Industrialization Test Flashcards

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Interstate Commerce Act (1887)

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A federal law designed to regulate railroad rates and practices to ensure they were 'reasonable and just,' marking the first federal regulation of private industry.

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Vertical Integration

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A business strategy where a company controls every stage of the production process, from raw materials to distribution. Associated with Andrew Carnegie in the steel industry.

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Horizontal Integration

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A strategy of merging with or acquiring competitors in the same industry to establish a monopoly. Used by John D. Rockefeller in the oil industry.

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Bessemer Process

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A method of steel production that involved blasting air through molten iron to produce high-quality steel more efficiently.

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Gospel of Wealth

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The belief, promoted by Andrew Carnegie, that the wealthy had a moral obligation to use their riches to advance social progress.

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Robber Barons

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Powerful 19th-century industrialists perceived to have used unethical business practices to amass wealth and exploit workers.

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Captains of Industry

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Industrialists who were viewed as contributing positively to society through innovation, philanthropy, and economic development.

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Sherman Antitrust Act (1890)

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The first federal legislation to prohibit monopolies and restrict business practices that restrained trade. Initially ineffective due to vague wording.

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Social Darwinism

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The application of natural selection and 'survival of the fittest' to society and business, used to justify the success and dominance of certain individuals or companies.

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Laissez-faire Capitalism

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An economic philosophy advocating minimal government interference in the market, with the belief that natural market forces should regulate the economy.