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VA US Ch. 9 Vocab
Industry and Business - Early 1900s
| Term | Definition |
|---|---|
| entrepreneur | a person who builds and manages a business or enterprise in order to make a profit, often risking his or her own money and livelihoods |
| protective tariff | taxes on imported goods making the price high enough to protect domestic goods from foreign competition |
| laissez faire | a theory advocating minimal government interference in the economy |
| Patent | official rights given by the government to an inventor for the exclusive right to develop, use and sell an invention for a set period of time. |
| Thomas Edison | American inventor; held over 1,000 patents for inventions, including the light bulb, an early movie camera, and an alkaline battery |
| Bessemer process | method developed in the mid-nineteenth century for making steel more efficiently |
| suspension bridge | bridges that have a roadway suspended by cables |
| time zone | any of the 24 longitudinal areas of the world with which the same time is used. |
| mass production | production of goods in large numbers through the use of machinery and assembly lines |
| corporation | company recognized as a legal unit that has rights and liabilities separate from each of its members |
| monopoly | exclusive control by one company over an entire industry |
| John D. Rockefeller | American industrialist and philanthropist who started the Standard Oil Company and dominated the oil industry |
| Social Darwinism | the belief held by some in the late 19th century that certain nations and races were superior to others and therefore destined to rule over them |
| Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| horizontal integration | system of consolidating many firms in the same business |
| trust | a group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| Andrew Carnegie | American industrialist and philanthropist who began Carnegie Steel |
| vertical integration | system of consolidating firms involved in all steps of a products manufacture |
| socialism | A system or theory under which the means of production are publicly controlled and regulated rather than by individuals |
| Samuel Gompers | American labor leader and the first president of the American Federation of Labor |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead Strike | 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania |
| Pullman Strike | violent 1894 railway workers' strike which began outside of Chicago and spread nationwide |
| Ellis Island | island in New York Harbor that served as an immigration station for millions of immigrants arriving to the United States |
| Angel Island | immigrant processing station that opened in San Francisco Bay in 1910 |
| Americanization | belief that assimilating immigrants into American society would make them more loyal citizens |
| “melting pot” | society in which people of different nationalities assimilate to form one culture |
| nativism | inclination to favor native inhabitants as opposed to immigrants |
| urbanization | expansion of cities accompanied by an increase in the number of people living in them |
| skyscraper | very tall building built with modern materials like steel |
| tenement | multistory building divided into apartments to squeeze in as many families as possible |
| Gilded Age | term coined by Mark Twain to describe the post-Reconstruction era which was characterized by a façade of prosperity |
| Joseph Pulitzer | an immigrant who became a publisher of sensationalistic newspapers |
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