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U.S history

Triumph of Industry

QuestionAnswer
Entrepreneur people who invest money in a product in order to make a profit
Protective tariff taxes on imported goods making the price high enough to protect domestic goods from foreign competition
Laisez faire lenient, as in the absence of government control over private business
Patent a grant by the federal government giving an investor can the exclusive right to develop, use, and sell an invention for a set period of time
Thomas Edison United States inventor who invented the phonograph and incandescent electric light
Bessemer process method developed in the mid-1800s for making steel more efficiently
Suspension bridge bridge that has a roadway suspended by cables
Time zone any of the 24 longitudinal areas of the world within which the same time is used
Mass production production of goods in large numbers through the use of machinery and assembly lines
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 an entire industry
Cartel association of producers of a good or service that prices and controls stocks in order to monopolize the market
John D. Rockefeller United States industrialist who made a fortune in the oil business and gave half of it away
Horizontal integration system of consolidating many firms in the same business
Trust group of separate companies that are placed under the control of a single managing board in order to form a monopoly
Andrew Carnegie United States industrialist and philanthropist who endowed education and public libraries and research trusts
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 nations and races were superior to others and therefore destined to rule over them
ICC first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
Sherman Antitrust Act 1890 law banning any trust that restrained interstate trade or commerce
Sweatshop small factory where employees have to work long hours under poor conditions for little pay
Company town community whose residents rely upon one company for jobs, housing, and shopping
Collective bargaining process in which employees negotiate with labor unions about hours, wages, and other working conditions
Socialism system under which the means of production are publicly controlled and regulated rather than owned by individuals
Knights of labor labor union that sought to organize all workers and forced on broad social reforms
Terence V. Powderly took leadership of the Knights of labor
Samuel Gompers formed AFL
AFL labor union that organized skilled workers in a specific trade and made specific demands rather than seeking broad changes
Haymarket Riot 1886 labor-related protest in Chicago which ended in deadly violence
Homestead Strike 1892 strike against Carnegie’s steelworkers in Homestead,Pennsylvania
Eugene V. Debs led the ARU
Pullman Strike violent 1894 railway workers’ strike which began outside of Chicago and spread nationwide
Created by: VKimbrell718