Chapter 24 Terms

Question 1

Trust

Answer 1

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 1870s as it eliminated its competition by taking control of smaller oil companies.

Question 2

Syndicate

Answer 2

An association of financiers organized to carry out projects requiring very large amounts of capital.

Question 3

Patrician

Answer 3

Characterized by noble or high social standing.

Question 4

Social Darwinist

Answer 4

Believers in the idea, popular in the late nineteenth century, that people gained wealth by “survival of the fittest.” Therefor, the wealthy has simply won a natural competition and owed nothing to the poor, and indeed service to the poor would interfere with the organic process.

Question 5

Socialists

Answer 5

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.

Question 6

Lockout

Answer 6

The refusal by an employer to allow employees to work unless they agree to his or her terms.

Question 7

Anarchists

Answer 7

Those who hold the political belief that all organized, coercive government is wrong in principle and that society should be organized solely on the basis of free cooperation. (Some anarchists practiced violence against the state, while others were nonviolent pacifists.

Question 8

Free Enterprise

Answer 8

An economic system that permits unrestricted entrepreneurial business activity; capitalism.