Gilded Age Vocabulary

capitalism

capitalism

an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by government

Bessemer Process

a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly

factors of production

land, labor, and capital

capital

any financial asset-including money, machines, and buildings-used in production

monopoly

a company that completely dominates a particular industry

trusts

a set of companies managed by a small group known as trustees, who can prevent companies in the trust from competing with each other

horizontal integration

a corporate expansion strategy that involves joining together as many firms from the same industry as possible

vertical integration

a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping

Laissez-Faire

the idea that the free market, through supply and demand, will regulate itself if government does not interfere

social darwinism

an idea, based on Charles Darwin's theory of evolution, that the best-run businesses led by the most capable people will survive and prosper

Sherman Antitrust Act

an 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade

philanthropist

a person who gives money to support worthy causes

entrepreneur

a bold, ambitious person who establishes a new business

Divisions of Labor

a method in which factory production is divided into separate tasks, with one task assigned to each worker

child labor

the practice of using children as manual labors

tenements

a run down apartment building

strike

a labor action in which workers refuse to go to work

American Federation of Labor

a national labor organization, founded in 1886, the consisted mainly of skilled workers and focused on higher wages and shorter workdays

socialism

a political theory that advocates ownership of the means of production, such as factories and farms, by the people rather than by capitalists and landowners

collective bargaining

negotiations between employees concerning wages, working conditions, and other terms of employment

Haymarket Affair

a violent clash in 1886 between Union supporters and Chicago police that divided and weakened the labor movement

Pullman Strike

an 1894 railway workers’ strike that was broken by federal troops, weakening the labor movement

anarchists

a person who rejects all forms of government

push factors

a problem that causes people to immigrate to another place

pull factors

an attraction that draws immigrants to another place

steerage

the open area below a steamship's main deck, where most immigrants lived during the Atlantic crossing

Ellis Island Immigration Station

the port of entry for most European immigrants arriving in New York between 1892 and 1954

contract laborers

an immigrant who signed a contract in Europe to work for an American employer, often to replace a striking worker

settlement house

a community center that provided a variety of services to the poor, especially to immigrants

political boss

powerful leaders who ran local politics in many cities, providing jobs and social services to immigrants in exchange for political support

americanization

the assimilation of immigrants into American society, a goal of some patriotic groups who feared that increased immigration threatened American society and values

nativism

the policy of favoring the interests of native-born Americans over those of immigrant

Chinese Exclusion Act

an 1882 law prohibiting immigration of Chinese laborers for 10 years and preventing Chinese already in the country from becoming citizens; the first U.S. immigration restriction based solely on nationality or race

Angel Island Immigration Station

the port of entry for most Asian immigrants arriving in San Francisco between 1910 and 1940