Unit 2 Industrialization and Urbanization Flashcards
Haymarket affair;
the rally and subsequent riot in which several policemen were killed when a bomb
was thrown at a peaceful workers rights rally in Chicago in 1866
holding company
a central corporate entity that controls the operations of multiple companies by
holding the majority of stock for each enterprise
horizontal integration
method of growth wherein a company grows through mergers and acquisitions of similar companies
Molly Maguires
a secret organization made up of Pennsylvania coal miners, named for the famous Irish patriot, which worked through a series of scare tactics to bring the plight of the miners to public attention
monopoly
the ownership or control of all enterprises comprising an entire industry
robber baron;a negative term for the big businessmen who made their fortunes in the massive railroad boom of the late nineteenth century
scientific management
mechanical engineer Fredrick Taylor’s management style, also called “stop-
watch management,” which divided manufacturing tasks into short, repetitive segments and encouraged factory owners to seek efficiency and profitability over any benefits of personal interaction
social Darwinism
Herbert Spencer’s theory, based upon Charles Darwin’s scientific theory, which held that society developed much like plant or animal life through a process of evolution in which the most fit and capable enjoyed the greatest material and social success
trust
a legal arrangement where a small group of trustees have legal ownership of a business that they operate for the benefit of other investors
vertical integration
a method of growth where a company acquires other companies that include all
aspects of a product’s lifecycle from the creation of the raw materials through the production process to the delivery of the final product
noblesse oblige
the inferred responsibility of privileged people to act with generosity and nobility toward those less privileged.
