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The Gilded Age

TermDefinition
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.
Created by: 100965113809444