Terms Chapter 24

Question 1

Trust

Answer 1

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

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 Darwinists

Answer 4

Believers in the idea, popular in the late nineteenth century, 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

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

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 practice violence against the state, while others were nonviolent pacifists)

Question 8

Thomas Alva Edison

Answer 8

American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and the long-lasting, practical electric light bulb.

Question 9

Andrew Carnegie

Answer 9

Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century. He built a leadership role as a philanthropist for the United States and the British Empire

Question 10

John D. Rockefeller

Answer 10

American business magnate and philanthropist. He was a co-founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust

Question 11

Samuel Gompers

Answer 11

English-born American cigar maker who became a Georgist labor union leader and a key figure in American labor history.

Question 12

Free enterprise

Answer 12

Economic system that permits unrestricted entrepreneurial business activity; capitalism