Industrialization Unit Chapter 6 - Review Flashcards
(30 cards)
The time period of economic, industrial, population, and creative growth that made the USA to become a stable country
Industrialization Revolution
Idea that Andrew Carnegie believed the wealthy had an obligation to use their money to benefit society
Gospel of wealth
A corporation becomes so successful by eliminating all its competition and has complete control over a certain product or service
Monopoly/trust
The labor union founded by S. Gomper and focused to get better wages, hours, and working conditions for its skilled workers
American Federation of Labor
What are the dark, dirty, hot, and crowded workplaces?
Sweetshops
The system that factories used to create lots of stuff at low prices, which helped our economy grow
Mass production
The integration involves buying up your competition to create a giant company. And it lowered production costs
Horizontal integration
The idea that if you are successful you are a better person than those who are not
Social Darwinism
People that invest in another’s product or business with the expectation of making profits
Entrepreneur
People that fund public cultural and educational facilities, and charities to help the less fortunate
Philanthropy
Type of society where everyone shares equally in resources and rewards, and no one owns any property or income of their own
Socialism
Shrewd businessmen who sometimes squeezed out their competition using unfair practices
Robber barons
The act that eventually led to the break up of many monopolies
Sherman Antitrust Act
The first labor union created to help all workers of any trade, focused on broad social reforms, but its membership disappeared after an ugly incident in Haymarket Square, Chicago
Knights of Labor
The new type of bridge built with the new cables made of steel
Suspension bridges
This allowed businesses in America to grow and develop with little interference from government regulations
Laissez faire policies
A way to improve on a product, rather than creating something new
Innovation
The incident of violence that led to the disappearance of the Knights of Labor
Haymarket Riot
The type of integration that helps a company keep its costs down by owning all steps in the chain of production
Vertical integration
The term of starting with little money or resources, but rising above and working hard to achieve success and wealth
Rags to riches
A business with multiple owners
Corporation
The process of purifying iron to make stronger, lighter steel
Bessemer process
What was the industry regulated by the Interstate Commerce Commission, because it was fixing rates and creating secret agreements
Railroad industry
What are the shares in a company called
Stocks
