Chaoter 24

Question 1

Trust

Answer 1

A 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 its eliminated its competition by taking control of smaller oil companies

Question 2

Syndicate

Answer 2

An 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 19th century that people gained wealth by survival of the fittest. Therefore the welathy hadn’t simply won a natural competition and owed nothing to the poor and indeed service to the poor and indeed service to the poor would interfere withdraws organic process

Question 5

Socialists

Answer 5

Those who hold 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

The refusal by an employer to allow employees to work unless they agree to their 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 corporation

Question 8

Free enterprise

Answer 8

An economic system that permits unrestricted entrepreneurial business activities