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Section 2, Page 201

The Rise of Big Business-2

QuestionAnswer
Capitalism A system in which private businesses ran most industries and competition decided how much goods cost and workers were paid.
Free Enterprise An idea where if businesses were left free of government regulation than the economy would prosper.
Communism A theory in which individual ownership of property should not allowed, all property and means of production should be owned by the entire community.
Social Darwinism The belief that the "fittest" business should, and would, rise to power while the "weak" business would fail.
Corporation A place where organizers raise money by selling shares of stock, or certificates of ownership, in the company.
Trust Where a group of companies turn control of their stocks over to a common board of trustees.
Monopoly An exclusive control of an industry.
Vertical Integration The acquiring of companies that provided materials and services upon which enterprises depend.
Horizontal Integration One company's control of other companies producing the same product.
Cornelius Vanderbilt A pioneer in the railroad industry.
George Pullman A railroad giant who designed and manufactured railroad cars which were capable of making long distance rides more comfortable.
Horatio Alger Jr. The publisher of many books that reflected the increasing importance placed on individualism.
Andrew Carnegie A steel leader who was a master at utilizing the new business strategies.
John D. Rockefeller One of the founders for the "Standard Oil Company."
Created by: MLE02