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Industrialization

TermDefinition
Interstate Commerce Act Prohibited unfair practices by railroads such as charging higher rates for shorter routes. Was important because it was the first time an industry was being regulated by the federal government.
Laissez-faire Theory that government should not interfere in the operation of businesses and the free market. They were "hands off"
Impact of Electric Light Bulb Invention allowed factories and other business to stay open for longer hours.
Bessemer Process New technological process which made steel more affordable and profitable.
John D. Rockefeller Businessman who made his fortune refining oil; founded Standard Oil Co. (monopoly).
Transcontinental Railroad RR connected the east and west coasts. Made the shipping of resources in the west (like cattle) to markets in the east (like the Chicago Stockyard) easier than ever before. The railroad also helped the growth of westward expansion
Labor Unions Organized workers to act as a group, not as an individual, to leverage for better working conditions.
Robber Barons Businessmen who used ruthless business tactics to destroy competition and treated their workers badly (low wages, long hours, poor working conditions) in order to gain their fortunes.
Andrew Carnegie Scottish immigrant who made his fortune in steel monopoly
Captains of Industry Businessmen known for their positive contributions to society like increased productivity, expansion of markets and the economy, providing more jobs, or acts of philanthropy.
Philanthropy Act of "charitable giving"
Monopoly Complete control of a product or service; the elimination of fair competition
Sherman Anti-Trust Act First federal law to outlaw monopolies. Designed to prevent companies from engaging in unfair practices that eliminated fair competition.
Social Darwinism Economic philosophy based on the "Survival of the Fittest". If your business is fit to succeed it will.
Created by: mselliot
 

 



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