Vocab
Own all of one segment of production.
What is Horizontal Integration?
Businessman who monopolized the steamboat and railroad shipping industry.
Who is Vanderbilt?
the cities were running out of land but the population was still growing; they needed more space and built this.
What is skyscrapers?
New immigrants came mainly from this country because they were looking for jobs.
What is Europe?
A person who organizes and operates a business or businesses, taking on all financial risks.
What is an entrepreneur?
Founded the Standard Oil Company.
Who is Rockefeller?
The Chinese Exclusion Act prohibited the immigration of Chinese laborers to America for fear that they would take jobs that belonged to native born Americans. This is an example of…
What is Nativism?
company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
What is a corporation?
Group of workers organized to fight employers for better working conditions
What is a labor union?
An extremely wealthy investment banker.
Who is JP Morgan?
Double Jeopardy: owning all parts of a business from the farm to the grocery store
What is vertical integration?
DOUBLE JEOPARDY: A new method of producing steel in the late 1800s that helped accelerate the railroad production.
What is the Bessemer process?
A monopoly in disguise, a group of businesses managed by the same company
What is a trust?
Ran Tammany Hall, the most famous political machine.
Who is Boss Tweed?
the government has a hands-off approach to the economy
what is Laissez-Faire?
a shift from agriculture to manufacturing, the use of machines and mass production, technological innovation, urbanization as people move to cities for factory jobs, the rise of new social classes like factory owners and workers, expanded transportation and communication systems, and an increase in capital investment and markets are characteristics of this.
What is industrialization?
Double Jeopardy: In a business world, the strong will survive
what is Social Darwinism?
participated in corrupt practices to gain votes.
What is Political Machines?
people are free to own and run their own businesses, choosing what and how much to sell and what to charge
What is free enterprise?
low pay, poor work conditions, child labor are all reasons for this.
What is the creating of labor unions?