US History Day 2 Industrialization

industrialization

The process of transforming an economy from agriculture-based to one that is based on the manufacturing of goods and services. This shift often involves the development of factories, infrastructure, and urbanization.

transcontinential railroad

A railway system that crosses a continent, linking the east and west coasts of the United States, facilitating trade, commerce, and migration during the industrialization era.

capitalism

An economic system where private individuals or businesses own capital goods and are responsible for production and pricing, with minimal government intervention.

monopoly

a market structure where a single seller dominates the market, controlling prices and supply, often stifling competition and innovation.

JD Rockefeller

An American business magnate and philanthropist who founded the Standard Oil Company, which dominated the oil industry in the late 19th and early 20th centuries, establishing a monopoly and influencing the development of modern capitalism.

Carnegie

An American industrialist and philanthropist who led the expansion of the steel industry in the late 19th century. He is best known for founding the Carnegie Steel Company, which became the largest of its kind and played a key role in the growth of American industry.

Vanderbilt

A prominent American business magnate who made his fortune in the shipping and railroad industries during the 19th century. He is known for consolidating various railroad companies and creating a vast transportation network.

vertical integration

a business strategy where a company controls multiple stages of production, from raw materials to final product, enhancing efficiency and reducing costs.

horizontal integration

a business strategy where a company acquires or merges with competitors at the same stage of production, increasing market share and reducing competition.

laissez-faire

an economic philosophy advocating minimal governmental intervention in the private sector, allowing businesses to operate freely.

social darwinism

the belief that individuals and groups are subject to the same Darwinian laws of natural selection observed in nature, often used to justify social inequalities and imperialism.