Denied any additional Chinese laborers to enter the country while allowing students and merchants to immigrate. |
| Direct Democracy | A form of government in which citizens rule directly and not through representatives |
| Representative Democracy | A system of government in which citizens elect representatives, or leaders, to make decisions about the laws for all the people. |
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