Gilded Age
nickname given to the second Industrial Revolution.this nickname came from a book written by mark twain that was critical of the time period.
Industrialization
Rapid growth of businesses in a country/region on a wide scale
Industrial Revolution
time period when businesses were growing and producing many new items.Led to the growth of cities
Tariff
tax on imported goods (stuff from another country)
Laissez-Faire
US policy that allowed for little to no government control. Hands off government
Corporation
big businesses that sell stock
Cartel
group of separate companies,working together to make more money
Monopoly
one person or company controlling nearly all of the production of a certain thing
Trusts
businesses come together to allow a single person to make the decisions
Bessemer Process
quicker and cheaper way for creating steel. made skyscrapers possible to build
Robber Baron
wealthy person that makes their money by using corrupt business practices(treating workers poorly,monopolies,cartels,etc..)
Captain of Industry
wealthy person that gives away money (donations) to help others. (Philanthropists)
Horizontal Integration
buying other companies at the same stage of production
Vertical Integration
Buying other companies at different stages of production.
Gospel of Wealth
Belief that it is a good thing for rich people to be rich. Rich people help the people and communities around them through philanthropy (giving money to those less fortunate).
Social Darwinism
Survival of the fittest. Argued that big businesses survive because they are better than the smaller businesses. Became an excuse for Laissez-Faire.
Sherman Antitrust Act
First federal legislation passed to regulate business. Made monopolies illegal.
Labor Unions
Created to fight bad working conditions in the US. The idea was there is power in numbers (Collective Bargaining).
Migrants
People moving within their own country.
Immigrants
People moving from one country to another.
Old Immigrants
Came to the US in the early 1800s. Came from western/northern Europe. Spoke English. Had Money.
Pendleton Civil Service Act
Federal Legislation that made the Spoils System illegal. Requires civil service appointees to prove qualification, before taking the job.
New Immigrants
Came to the US in the late 1800s. Came from eastern/southern Europe. Could not speak English. Not educated. No money. Escaped issues in their home country.
Spoils System
Elected government officials gave their friends or allies jobs. Many of these people had little to no experience needed for these jobs.
Push Factors
Bad things that made you want to leave where you are.
Pull Factors
Good things that make you want to come somewhere.
Political Machine
Corrupt group that controlled the politics of a city.
Political Boss
Led political machines and basically ran the city governments in most major cities.
Nativism
The idea of taking care of "native-born" citizens before immigrants. Used as an excuse to keep immigrants out of the US during the "Gilded Age".
Ghetto
Part of a city that is made up of mostly one ethnic group.
Immigration Quotas
Created by the US government as a legal way to limit the number of certain new immigrants coming into the US
Social Gospel
Christian idea that originated after seeing all of the social issues of the Gilded Age. You should help those who need help
Chinese Exclusion Act
Made it illegal for Chinese immigrants to enter the US for 10 years, but turned into 75 years.