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history unit 1

TermDefinition
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
Created by: katejennings12