Vocabulary Flashcards
Social Darwinism
Comes from Darwin’s theory of natural selection the belief that society should do little as possible to interfere with people’s pursuit of success.
Laissez Faire Economics
Doctrine stating that government government should not interfere in private business.
Monopoly
Complete control of a product or service
Trust
A group of separate companies that are placed under the control of a single managing board.
Unions
A group of workers who organize in order to express demands to employees.
Strike
A work stoppage intended to force an employer to meet certain demands, as in the demand for higher wages.
Vertical Consolidation
Process of gaining control of many different businesses that make up all phases of a product’s development.
Horizontal Consolidation
Process of bringing together many firms in the same business to form one large company
Collective Bargaining
Process in which workers negotiate as a group with enployees
Socialism
An economic and political philosophy that favors public (or social) instead of private control of property and income.
Spoils System
Occurs when elected officials appoint friends, family, and supporters to jobs, regardless of their qualifications.
Civil Service
The governments’ non-elected workers
Restrictive Covenant
Agreement among home owners not to sell real estate to certain groups of people, such as Jews or African Americans.
Political Machine
An unofficial city or organization designed to keep a particular party or group in power and usually headed by a single, powerful boss.
Nativism
A policy of favoring native born Americans over immigrants.