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Industrialization
| Term | Definition |
|---|---|
| entrepreneur | A person who starts and takes on the financial risk of a business. |
| rural | country |
| urban | city |
| agrarian society | A society in which people worked on the farm using farm animals and goods were made by hand. |
| industrialization | The development of industries for the machine production of goods. |
| capitalist | A person who has invested personal wealth in business. |
| monopoly | Complete control of a product or business by one person or group. |
| Robber Baron | Negative term used to describe large businessmen of the late 1800's; they used ruthless practices to destroy competition and took advantage of workers. |
| Captain of Industry | Positive term used to describe large businessmen of the late 1800's; they gave to charity, drove the American economy, and created million of jobs. |
| John D. Rockefeller | Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history. |
| Andrew Carnegie | Founded the Carnegie Steel Company in 1892, his company dominated the American steel industry |
| philanthropy | Charity |
| Bessemer Process | A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. |
| Laissez Faire | The idea that government should not interfere or regulate industries and businesses |
| horizontal integration | Joining or consolidating with competitors to create a monopoly (companies from the same part of the supply chain) |
| corporations | Businesses that are owned by many investors who buy shares of stock |
| vertical integration | Controlling the entire process of a product, from the raw materials to distribution |
| Gilded Age | Term given to the United States during the late 1800's because of the extremes of wealth and poverty during the era |
| labor union | Group of workers who band together to seek better working conditions. |
| collective bargaining | Labor unions worked together to obtain better working pay and conditions by negotiating with bosses |
| lockouts, blacklist, court-injunctions, scabs | Strategies used by EMPLOYERS to stop the efforts of labor unions |
| strikes, boycotts, picketing | Strategies used by LABOR UNIONS against unfair working conditions |
| Sherman Anti-trust Act | Law that banned trusts and monopolies. |
| free enterprise | An economic system in which private business operates in competition and mostly free of government control. |
| mass production | Production of goods in large numbers through the use of machinery and assembly lines, quick and cheap |
| skyscraper | A very tall building with many stories |
| Mark Twain | An American writer, entrepreneur, publisher, and lecturer who coined the phrase "The Gilded Age" |
| consumerism | Goods were being produced quickly and cheaply enough for common people to be able to purchase |
| trust | A group of corporations run by a single board of directors |
| Social Darwinism | Using ideas about evolution and "survival of the fittest" to justify political, social, or economic issues |
| company town | A community set up and run by a company for its workers, residents rely upon the company for jobs, housing, clothing, and food |
| Knights of Labor | A labor union that sought to organize all workers and focused on broad social reforms |
| American Federation of Labor | The first federation of labor unions in the United States |
| Haymarket Riot | 100,000 workers rioted in Chicago. After the police fired into the crowd, the workers met and rallied in Haymarket Square to protest police brutality. o the incident promoted anti-immigrant feelings |
| Homestead Strike | 1892 steelworker strike near Pittsburgh against the Carnegie Steel Company. Ten workers were killed in a riot when "scab" labor was brought in to force an end to the strike |
| urbanization | The growth of cities due to movement of people from rural areas to cities |
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