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Industrial America Flashcards

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7382904455EntrepreneursPeople who invest money or time in a product or enterprise in order to make a profit0
7382911547Protective Tariffstaxes that make imported goods cost more than those made locally1
7382916956Laissez-faire"hands off" policies which allowed business to operate under minimal government regulation2
7382924658Thomas Edisonreceived more than 1,000 patents for new inventions3
7382929099Bessemer Processcreated strong but lightweight steel4
7382934335Suspension Bridgesmade possible with lightweight steel and cable technology5
7382938095Mass Productionlarge scale manufacturing6
7382945191Corporationa number of people share ownership of a business7
7382949145Cartelsbusinesses agree to limit their production in order to keep prices high8
7382958202Horizontal Integrationconsolidation many firms in the same business9
7382968787Vertical Integrationgaining control of the many different businesses that make up all phases of a product's development10
7382977794John D. RockefellerFounded Standard Oil and the world's all-time richest man11
7382981422Andrew CarnegieFounder of U.S. Steel and famous philanthropist12
7383000647Social Darwinism"Survival of the Fittest" applied to society13
7383003747Trustsgiant corporations14
7383008854Sherman Antitrust Actoutlawed any corporation that operated in restraint of trade or commerce15
7443488555Sweatshopsrough, dirty, sometimes dangerous workhouses16
7443508612Company townsowned by the business and rented to employees17
7443516196Socialismeconomic and political philosophy that favors public instead of private control of property and income18
7443540224Knights of Laborlabor union founded in 1869, included workers of any trade, skilled or unskilled19
7443553991Terrance PowderlyHead of the Knights of Labor20
7443847677Samuel Gompersformed the AFL (American Federation of Labor)21
7443855834American Federation of Laborformed in 1886, focused on specific workers' issues such as wages, hours, and working conditions22
7443878109Haymarket Riotresulted in many Americans associating union activities with violence23
7443907179Homestead Strikepart of a number of steelworkers' and miners' strikes where federal troops were called in24
7443927252Eugene Debsleader of the American Railway Union25
7443930584Pullman Strikestrike which halted both railroad traffic and mail delivery26
7445917811Collective Bargainingattempting to bargain for higher wages and better working conditions as a group27

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