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Chapter 4 Vocab

Chapter 4 vocab for U.S. History

VocabDefinitions
1) Entrepreneur- People who invest money in a product or enterprise in order to make a profit.
2) Protective tariff- Taxes that would make imported goods cost more than those made locally.
3) Laissez-faire- Policies that allowed businesses to work under minimal government regulation.
4) Patent- A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set amount of time.
5) Bessemer process- A process developed in the 1850s by Henry Bessemer in England that purifies iron, resulting in strong, but lightweight, steel.
6) Suspension bridges- Bridges where the roadway is suspended by steel cables.
7) Time zones- Any of the 24 regions of the globe throughout which the same standard time is used.
8) Mass production- systems for turning out large numbers of products quickly and inexpensively developed by factory owners.
9) Corporation- A form of group ownership developed by investors.
10) Monopoly- Complete control of a product or service
11) Cartel- Businesses formed to eliminate competition companies by companies.
12) Horizontal integration- System of consolidating many firms in the same business.
13) Trust- A group of separate companies that are placed under the control of a single managing board in order to form a monopoly.
14) Vertical integration- The gain of control of the many different businesses that make up all phases of a product's development to reduce costs and charge higher prices to competitors.
15) Social Darwinism- The belief that certain nations and races were superior to others due to wealth and social stature and were destined to rule over them.
16) Interstate Commerce Commission (ICC)- The first federal agency monitoring business operations, as well as to oversee interstate railroad procedures.
17) Sherman Antitrust Act- An act passed by the Senate which outlawed any trust that operated "in restraint of trade or commerce among the several states".
18) Sweatshops- Small, hot, dark, dirty workhouses where factory workers worked 12 hours a day, 6 days a week
19) Company towns- The housing communities that many laborers were forced to live in that were close to their workplace.
20) Collective bargaining- Negotiating as a group for higher wages or better working conditions by factory workers.
21) Knights of Labor- A labor union that sought to organize all workers and focused on broad social reforms.
22) Haymarket Riot- 1886 labor-related protest in Chicago which ended in deadly violence.
23) Homestead Strike- 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania.
24) Socialism- An economic and political philosophy that favors public, instead of private, control of property and income.
25) American Federation of Labor (AFL)- A craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades.
26) Pullman Strike- Violent 1894 railway workers' strike which began outside of Chicago and spread nationwide.
Created by: Andrew_Clark
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