Vocab
When a company owns all the levels/steps involved in the production of a product
What is VERTICAL INTEGRATION
this connected the east coast to the west coast
what is the transcontinetal railroad
10,000 chinese were hired to help this industry in california
what is railroads
pools, trusts, and monopolies all wanted to eliminate this
what is competition
the fed govt created the interstae commerce camm. due to this sup. court case
what is wabash illinois
Pools are when company's agree to keep/set these at a certain amount
what are prices
he started a comm. rev. by taking a patent on the telegraph
who is samuel morse
some sharecroppers started to use this type of farmers first
supporters of laissez faire capitalism think that combinations and pools cannot be stopped using these
what are political lwgislations
supporters of this philosophy/ idea believed that the smartest/strongest would grow rich if the govt did not interfere with business
what is social darwinism
when a single company controls an entire industry
what is a monopoly
new process to make steel was developed
what is the bessemer process
this is what you call workers who were against any form of government
what is an anarchist
business leaders did ths to influence amer. politics
what is giving $
the fed. govt often used fed troops to end these
what are strikes
this is what critics called industry leaders
what are robber barons
a concern was that industrial growth led to this being concentrated in the hands of a small # of industry leaders
what is wealth
the haymarket riot hurt the membership of this union
what is the knights of labor
the growth of railroads bridges and buildings from 1885 to 1895 led to this industry to boom
what is the steel industry
this act was designed to give the govt the power to eliminate abuses by the railroad companies
what is the interstate commerce act
the belief that the gov should have a hands off policy on the economy
what is laissez-faire
industrialization led to an increase in this per worker per hour
what is productivity
this is what was happening to businesses from 1865 to 1900
what is getting bigger
unlike small business, big business effected the production of goods in these 2 wways
what is cheaper and more efficient
according to the theory of laissez faire capitalsim, this group will manage commerce/business better if the govt leaves them alone
who are the merchants