Studied by 3 peopleLabor
Instigated American Ingenuity, where mass- production methods were generated through patented machinery.
mass production methods
Fueled by controlling machinery.
Liquid Capital
money available for you to invest.
government authority
license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
JP Morgan
purchased Carnegie Steel; he bought out competitors and created the largest enterprise.
GDP
how much services and goods you are producing.
Vertical Integration
Combining into one organization; all phases of manufacturing from mining to marketing
Horizontal Integration
Allying with competitors to monopolize a given market
Social Darwinism
Theorists who argued that individuals won their status in life by competing based on their natural talents
Monopoly
Control of trade in the industry; business controls over industries: production, quality of goods, and price and wages within that industry
Trust
*Can have vertical and horizontal integration
Competing companies join together by what is known as a trust agreement.
Reasons for American industrial expansion: In order of importance
Natural resources Labor- immigration allowed for cheap labor Railroad networks American Ingenuity Innovations in transportation/communication- Patents: Mass-production methods/machinery Liquid Capital- money available for you to invest
Note
Flashcard