Industry
Combining many firms engaged in the same type of business into one corporation
Horizontal Integration
invented the telephone, which revolutionized both business and personal communication.
Alexander Graham Bell
the perspective taken by those who felt like economic giants like Rockefeller and Carnegie were harming the working man.
Robber Barons
People who risk their own money to organize and run businesses
Entrepreneurs
rags to riches story who made a vast fortune in the steel industry
Andrew Carnegie
the perspective taken by those in support of the economic giants like Rockefeller and Carnegie.
Captains of Industry
Agreements among companies to keep prices at a certain level were known as
Pools
invented the phonograph and worked to perfect the light bulb
Thomas Edison
author of the Communist Manifesto
Karl Marx
When one business or organization controls all business in an industry and therefore can control prices.
Monopoly
railroad tycoon accused of practicing “insider trading”.
Jay Gould
developed an alternating current system to distribute electricity over long distances using transformers and generators.
George Westinghouse
belief that the government should not interfere in the economy. "hands-off" economics
laissez-faire
successful and famous investment banker
J.P. Morgan
Group which claimed there would be a workers’ revolution in which workers would seize control of the factories and create a socialist society.
Marxists