Entrepreneurs
people who build and manage businesses or enterprises in order to make a profit, often risking their own money or livelihoods
free enterprise
freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect the public interest and keep the national economy in balance
laissez-faire
the absence of government control over personal and economic life
protective tariff
the taxes on imported goods designed to protect domestic industry
Patent
official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time
Thomas Edison
was an American inventor. He held over 1,000 patents for inventions, including the light bulb, an early movie camera, and an alkaline battery
Bessemer process
method developed in the mid-nineteenth century for making steel more efficiently
suspension bridge
bridges that have a roadway suspended by cables
time zone
any of the 24 longitudinal areas of the world within which the same time is used
mass production
production of goods in large numbers through the use of machinery and assembly lines
cash crop
crop grown for sale (Example - tobacco, cotton)
Corporation
company recognized as a legal unit that has rights and liabilities separate from each of its members
Cartel
association of producers of a good or service that prices and controls stocks in order to monopolize the market
John D. Rockefeller
American industrialist and philanthropist. He began the Standard Oil Company and dominated the oil industry with innovative, aggressive business practices. He also contributed money to different causes through the Rockefeller Foundation.
horizontal integration
system of consolidating many firms in the same business
Monopoly
exclusive control by one company over an entire industry
Trust
group of separate companies that are placed under the control of a single managing board in order to form a monopoly
Andrew Carnegie
American industrialist and philanthropist who began Carnegie Steel, a corporation that dominated the American steel industry. He created charitable trust foundations and provided money for cultural and educational institutions.
vertical integration
system of consolidating firms involved in all steps of a product's manufacture
Social Darwinism
the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them
Interstate Commerce Commission (ICC)
first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
Sherman Antitrust Act
1890 law banning any trust that restrained interstate trade or commerce
Sweatshop
A shop or factory where workers work long hours at low wages under unhealthy conditions
Company Town
Community whose residents rely upon one company for jobs, housing, and shopping
Collective Bargaining
Process by which a union representing a group of workers negotiates with management for a contract
Socialism
A system in which society, usually in the form of the government, owns and controls the means of production.
Knights of Labor
1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed
Terence V. Powderly
Who was an Irish leader of the Knights o Labor
Samuel Gompers
He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.
American Federation of Labor (AFL)
1886; founded by Samuel Gompers; sought better wages, hrs, working conditions; skilled laborers, arose out of dissatisfaction with the Knights of Labor, rejected socialist and communist ideas, non-violent.
Haymarket Riot
100,000 workers rioted in Chicago. After the police fired into the crowd, the workers met and rallied in Haymarket Square to protest police brutality. A bomb exploded, killing or injuring many of the police. The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.
Homestead Strike
1892 steelworker strike near Pittsburgh against the Carnegie Steel Company. Ten workers were killed in a riot when "scab" labor was brought in to force an end to the strike.
Eugene V. Debs
Leader of the American Railway Union, he voted to aid workers in the Pullman strike. He was jailed for six months for disobeying a court order after the strike was over
Pullman Strike
Strike that resulted from wages slashed 25%; led by Debs, a leading proponent of socialism; shutdown of railroad transportation; injunction issued and Debs served jail time (1893-94)
new" immigrant
Immigrants who came to the United States during and after the 1880s; most were from southern and eastern Europe.
Steerage
The airless rooms below the deck of a ship.
Ellis Island
Island in New York Harbor that served as an immigration station
Angel Island
Inspection station for immigrants arriving on the West Coast
Americanization
Belief that assimilating immigrants into American society would make them more loyal citizens
melting pot
The mixing of cultures, ideas and peoples that has changed America.
nativism
A policy of favoring native-born individuals over foreign-born ones
Chinese Exclusion Act
(1882) Denied any additional Chinese laborers to enter the country while allowing students and merchants to immigrate.
Urbanization
An increase in the percentage and in the number of people living in urban settlements.
Rural-to-Urban Migrant
a person who moves from an agricultural area to a city
Skyscraper
a very tall building with many stories
Elisha Otis
Inventor who developed the first safety elevator in 1852.
Mass Transit
Transportation system designed to move large numbers of people along fixed routes
Suburb
A residential district located on the outskirts of a city.
Frederick Law Olmsted
planned Central Park, grounds of US Capitol in DC, suburbs, + established the basis for urban landscaping
tenament
Multistory building divided into apartments