Chapter 24 Key Terms Flashcards
Trust
A mechanism by which one company grants control over its operations, through ownership of its stock, to another company. The Standard Oil Company became known for this practice in the 1870’s as it eliminated its competition by taking control of smaller oil companies.
Syndicate
An association of financiers organized to carry out projects requiring very large amounts of capital
Patrician
Characterized by noble or high social standing
Social Darwinist
Believers in the idea that people gained wealth by “survival of the fittest”. Therefore, the wealthy had simply won a natural competition and owed nothing to the poor, and indeed service to the poor would interfere with this organic process
Socialists
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 an employer to allow employees to work unless they agree to his or her terms
Anarchists
Those who hold the political belief that all organized, coercive government is wrong in principal and that society should be organized solely on the basis of free cooperation.
Thomas Alva Edison
An American inventor and businessman- invented the phonograph, the motion picture camera, and the light bulb
Andrew Carnegie
Scottish-American industrialist who led the steel industry in the late 19th century
John D. Rockefeller
Co-founder of the Standard Oil Company, which dominated the oil industry and was the first great US business trust.
Samuel Gompers
English-born American cigar maker who became a Georgist labor union leader and a key figure in American labor industry
Free enterprise
An economic system that permits unrestricted entrepreneurial business activity; capitalism