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Rise of Big Business

Definitions of key terms for the section 'The Rise of Big Business'

Capitalism Is where private businesses run most industries, and competition determines how much goods cost and workers are paid.
Free Enterprise The idea that the economy would prosper if businesses were left free from government regulation and allowed to compete in a free market.
Communism This theory proposes that individual ownership of property should not be allowed and the property and the means of production are owned by everyone in the community. It ideally provides the needs of all the people equally regardless of social rank.
Social Darwinism It adapted the ideas of Charles Darwin's biological theory and argued that society progressed through natural competition.
Corporation This is where organizers raise money by selling shares of stock, or certificates of ownership, in the company.
Trust A group of companies turn control of their stock over to a common board of trustees.
Monopoly A trust that has gained exclusive control of an industry.
Vertical Integration Acquired companies that provide the materials and services upon which an enterprise depends on.
Horizontal Integration One company's control of other companies producing the same product.
Cornelius Vanderbilt He was a pioneer of the railroad industry.
George Pullman He designed and manufactured railroad cars that made long-distance rail travel more comfortable.
Horatio Alder Jr. He published a popular series of novels that reflected the increasing importance placed on individualism.
Andrew Carnegie He was a steel baron who invested in stocks.
John D. Rockefeller He had a successful career in business and was a founder of the Standard Oil Company.
Created by: 5161