Chapter 4 Flashcards
method developed in the mid-1800s for making steel more efficiently
Bessemer Process
violent 1894 railway workers’ strike which began outside of Chicago and spread nationwide
Pullman Strike
1892 strike against Carnegie’ steelworks in Homestead, Pennsylvania
Homestead Strike
production of goods in large numbers through the use of machinery and assembly lines
mass production
person who invests money in a product or enterprise in order to make a profit
entrepreneur
tax on imported goods making the price high enough to protect domestic goods from foreign competition
protective tariff
lenient, as in the absence of government control over private business
lasseiz-faire
official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period fo time
patent
company recognized as a legal unit that has rights and liabilities separate from each of its members
corporation
exclusive control by one company over an entire industry
monopoly
system of consolidating many firms in the same business
horizontal integration
system of consolidating firms involved in all steps of the product’s manufacture
vertical integration
association of producers of a good or service that prices and controls stocks in order monopolize the market
cartel
group of separate companies that are placed under the control of a single managing board in order to form a monopoly
trust
belief held by some in the late 19th century that certain nations and races were superior to others and therfore destined to rule over them
Social Darwinism
1890 law banning any trust that restrained interstate trade or commerce
Sherman Anti-Trust Act
process in which employers negotiate with labor unions about hours, wages, and other working conditions
collective bargaining
(Interstate Commerce Commission) first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
ICC
small factory where employees have to work long hours under poor conditions for little pay
sweatshop
community whose residents rely upon one company for jobs, housing, and shopping
company town
labor union that sought to organize all workers and focused on broad social reforms
Knights of Labor
system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals
socialism (command economy)
1886 labor-related protest in Chicago which ended in deadly violence
Haymarket Riot
any of the 24 longitudinal areas of the world within which the same time is used
time zone
