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Chapter 14

The Expansion of American Indusrty

QuestionAnswer
Cartel Loose association of business supplying the same product, often formed in secrecy; ots members agee to limit supplies to keep prices high
Horizontal Consolidation Process of creating one giant business by bringning together smallers firms in the same field
Economy of Scale Producing or buying an item on a very large scale so the price per item goes down
Trust Combination of companies that turn over their assets to a board of trustees to control prices and competition in a particular industry
Monopoly Control of commodity or service extending to the elimination of competition and the fixing of prices
Collective Bargaining Negotiation between employesr and workers, usually thorugh a labor union
Socialism The economic of political philosphy that advocates collective ownership of factories and property
Anarchist Political radical who opposes all government because it limits individual liberty and serves the wealthy, ruling classes
Haymarker Square Where anarchists called a rally for the evening of May 4th.
Pinkerton A private police force known for its ability to break strikes.
Transcontinental Railroad Railroad spanning North American continent; completed in 169
Social Darwinism Application of Charles Darwin's "survival of the fittest" theory to human society
Pullman Strike Debs had encouraged 120,000 railway workers throughou the region to join this strike.
Homestead Strike Carnegie Plant in Pennsylvania that called a strke.
Vertical Consolidation Control of all the phases of a prodcut's development, from raw materials to delivery of the finished products
Ellis Island The building in New York City where immigrants were processed.
Andrew Carnegie Industrialist who made a fortune in steel in the late 180s through vertical consolidation;
John Roebling German immigrant who built the Brooklyn Bridge
Thomas Edison Inventor; developed the lught bulb, the phonograph, and hundreds of other inventions on the late 1800s and early 1900s
Alexander Graham Bell Inventor; developed the telephone in 1876; one of the fouders of the Amecian Telephone and Telegraph (AT&T) in 1884
Samuel F.B. Morse Artist and inventor; developed and Morse code on the 1830s
John D. Rockefeller Formed the Standard Oil Company of Ohio
Created by: BZawisza
 

 



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