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Chapter 4 Industrial

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Term
Definition
Entrepreneurs   people who invest money in a product or enterprise to make a profit  
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Protective Tariffs   taxes that would make imported goods cost more than those made locally  
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Laissez Faire   policies which allowed businesses to operate under minimal government regulation  
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Patent   a grant by the federal government that gives the inventor of something the exclusive right to develop, use, and sell an invention for a set period of time  
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Bessemer Process   method developed in the mid 1800s for making steel more efficiently  
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Suspension Bridge   bridges where the road is suspended by steel bridges  
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Time Zones   24 separate areas, one for each hour  
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Mass Production   systems for turning out a large numbers of products quickly and inexpensively  
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Corporation   a number of people share the ownership of a business  
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Monopoly   complete control of a product or service  
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Cartel   businesses making the same product agree to limit their production, and thus keep prices high  
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Horizontal Integration   system of consolidating many firms in the same business  
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Trust   companies assign their stock to a board of trustees, who combine them into new organizations  
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Vertical Integration   system of consolidating firms involved in all steps of a products manufacture  
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Social Darwinism   belief in nineteenth century that certain nations or races were superior to others and should rule over them  
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Interstate Commerce Commission (ICC)   first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures  
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Sherman Antitrust Act   outlawed any trust that operated "in restraint of trade or commerce among the several states."  
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Sweatshop   small,dirty,dark factories where a lot of people worked long hours  
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Company Town   houses around a workplace that is owed by businesses and rented out to the employees  
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Collective Bargaining   negotiating as a group for higher wages or better working conditions  
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Socialism   economic and political philosophy that favors public rather than private control of land  
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Knights Of Labor   organize all workers and focused on broad social reforms  
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American Federation of Labor (AFL)   labor union that put people in specific skills and made small demands rather than big changes  
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Haymarket Riot   1886 labor-related protest in chicago which ended in deadly violence  
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Homestead Strike   1892 strike against carnegie's steelworkers in homestead/ pennsylvania  
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Pullman Strike   violent 1894 railway workers strike which began outside of chicago and spread nationwide  
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Created by: alliepeyton47
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