laissez-faire
policy that government should interfere as little as possible in the nation's economy
entreprenuer
one who organizes, manages, and assumes the risks of a business or enterprise
land grant
a grant of land by the federal government especially for roads, railroads, or agricultural colleges
time zone
a geographical region in which the same standard time is kept
corporation
an organization that is authorized by law to carry on an activity but treated as though it were a single person
economies of scale
the reduction in the cost of a good brought about especially by increased production at a given facility
vertical integration
the combining of companies that supply equipment and services needed for a particular industry
horizontal integration
combining many firms engaged in the same type of business into one corporation
monopoly
total control of a type of industry by one person or company
trust
a combination of firms or corporations formed by legal agreement, especially to reduce competition
holding company
a company whose primary business is owning a controlling share of stock in other companies
deflation
a decline in the volume of available money or credit that results in lower prices, and therefore, increases the buying power of money
trade union
an organization of workers with the same trade or skill
industrial union
an organization of common laborers and craft workers in a particular industry
blacklist
a list of persons who are disapproved of or who are to be punished or boycotted
lockout
a company tool to fight union demands by refusing to allow employees to enter its facilities to work
arbitration
settling a dispute by agreeing to accept the decision of an impartial outsider
injunction
a court order whereby one is required to do or to refrain from doing a specified act
closed shop
an agreement in which a company agrees to hire only union members
Marxism
the belief that workers would eventually revolt, seize control of factories, and overthrow the government
Knights of Labor
wanted an eight-hour workday, equal pay for women, abolition of child labor, and the creation of worker-owned factories
American Federation of Labor
founded by Samuel Gompers merging together several trade unions, pushed for union recognition and closed shop companies
Pacific Railway Act
government offered land and money to two companies willing to build a transcontinental railroad
Union Pacific
the railroad company building from Omaha, NB, to Utah for the Pacific Railway Act
Central Pacific
the railroad company building from Sacramento, CA to Utah for the Pacific Railway Act
Credit Mobilier
Union Pacific- created construction company that marked up supply pricing to make an extra profit from the government
Henry Bessemer
invented and introduced Andrew Carnegie to a new process for making high-quality steel efficiently and cheaply
Alexander Graham Bell
inventor of the telephone
Thomas Edison
perfected the electric generator and lightbulb
George Westinghouse
invented the air-brake system for railroads
Nikola Tesla
gave the rights to George Westinghouse to make an alternating current system
Grenville Dodge
founder of the Union Pacific Railroad Company
Leland Stanford
founder of the Central Pacific Railroad Company
Cornelius Vanderbilt
railroad consolidator, merged 3 New York railroads and built New York's Grand Central Terminal
Jay Gould
greatest known robber baron, corrupt railroad owner
Andrew Carnegie
largest steel company owner of his time, vertical integration
John D. Rockefeller
built oil refineries, Standard Oil, horizontal integration
J.P. Morgan
Investment banking, took money from deposits and bought stock
George Pullman
Business of train cars, union strike with postal service
Eugene Debs
Leader of the Pullman strike
Samuel Gompers
First president of AFL union
Phillip Armour
Meat industry
Gustavus Swift
Meat industry
DuPont Family
Gunpowder and chemicals
Milton Hershey
Confectioner, found how to make chocolate addictive