Ch. 2- Industrial Revolution

entrepreneurs

a person who starts a business and is willing to risk loss in order to make money

laissez-faire

an economic theory that government should not regulate or interfere with commerce

protective tarrifs

taxes that made imported goods cost more than those made in U.S

patent

grant given by the U.S. government to an inventor to have exclusive rights to an invention

Thomas Edison

Invented the light bulb

Bessemer Process

method developed in the 1850's to produce stronger steel at a lower cost

suspension bridges

bridges in which the roadway is suspended by steel cables

time zones

15 degree sections that each represent a different hour of the day. There are 24 time zones in the world.

mass production

Process of making large quantities of a product quickly and cheaply

cash crop

a crop grown for the purpose of being sold

corporation

A business that is owned by many investors.

horizontal integration

the merging of companies that make similar products; monopoly

monopoly

A market in which there are many buyers but only one seller.

trust

A group of corporations run by a single board of directors

Andrew Carnegie

industrialist who led the expansion of the American steel industry

vertical integration

ownership of businesses involved in each step of a manufacturing process

social darwinism

survival of the fittest

Interstate Commerce Commission

Agency authorized to investigate and oversee railroad activities

Sherman Antitrust Act

banned the formation of trusts & monopolies

sweatshops

a shop where employees work long hours at low wages and under poor working condition

company towns

owned by business and rented out to employees

collective bargaining

the right of unions to negotiate with employers over wages and hours

Haymarket Riot

1886 labor-related protest in Chicago which ended in deadly violence

Homestead Strike

1892 strike against Carnegie's steelworks in Homestead, Pennsylvania

Pullman Strike

a strike against Pullman Palace Car Company because of layoffs and lowered wages, it escalated, halting both railroad traffic and mail delivery

steerage

the part of a ship providing accommodations for passengers with the cheapest tickets.

Ellis Island

Immigration processing center that open in New York Harbor in 1892

Angel Island

Inspection station for immigrants arriving on the West Coast

Americanization

programs, helping newcomers learn english and adopt americans dress and diet

melting pot

society in which people of different nationalities assimilate to form one culture

nativism

hostility toward immigrants by native-born people

Chinese Exclusion Act

1882 law that prohibited the immigration of Chinese laborers

urbanization

An increase in the percentage and in the number of people living in the cities

skyscrapers

Tall building with many floors supported by a lightweight steel frame.

Elisha Otis

Inventor who developed the first safety elevator in 1852.

mass transit

public transportation systems that carry large numbers of people

suburbs

Residential areas surrounding a city

Frederick Law Olmsted

landscape engineer, hired to design Fairmount park and designed central park

tenements

poorly built, overcrowded apartment buildings

Gilded Age

Late 1800s to Early 1900s - time of large increase in wealth caused by industrialization