Age Of Industry Flashcards
Sherman Anti-Trust act
an act of Congress (1890) prohibiting any contract, conspiracy, or combination of business interests in restraint of foreign or interstate trade.
Monopoly
complete control of the entire supply of goods or of a service in a certain area or market
Social Darwinism
a 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions and in accord with which a position of laissez-faire is advocated.
Vertical integration
the integration within one company of individual businesses working separately in related phases of the production and sale of a product.
Horizontal integration
The merger of companies at the same stage of production in the same or different industries. When the products of both companies are similar, it is a merger of competitors. When all producers of a good or service in a market merge, it is the creation of a monopoly. If only a few competitors remain, it is termed an oligopoly. Also called lateral integration. See also vertical integration.
Industrialization
the large-scale introduction of manufacturing, advanced technical enterprises, and other productive economic activity into an area, so
Gospel of wealth
“Savage Wealth”,[2] more commonly known as “The Gospel of Wealth”,[3] is an article written by Andrew Carnegie in 1889[4] that describes the responsibility of philanthropy by the new upper class of self-made rich.
Piecework
1.
work done and paid for by the piece.
Labor union
an organization of wage earners or salaried employees for mutual aid and protection and for dealing collectively with employers; trade union.
Social Gospel movement
The movement applied Christian ethics to social problems, especially issues of social justice such as economic inequality, poverty, alcoholism, crime, racial tensions, slums, unclean environment, child labor, inadequate labor unions, poor schools, and the danger of war.
Interstate commerce act
The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices.[1] The Act required that railroad rates be “reasonable and just,” but did not empower the government to fix specific rates.
Gilded age
the period in the U.S. c1870–98, characterized by a greatly expanding economy and the emergence of plutocratic influences in government and society.
Political machine
A political machine is a political organization in which an authoritative boss or small group commands the support of a corps of supporters and businesses (usually campaign workers), who receive rewards for their efforts.
