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Triumph of Industry

TermDefinition
Entrepreneurs People who invest money in a product or enterprise in order to make a profit.
Protective tarrifs Taxes that would make imported goods cost more than those made locally.
Patent A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time.
Bessemer process A process of purifying iron, resulting in strong, but lightweight steel.
Suspension bridges Bridges in which the roadway is suspended by steel cables.
Mass production Systems developed for turning out large numbers of products quickly and inexpensively.
Corporation A form of group ownership.
Monopoly Complete control of a product or service.
Cartel Where businesses making the same product agree to limit their production and thus keep prices high.
Trust Where companies assign their stock to a board of trustees, who combine them into a new organization.
Vertical Intergration Allowed companies to reduce costs costs and charge higher prices to competitors.
Social Darwinism That wealth was a measure of one's inherent value and those who had it were most "fit."
Sweatshops Small, hot, dark, and dirty workhouses.
Company town Housing in isolated communities.
Collective bargaining Where factory workers tried to gain more power against employers.
Socialism Economic and political philosophy that favors public, instead of private, control of property and income.