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Industrialization

TermDefinition
philanthropy giving money to charity
monopoly sole economic control of a product/industry (one person owns all)
capitalism economic system in which private businesses own and operate most industries; also known as free enterprise
captains of industry industrialists who led their field, created many jobs, and gave their money away
Sherman Anti-Trust and Clayton Anti-Trust Act laws that broke up monopolies
robber barons industrialists who eliminated competition and treated workers unfairly
social Darwinism idea of survival of the fittest in society-- the fittest/strongest companies rise to the top and make money
John Rockefeller American monopolist in the oil industry who used vertical and horizontal integration to make his monopoly
Andrew Carnegie American monopolist of the steel industry that used the Bessemer process and was also a philanthropist
Industrial Revolution a period of rapid growth in manufacturing and industry in the late 1800s
Bessemer process process developed in the late 1850s that led to faster and cheaper steel production
assembly line invention by Henry Ford that led to the faster and easier production of Ford Model T cars
mass production producing massive amounts of the same product for faster, easier, and cheaper
Created by: user-1741645
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