Chapter 22: Industry Comes of Age Flashcards
Trust
A mechanism by which one company grants control over its operations, through ownership of its stock, to another company.
Syndicate
An association of financers organized to carry out projects requiring very large amounts of capital.
Patrician
Characterized by a noble or high social standing.
Social Darwinists
Believers in the idea, popular in the late 19th century, that people gained wealth by “Survival of the fittest”. Therefore, the well had simply one a natural competition and owed nothing to the poor, and indeed service to the poor would interfere with this organic process
Socialist
Those who hold the political belief in promoting social and economic equality through the ownership and control of the major means of production by the whole community rather than by individuals or corporations.
Lockout
The refusal by any employer to allow employees to work unless they agree to his or her terms.
Anarchists
Those who hold the political believes that all organized, coercive government is wrong in principle in that society should be organize solely on the basis of free cooperation.
Thomas Edison
Invented the lightbulb
Andrew Carnegie
The steel king
John D. Rockefeller
The oil baron
Samuel Gompers
Cigar maker. President of the American Federation of Labor, but was not a socialist.
Free Enterprise
And economic system that permits unrestricted entrepreneurial business activity; capitalism.
