TheRise BigBusiness The Rise of Big Business

Question Answer
Capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Free Enterprise an economic system in which private business operates in competition and largely free of state control.
Communism a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Social Darwinism a 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions and in accord with which a position of laissez-faire is advocated.
Corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Trust firm belief in the reliability, truth, ability, or strength of someone or something.
Monopoly the exclusive possession or control of the supply or trade in a commodity or service.
Vertical Integration the combination in one company of two or more stages of production normally operated by separate companies.
Horizontal Integration When all producers of a good or service in a market merge, it is the creation of a monopoly.
Cornelius Vanderbilt was an American business magnate and philanthropist who built his wealth in railroads and shipping.
George Pullman He designed and manufactured the Pullman sleeping car and founded a company town, Pullman, for the workers who manufactured it.
Horatio Alger Jr. 19th-century American writer, best known for his many young adult novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security and comfort through hard work, determination, courage, and honesty.
Andrew Carnegie An American industrial leader of the late nineteenth and early twentieth centuries. Carnegie, a self-made man, immigrated to the United States from Scotland without money and made millions in the steel industry
John D. Rockefeller industrialist. someone who manages or has significant financial interest in an industrial enterprise. altruist, philanthropist.

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