Chapters 13-16 Flashcards
Monopoly
exclusive control of one company over an industry in a particular market to make possible manipulation of prices.
horizontal integration
buying up/owning all the producers of that good
vertical integration
buys all the MATERIALS for the product (such as Rail roads, products, etc)
Andrew Carnegie
used vertical integration for steel
John D. Rockefeller
Owns all standard oil companies
JP Morgan
wealthy banker (financed others typhoons)
Bessemer Process
process to purify iron to strong lightweight steel
laissez-faire
government should not interfere with economic affairs
cartels
trust formed especially to regulate prices
trust
companies assign stock to trustees who combine them into a new organization
Sherman Anti-trust Act
1890-outlawed trusts that held back trade
Interstate Commerce Commision
oversee interstate transportation/railroads
WASP
White Anglo Saxon Protestants (progressives)
Knights of Labor
1869-labor union, secret society, devoted to broad social reform
American Federation of Labor
1886- loose organization of skilled workers, devoted to skills/trades