Chapter 16 Capital and Labor: March of Capital

Industrialization

The process of developing industries in a country or region, leading to economic growth and changes in labor dynamics.

Labor unrest

Discontent among workers, often resulting in strikes and protests against poor working conditions and low wages.

Railroad strikes

Major labor actions that highlighted workers' grievances and the coordination of capital and government support in the industrial sector.

Technological innovations

Advances in technology that revolutionized American industry, reducing production and distribution costs.

Scientific management (Taylorism)

A management theory introduced by Frederick Taylor aimed at improving efficiency by subdividing tasks.

Mass production

The large-scale manufacturing of goods, significantly advanced by Taylorism and the assembly line.

Economies of scale

Cost advantages that companies experience as production increases, allowing for lower costs per unit.

Legal structure of corporations

The framework that allows companies to mobilize significant capital while limiting shareholder risk.

Pools, trusts, and mergers

Strategies used by companies to consolidate power and reduce competition in the market.

Great merger movement

A period between 1895 and 1904 when thousands of companies merged, leading to the creation of monopolies.

United States Steel

A company formed by J.P. Morgan in 1901, exemplifying the trend of monopolization in American industry.

Assembly line

An innovative production method popularized by Henry Ford, which drastically increased the efficiency of car manufacturing.

Cyrus McCormick

An industrialist who recognized that larger production scales lead to greater profits.