Rise of Big Business

Question Answer
Capitalism ;economic system in which private business runs most industries
Free Enterprise belief that the economy will proper if businesses are left free from government regulation and allowed to compete in a free market
Communism political theory that proposes that all people should collectively own property and the means of production and that individual ownership should not be allowed
Social Darwinism theory adapted by philosopher Herbert Spencer from Charles darwins theory of evolution argued that society progresses though competition
Corporation company that sells shares of ownership called stock to investors in order to raise money
Trust arrangement grouping several companies under a single board of directors to eliminate competition and to regulate
Monopoly exclusive economic control of an industry
Vertical Integration ownership of businesses involved in each step of a manufacturing process
Horizontal Integration ownership of several companies that make the same product
Cornelius Vanderbilt was a pioneer of the railroad industry
George Pullman he designed and manufactured railroad cars that made long-distance rail travel more comfortable
Horatio Alger Jr. 19th century American writer
Andrew Carnegie was a Scottish-American industrialist
John D. Rockefeller was an American oil industry business magnate

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