Industrial development and big business

Vocabulary flashcards covering key terms and concepts from the lecture on industrial development, big business, immigration, urbanization, and related social and economic dynamics.

Industrialization

The shift to mass-produced goods in factories, accompanied by new buildings and industrial growth.

National markets

Markets that expand from local/regional to nationwide, enabled by improvements in transportation and production.

Railroads

A key driver of industrialization; linked distant regions and made national markets possible.

Inventions and innovations

A wide variety of new technologies and processes that fueled industrial growth.

Corporations

Large business entities that emerged as a dominant model of business organization and growth.

Standard Oil

A major corporation emblematic of the rise of big business in the Gilded Age.

Laissez-faire (free market)

A doctrine that the market should operate with minimal government interference.

Social Darwinism

The idea that ‘survival of the fittest’ applies to society and economics, often justifying inequality.

Herbert Spencer

Philosopher who popularized social Darwinism in the 19th century.

Enlightenment ideas

A turn toward science, progress, and reason as guides to knowledge and society.

Wages of whiteness

Du Bois’s concept that whiteness provides a psychological wage of privilege beyond mere money.

The Gilded Age

A late-19th-century era of rapid wealth but deep social corruption and inequality.

Robber barons

Industrial magnates who accused of exploiting labor and dominating markets for profit.

Andrew Carnegie

Industrialist-turned-philanthropist; led steel production and advocated giving wealth back to society (Gospel of Wealth).

Gospel of Wealth

Carnegie’s idea that the rich have an obligation to distribute their wealth for the public good.

J. P. Morgan

Powerful banker who helped consolidate industries and shape financial markets.

Populism

A late-19th-century movement by farmers and laborers seeking economic reform and political power.

People’s Party

Populist political party pushing for railroad regulation, monetary reform, and broader economic fairness.

Gold standard

Monetary system in which currency is backed by gold; linked to deflationary pressures.

Deflation

A fall in prices tied to the gold standard, which can burden debtors and farmers.

Old immigrants

Immigrants from Northern and Western Europe (e.g., Ireland, England, Scandinavia); largely Protestant.

New immigrants

Immigrants from Southern and Eastern Europe; diverse languages and mostly Catholic.

Tenements

Overcrowded, unsanitary urban housing with few amenities and shared facilities.

Urbanization

Rapid growth of cities as people move from rural areas to urban centers.

Child labor

Widespread use of children in factories due to high labor demand and few protections.

Women in the era

Rising education for middle-class women and entry into roles like teachers/nurses; working-class women in factories; social reform involvement.