Exam 1 Flashcards
(36 cards)
legal document issued by the government giving the holder exclusive rights to use, make, and sell a process, product, or device for a specified period of time
patents
market at which shares of ownership in corporation are bought and sold
stock exchange
products such as food and clothing that fill the needs and wants of individuals
consumer goods
strategy of business growth that attempts to stifle competition by combining more than one firm involved in the same level of production, transportation, or distribution into a single firm
horizontal combination (horizontal integration)
business arrangement in which owners of shares in a business turn over over their shares “in trust” to a board with power to control those businesses for the benefit of the trust
trust
philosophy of social economic organization in which the means of producing and distributing goods are owned collectively or by government
socialism
court order requiring individuals or groups to participate in or refrain from a certain action
injunction
differed from earlier arrivals from northern and western Europe; these newcomers came from eastern and southern Europe and were largely non-Protestant: Catholics, Jews, and Russian Orthodox Christians
“new” immigrants
building often in disrepair and usually five or six stories in height, in which cheap apartments were rented to tenants
tenement
hierarchical political organization developed in the nineteenth century that controlled the activities of a political party and was usually headed by a political boss
political machine
social reform effort that used neighborhood centers in which settlement house workers lived and worked among the poor, often in slum neighborhoods
settlement house
reform movement, begun in the 1820s, to restrain the sale and use of alcohol
temperance movement
schools that trained teachers, usually for two years and mostly for teaching in the elementary grades
normal schools
in elections, a candidate who receives a plurality wins more votes than any other candidate but less than half of all votes cast. receiving more than half of the votes cast is called a majority
plurality
political outlook that supports the rights and powers of the common people in opposition to the interests of the privileged elite
populism
acquisition of control over the government and the economy of another nation, usually by conquest
imperialism
theories of warfare and trade that rely on a nation’s navy as a principal instrument of policy
navalism
brand of newspaper reporting that stresses excitement and shock over even-handedness and dull fact
yellow journalism
geographic region beyond its border over which a nation exerts political or economic control
sphere of influence
Centennial Election 1876
Southern democrat Tilden won popular vote, but republican Hayes took the White House-South angry; comprise to please south and help bring them into 19th century; symbolized new direction-practicality of economic growth, practicality of business growth, practicality of industrial capitalism
Theory of Creative Destruction
50 year cycle of boom and bust; Joseph Schumpeter’s idea of thriving during new innovations (boom), but whatever was replaced goes out of profit and drags economy down (bust)
Adam Smith
wrote The Wealth of Nations; if businesses succeed/act in their own best interest, then the economy as a whole will profit
a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
laissez–faire
biggest corporate merger of the era; greatest triumph came in steel-formed United States Steel Corporation after buying out 8 of Carnegie’s competitors (this holding company produced nearly 2/3 of all American steel-country’s first billion dollar corporation)
JP Morgan
