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12 Cards in this Set
- Front
- Back
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Bessemer Process |
First inexpensive industrial process for the mass-production of steel. |
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Interstate Commerce Act |
Required shipping rates to be "reasonable and just", rates had to be published, secret rebates were outlawed, price discrimination against small markets was made illegal. |
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Monopoly |
The exclusive control by one company of a service or product. |
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Horizontal Integration |
The merging of companies at the same stage of production in the same or different industries. Creates a monopoly. |
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Union |
An organized association of workers formed to protect and further their rights and interests. |
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Sweatshop |
A factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions. |
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Transcontinental Railroad |
A train rote across the United States. |
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Sherman Antitrust Act |
An act of Congress (1890) prohibiting any contract, conspiracy, or combination of business interests in restraint of foreign or interstate trade. |
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Vertical Integration |
the combination in one company of two or more stages of production normally operated by separate companies. |
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Social Darwinism |
The theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals. |
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Robber Baron |
An American capitalist of the latter part of the 19th century who became wealthy through exploitation |
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Strike |
A work stoppage caused by the mass refusal of employees to work. |
