Chapter 2 - The Industrial Age Flashcards
Second Industrial Revolution
a period of rapid growth im the U.S. manufacturing in the late 1800s.
Bessemer process
a way to manufacture, steel quickly, and cheaply by blasting hot air thorugh melted iron to quickly remove impurties
patents
exclusive rights to make or sell inventions
implement
a process that greatly reduced the cost of building a product, thus making cars more affordable
corporations
bussinesses that sell portions of ownerships called stock shares
vertical intergration
ownershop of businesses invovled in each step of a manufacturing process
acquire
to get
horizontal intergration
owning all businesses in a certain field
trust
a legal arrangement grouping together a number of companies under a sungle board of directors
social Darwinism
a view of society based on scientist Charles Darwin’s theory of natural selection
monoply
total ownership of a product or service
Sherman Antitrust Act
a law that made it illegal to create monoplies or trusts that restrained trade
Knights of Labor
a secret society that became the first truly national labor union in the United States
American Federation of Labor
an organization that united skilled workers into national unions for specific industries
collective bargaining
all workers acting collectively, or together— workers had much greater chance of success in negotating with managment
