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Big Business' rise


Capitalism Economic system in which private business runs most industries, and competition determines how much goods cost and workers are paid.
Free Enterprise Belief that the economy will prosper if business are left free from the government regulation and allowed to compete in a free market.
Communism A theory that proposes that all people should own property and the means of production and that individual ownership should not be allowed.
Social Darwinism A theory by Herbert Spencer. He argued that society progresses through competition.
Corporation Company that sells shares of ownership called stock to investors in order to raise money.
Trust Grouping several companies under a single board od directors to eliminate competition.
Monopoly Exclusive economic control of an industry.
Vertical Integration Ownership of businesses involved in each step of a manufacturing process.
Horizontal Integration Ownership if several companies that make the same product.
Cornelius Vanderbilt Owned a railroad shipping company during the Civil War.
George Pullman Owned factories that built high class passenger-railroad-cars.
Horatio Alder Jr. Published a popular series of novels that reflected the increasing importance placed on individualism.
Andrew Carnegie Was the founder of his steel company.
John D. Rockefeller A founder of the standard oil company.
Created by: kwaters