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Gilded Age
Late 1800s to Early 1900s - time of large increase in wealth caused by industrialization
Individualism
a social theory favoring freedom of action for individuals over collective or state control
Laissez-faire
Idea that government should play as small a role as possible in economic affairs
Social Darwinism
The belief that only the fittest survive in human political and economic struggle
Corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Vertical integration
Practice where a single entity controls the entire process of a product, from the raw materials to distribution
Horizontal integration
Type of monopoly where a company buys out all of its competition
Andrew Carnegie - US steel
1873 opened steelworks and soon dominated industry. Used stock to finance and created US Steel Corp ($14 billion enterprise controlling almost 2/3 of nation's steel production)
John D. Rockefeller - Standard Oil
By 1880s, established great dominance within petroleum industry that he was the leading symbol of monopoly to nation
The Progressive Era
time at the turn of the 20th century in which groups sought to reform America economically, socially, and politically
Examples of progressive reform
Booker T. Washington
African American progressive who supported segregation and demanded that African American better themselves individually to achieve equality.
W.E.B. DuBois
Wanted social and political integration, founder of the Niagara Movement which led to the creation of the NAACP.
Great Migration
movement of over 300,000 African American from the rural south into Northern cities between 1914 and 1920
Harlem Renaissance
A period in the 1920s when African-American achievements in art and music and literature flourished
Assembly line
Production method that breaks down a complex job into a series of smaller tasks
Scientific Management
a management theory using efficiency experts to examine each work operations and find ways to minimize the time needed to complete it
Installment buying
A consumers buys products by promising to pay small, regular amounts over a period of time
Growth of auto industry
Americans were on the move, car manufacturers kept people buying by updating styles every year, cars became a dispensable way of life
Problems facing farmers
low prices for crops, high transportation, equipment, and loan costs, drought, reduced influence in politics
"Buying on margin"
paying a small percentage of a stock's price as a down payment and borrowing the rest
Great Depression
the economic crisis beginning with the stock market crash in 1929 and continuing through the 1930s
Bank runs
People were running to banks to take their money out before the bank collapsed
What was the New Deal?
A collection of reforms intended to restart economic growth in the Depression-era United States
What were the goals of the New Deal?
provide relief, recovery, and reform
Bank holiday
closed all banks until gov. examiners could investigate their financial condition; only sound/solvent banks were allowed to reopen
FDIC
Federal Deposit Insurance Corporation: a federally sponsored corporation that insures accounts in national banks and other qualified institutions ($250,000)
SEC
Securities and Exchange Commission
Social Security
federal program of disability and retirement benefits that covers most working people
