Key Historical and Economic Terms

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Laissez faire

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An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

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Political Machine

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A political group in which an authoritative leader or small group commands the support of a corps of supporters and businesses, usually in return for rewards.

:  Corrupt mafia-like organizations which sold votes for rewards and ran the cities corruptly

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Collective Bargaining

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The process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.

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Labor Union

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An organization of workers formed to protect and further their rights and interests; a labor union.

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Industrialization

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The development of industries in a country or region on a wide scale.

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Monopoly

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•: a company that controls and/or possesses the entire supply of or trade in a good or service

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Muckraking

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The action of searching out and publicizing scandalous information about famous people in an underhanded way.

the act of publicly shaming famous people through journalism

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Progressive

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A person advocating or implementing social reform or new, liberal ideas.

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Trust (business)

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A large business with significant market power, often created by the legal consolidation of rival companies.

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Robber Baron

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A term used for a powerful 19th-century American businessman who used exploitative practices to amass their wealth.