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STEELE
STEELE-SSII-Ch. 4 The Triumph of History - Terms
| Question | Answer |
|---|---|
| people who invest money in a product or enterprise in order to make a profit | entrepreneur |
| taxes that make imported goods cost more than those made locally | protective tariff |
| policies that allowed businesses to operate under minimal government regulation | laissez faire |
| 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 | patent |
| one of the greatest inventors of U.S. history. Received more than 1000 patents for his inventions. | Thomas Edison |
| a process for purifying iron, resulting in strong, but lightweight, steel | Bessemer process |
| bridges in which the roadway is suspended by steel cables | suspension bridge |
| any of the 24 longitudinal areas of the world within which the same time is used | time zone |
| a system for turning out large numbers of products quickly and inexpensively | mass production |
| a company owned by a group of people that can lose no more than what they invest in it | corporation |
| complete control of a product or service | monopoly |
| businesses making the same product agree to limit their production in order to keep prices high | cartel |
| an oil tycoon who made deals with the railroads to increase his profits | John D. Rockefeller |
| the system of consolidating many firms in the same business | horizontal integration |
| a group of separate companies that are placed under the control of a single managing board in order to form a monopoly | trust |
| the most successful steelmaker in the U.S. who also established many charitable organizations around the world | Andrew Carnegie |
| a system of consolidating the many different businesses that make up all phases of a product's development | vertical integration |
| the belief held by some in the late 19th century that certain nations and races were superior to others and therefore destined to rule over them | Social Darwinism |
| a federal body created to oversee railroad operations | Interstate Commerce Commission (ICC) |
| 1890 law banning any trust that restrained interstate trade or commerce | Sherman Antitrust Act |
| a small, hot, dark, and dirty workhouse | sweatshop |
| community whose residents rely upon one company for jobs, housing, and shopping | company town |
| factory workers negotiating as a group for higher wages or better working conditions | collective bargaining |
| an economic and political philosophy that favors public, instead of private, control of property and income | socialism |
| a union that welcomed blacks, women, and unskilled immigrants | Knights of Labor |
| a leader of the Knights of Labor who abandoned the secretive nature of the union | Terence V. Powderly |
| the AFL leader who helped expand the membership of the group and created a fund for striking workers | Samuel Gompers |
| a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades. | American Federation of Labor (AFL) |
| anarchists us a bomb to kill police in Chicago in this riot. | Haymarket Riot |
| a Carnegie steel plant strike that saw workers attack Pinkerton detectives hired to protect the plant | Homestead Strike |
| the socialist who organized a boycott of Pullman railcars during the Pullman strike and was later jailed for ignoring a court injunction | Eugene Debs |
| a strike against the Pullman Palace Car Company protesting wage cuts and worker layoffs | Pullman Strike |
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