Chapter 13- Section 2= The Rise of Big Business

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corporation
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when there is a number of people sharing ownership to a business
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monopoly
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exclusive control by one company over an entire industry
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cartel
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an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
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John D. Rockefeller
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an oil tycoon, made lots of deals with railroads to increase his profit
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horizontal integration
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the system of consolidating many firms in the same business
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trust
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way to get around the law. companies assign their stock to a board of trustees, who combine them into a new organization
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Andrew Carnegie
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steel tycoon, increased their power by gaining control of the many different businesses that make up all phases of a products development
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social darwinism
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the belief held by some in the late 19th century that certain nations and races and better then others and therefore can rule over them
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interstate commerce commission (ICC)
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federal body to monitor american business operations
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sherman antitrust act
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made it illegal for companies to seek a monopoly on a product or service, or form cartels

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