Industrialization and Labor Movements: 1870-1914

Flashcards covering key vocabulary and concepts from the Industrialization and Labor Movements lecture.

Industrialization

The process by which machines replace hand tools and new sources of energy are used.

Monopoly

When one person or company controls all or most of the business in an industry, eliminating competition.

Capital/Free-enterprise

An economic and political system where trade and industry are controlled by private owners for profit rather than by the state.

Social Darwinism

The belief that the strongest and smartest people in society rise and deserve the rewards.

Cornelius Vanderbilt

One of the richest men in America, known for his power in the railroad industry and reputation as a robber baron.

Abuses in Competition

Actions taken to end competition by dividing up businesses and manipulating prices.

Railroad Consolidation

The process by which larger companies buy out smaller ones or force them out of business.

Horizontal Integration

When a company controls one step of the production process in an industry.

Regulation

Government intervention to control or monitor big business to promote competition.

Laissez-faire

A policy of minimal government interference in business affairs.

Overhead

The money needed to run a business, including supplies and utilities.

Profit

The money left over after all expenses are paid.

Haymarket Riot

An 1886 event where striking workers clashed with police in Chicago, leading to multiple deaths and the end of the Knights of Labor.

American Federation of Labor (AFL)

A labor organization formed in 1886 by Samuel Gompers.