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Gilded Age
Big business/industrialization
| Term | Definition |
|---|---|
| Entrepreneur | A person who risks their own money to start a business in search of profit. |
| Free Enterprise System | An economic system where private business operates in competition and largely free of state control. |
| Robber Baron | A derogatory term for powerful 19th-century industrialists who used ruthless tactics to build fortunes. |
| Corporation | A company recognized as a single legal entity, owned by stockholders. |
| Ellis Island | The main immigration processing center for European immigrants in New York Harbor. |
| Monopoly | Total control of a specific industry by one company, eliminating competition. |
| Philanthropist | A wealthy person who gives money to charitable causes to promote public welfare. |
| Inflation | An economic state where prices rise and the value of money decreases. |
| Deflation | An economic state where prices drop and the purchasing power of money increases. |
| Urbanization | The rapid growth of cities and the migration of people from rural areas to urban centers. |
| Strike | A work stoppage by employees as a protest to demand better pay or working conditions. |
| Andrew Carnegie | Industrialist who led the expansion of the American steel industry and became a major philanthropist. |
| John Rockefeller | Founder of the Standard Oil Company; he dominated the oil industry through horizontal integration. |
| Cornelius Vanderbilt | Business magnate who built his wealth in railroads and shipping. |
| Laissez Faire | A "hands-off" government policy regarding the economy and business regulation. |
| Nativism | A policy or belief favoring native-born inhabitants over immigrants. |
| Angel Island | The primary immigration processing center for Asian immigrants in San Francisco Bay. |
| Stock Holders | Individuals who own shares of a corporation and have a claim to its profits. |
| Bessemer Process | A method for making steel more efficiently and cheaply, fueling industrial growth. |
| Capital | Money or assets used for investment to start or expand a business. |
| Populist | A member of a political party (the People's Party) representing the interests of farmers and laborers. |
| Grange | An organization of farmers that provided social support and fought for economic reforms against railroads. |
| William McKinley | The 25th US President; supported the gold standard and high protective tariffs. |
| William Jennings Bryan | A dominant Democratic and Populist leader known for his "Cross of Gold" speech. |
| Knights of Labor | An early labor union that aimed to organize all workers, skilled and unskilled, regardless of race or gender. |
| American Federation of Labor | A union led by Samuel Gompers that focused on "bread and butter" issues for skilled workers. |
| International Ladies Garment Workers Union | A labor union representing workers in the women's clothing industry. |
| Sherman Anti-Trust | The first federal law passed to prohibit trusts and promote fair business competition. |
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