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history unit 1
Term | Definition |
---|---|
gilded age | period when corruption existed in society but was overshadowed by wealth |
capitalism | an economic system based on trade and ownership by private owners for profit |
socialism | political system which advocates collective government and ownership |
communism | political system which all property is public and equal |
adam smith | father of economics |
karl marx | the father of communism |
robber baron | person who became rich through ruthless business practice |
trusts | group of separate companies placed under control of a managing board similar to monopolies |
collective bargaining | negotiation of wages and other conditions of employment |
vertical integration | a process in which a company buys out all the suppliers |
horizontal integration | a company merges with competing companies |
andrew carneige | made a fortune in steel and donated money |
john d rockefeller | made a fortune in oil and was very selfish |
jp morgan | started steel in the us and bailed out the us government |
cornelius vanderbilt | got started owning steamboats but then entered the railroad business |
knights of labor | union that accepted everyone and pushed for better working conditions |
american federation of labor | union that only accepted skilled white men |
union | attempted to get better pay, 8 hour working days, and employee benefits |
reform | made political changes to improve society |
sam gompers | founded the afl and served as the leader |
henry frick | a man who wanted to end unions |