Industrialization and the Gilded Age

Flashcards for vocabulary review based on lecture notes.

Trust

A legal arrangement where companies give control of their stock to trustees to create a monopoly and eliminate competition.

Monopoly

A situation where one company dominates an industry, controlling prices and limiting consumer choice.

Social Darwinism

A theory justifying the wealth of the elite by arguing they were the most fit and deserving in society.

Gospel of Wealth

A philosophy promoted by wealthy industrialists like Andrew Carnegie, arguing the rich had a moral responsibility to use their wealth for the betterment of society through philanthropy.

Capitalism

An economic system based on private ownership of the means of production and the pursuit of profit through free market competition.

Industrial capitalism

A form of capitalism characterized by the development of large-scale industry and the dominance of industrial production in the economy.

Gilded

Covered with gold or a golden color; superficially attractive but lacking true value or substance.

Gilded Age

A period of American history (late 19th century) characterized by rapid industrialization, economic growth, and extreme wealth for a few, while many workers lived in poverty.

Industrial Revolution

A period of rapid industrialization and technological advancement that began in the late 18th century and transformed economies and societies around the world.

Urbanization

The process of population movement from rural areas to urban areas, typically associated with industrialization and modernization.

Mass production

The production of goods in large quantities using standardized processes and machinery.

Factory system

A system of manufacturing in which goods are produced on a large scale in factories using machinery and a division of labor.

Captains of industry

Influential business leaders and entrepreneurs who have a significant impact on the economy through their innovation, leadership, and management skills.

Robber baron

A powerful, wealthy business leader who gained their fortune by exploiting workers and engaging in unethical business practices.

Philanthropist

A person who seeks to promote the welfare of others, especially by donating money to good causes and humanitarian efforts.