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Rise of big busines
Term | Definition |
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Corporation | Company recognized as a legal unit that has rights and liabilities separate from each of its members |
Monopoly | Exclusive control by one company over entire industry |
Cartel | Association of producers of a good or service that prices and control stocks in order to monopolize the market |
Horizontal integration | System of consolidating many firms in the same business |
Trust | Group of seperate companis that are placed under the control of a single managing board on order to form a monopoly |
Vertical integration | System of consolidating firms involved in all steps of a product's manufacture |
Social darwinism | The belief held by some in the late nineteenth century that certain mations and races were superior to others and therefore destined to rule over them |