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Industrial Revolution
The transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840
Nationwide
Something that affects or involves an entire country, typically on a large scale
Markets
The stock industry for any particular industries' shares, where buying, selling, and exchange of goods takes place
Abundant
Plentiful, existing in large quantities
Immigrant
A person who comes into another country to live there permanently
Capital
Money invested in a business with the expectation of generating income or profit
Standardize
To make a group of one thing the same, to establish a standard for a process or product
Efficiency
The state of being better, faster, or stronger in performing a task or producing a result with minimal waste of time, effort, or resources
Robber Barons
The term for the top 1% of businessmen when referring to their unethical or exploitative actions in business
Captains of Industry
The term for the top 1% of businessmen when referring to their positive or beneficial actions in business
Corporations
A company owned by public shareholders, recognized as a legal entity with rights and liabilities separate from those of its members
Revolution
When a group of people speaks out against something they believe is unjust, leading to significant and fundamental change
Capitalism
An economic system in which private individuals or businesses own capital goods, and the prices, production, and distribution of goods are determined by competition in a free market
Gauges
The distance between two train rails, a standard measure for railway tracks
Andrew Carnegie
A philanthropist and robber baron who used cutthroat business tactics to become wealthy, particularly known for horizontal consolidation in the steel industry
Cornelius Vanderbilt
A philanthropist and robber baron who used cutthroat business tactics to gain a monopoly on the railroad industry, particularly known for vertical consolidation
Transcontinental Railroad
The first railroad to run all the way from the east to the west, connecting the two coasts of the United States
Cutthroat Competition
A larger company cutting prices and losing money short term in order to run the other company in the industry out of business and buy it
Rebates
A return of a portion of a purchase price, provided as an incentive for prompt or repeat purchases or for using a particular service
Pooling
When the major companies of one industry work together to have a set price and avoid price cutting, often through the formation of a cartel
Drought
A prolonged period of abnormally low rainfall, leading to a shortage of water and causing prices to rise from low supply
Natural Monopoly
When a monopoly is created simply because there is only one business that can provide a particular product or service due to high fixed costs or other market dynamics
Inventions
New ideas that are not just improvements of existing ideas, leading to technological advancements and progress
Old Immigrants
Immigrants from before the industrial revolution, primarily from Britain, Germany, and Ireland, who arrived in the United States during the 19th century
New Immigrants
Immigrants who came after the industrial revolution, mainly from Southeast Europe (Italy, Russia, Romania, etc.), who arrived in the United States during the late 19th and early 20th centuries
W.A.S.P.'m
Old immigrants who were White Anglo-Saxon Protestant men, representing the dominant demographic group in the early United States
Discrimination
The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex
Industrialization
The process of developing industries and making things more efficient, leading to the transition from agrarian to industrial economies
Persecution
The act of treating someone badly or unfairly, especially because of their race, religion, or political beliefs
Push Factor
A factor that motivates people to leave their countries and migrate to another, often due to unfavorable conditions or hardships in their home country
Pull Factor
A factor that attracts people to move to a new location, often due to the perceived benefits or opportunities in the destination
Pogroms
A series of organized anti-Jewish attacks or programs, particularly referring to the violent events in Russia that led many Russian Jews to immigrate to the United States
Nativism
The policy of protecting the interests of native-born or established inhabitants against those of immigrants, often characterized by opposition to immigration
Chinese Exclusion Act
An act passed in the United States that barred any Chinese from coming into the country, representing the first significant law restricting immigration based on nationality
Famine
A severe lack of a resource, especially food, for a prolonged period of time, leading to widespread hunger and starvation
Urbanization
The process of making an area more urban, involving the movement of people from rural areas to cities and the development of urban infrastructure and services
Philanthropic
The belief in the practice of giving money and time to help make life better for other people, often through charitable activities and donations
Ethnic Neighborhood
Neighborhoods primarily populated by immigrants from the same country or religion, often settled in the same areas within a city or region
John D. Rockefeller
An industrialist who owned an oil company and bought out every company needed to produce oil in order not to have to buy it, known for his aggressive business strategies in the oil industry
American Dream
The idea that if you worked hard in America, you could become moderately wealthy and have a nicer life than you currently have, representing the aspirations and attitudes of many immigrants and citizens in the United States
Bessemer Process
A process to mass manufacture steel for cheap, involving the conversion of iron into steel by blowing air through it to remove impurities, leading to a more cost-effective production method
Vertical Consolidation
The process of taking over every company in a specific industry to build a monopoly and cut costs, often achieved through the acquisition of companies at different stages of the production process
Stocks
Money invested in a company in order to own a part of the company and increase your share value when the company succeeds, representing ownership in a corporation
Horizontal Consolidation
When a company takes over a company for every step in making their product in order to not have to purchase it from another company, often leading to the consolidation of competitors in the same industry
Regulations
Rules put in place to avoid problems in the industry, governing the conduct of individuals and businesses to ensure fair competition and protect consumers