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TCI Lessons 13 & 14

Industrialization

QuestionAnswer
Bessemer process a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly
horizontal integration a corporate expansion strategy that involves joining together as many firms from the same industry as possible
vertical integration a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping
laissez-faire the idea that the free market, through supply and demand, will regulate itself if government does not interfere
capitalism an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by government
monopoly a company that completely dominates a particular industry
child labor child labor: the practice of using children as manual laborers
Haymarket Affair a violent clash in 1886 between union supporters and Chicago police that divided and weakened the labor movement
Homestead Strike an 1892 Carnegie Steel plant workers' strike that was broken by the state militia and resulted in the union being shut out of the plant for four decades
Pullman Strike an 1894 railway workers' strike that was broken by federal troops, weakening the labor movement
working class people who work for wages in factories, mills, mines, and other businesses, usually performing manual labor
sweatshops a small factory where employees work long hours under poor conditions for low wages
strike a labor action in which workers refuse to go to work
Created by: abelb1
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