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Chapter 4

Chapter 4: The Triumph of Industry

WordDefinition
1. entrepreneurs Person who invests money in a product or business with the goal of making a profit
2. protective tariff tax on imported goods making the price high enough to protect domestic goods from foreign competition
3. laissez faire lenient, as in the absence of government control over private business
4. patent official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time
5. Bessemer process method developed in the mid-1800s for making steel more efficiently
6. suspension bridge bridge that has a roadway suspended by cables
7. time zone any of the 24 longitudinal areas of the world within which the same time is used
8. mass production production of goods in large number through the use of machinery and assembly lines
9. corporation company recognized as a legal unit that has rights and liabilities separate from each of its members
10. monopoly exclusive control by one company over an entire industry
11. cartel association of producers of a good or service that prices and controls stocks in order to monopolize the market
12. horizontal integration system of consolidating many firms in the same business
13. trust group of separate companies that are placed under the control of a single managing board in order to form a monopoly
14. vertical integration system of consolidating firms involved in all steps of a product's manufacture
15. Social Darwinism the belief held by some in the late nineteenth century that certain nations and races were superior to others and destined to rule over them
16. Interstate Commerce Commission (ICC) first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
17. Sherman Antitrust Act 1890 law banning any trust that restrained interstate trade of commerce
18. sweatshop small factory where employees have to work long hours under poor conditions for little pay
19. company town community whose residents rely upon one company for jobs, housing, and shopping
20. collective bargaining process in which employers negotiate with labor unions about hours, wages, and other working conditions
21. socialism system of theory under which the means of production are publicly controlled and regulated rather than owned by individuals
22. Knights of Labor labor union that sought to organize all workers and focused on broad social reforms
23. American Federation of Labor (AFL) labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes
24. Haymarket Riot 1886 labor-related protest in Chicago which ended in deadly violence
25. Homestead Strike 18892 strike against Carnegie's steelworks in Homestead, Pennsylvania
26. Pullman Strike violent 1894 railway workers' strike which began outside of Chicago and spread nationwide
Created by: 1213393238
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