Economic and Industrial Concepts of the USA

Front

Capitalism

Back

The USA's economic system based on private ownership of businesses, competition, and supply and demand.

Front

Laissez-Faire

Back

"Hands off": Government should not interfere in the operation of the free market.

Front

Bessemer Process

Back

Process that made steel more affordable and profitable.

Front

John D. Rockefeller

Back

Made his fortune refining oil; founded Standard Oil.

Front

Corporation

Back

A business owned by stockholders who share in its profits but are not personally responsible for its debts.

Front

Transcontinental Railroad

Back

Completed in 1869, it linked the east and west coasts of America.

Front

Andrew Carnegie

Back

Scottish immigrant who made his fortune in steelmaking

Front

Monopoly

Back

Complete control of a product or service; elimination of fair competition.

Front

Social Darwinism

Back

Economic philosophy based on "survival of the fittest".

Front

Robber Barons

Back

An American capitalist who acquired a fortune in the late nineteenth century by ruthless means.