History Chp 13 – Flashcards
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Entreprenuers
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People who invest money in a product or enterprise in order to make profit
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Creates jobs and also attracted foreign investment
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The factories,mines,and railroads entrepenuers created
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Yes, they encouraged success of businesses
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Would you characterize all of the government's policies in the late 1800s toward business as laissez faire
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Protective tariffs
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Taxes that would make imported goods cost more than they made locally
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Laissez-faire
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Policies which allowed businesses to operate under minimal government regulation
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Businessmen invested heavily in new innovations,hoping to create new industries and expand old ones
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How did the system of patents encourage innovation and investment?
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Patent
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A grant by the federal government giving the inventor the exclusive right to develop,use,and sell an invention for a set period of time
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Thomas Edison
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Created the lightbulb and power grids for cities
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Bessemer process
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A process for purifying iron, resulting in strong, but lightweight,steel.
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Greatly expanded the american economy
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Exports of foods and goods
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Fewer farm laborers were needed to feed the nation
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Farms became mechanicized
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Number of americans working in agriculture decreased
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One important impact of industrialization
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Monopoly
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Complete control of a product or service
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Cartel
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Businesses making the same product agree to limit their production and thus keep prices high
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Rockefeller
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Who created trusts
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Trust
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Companies assign their stock to a board of trustees,who combine them into a new orginization
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Shrewd capitalists who swindled the poor
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Robber barrons
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People believed that business leaders served the nation positively
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Captains of industry
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Carnegie,rockefeller,vanderbilt
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Important philanthropists
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Social darwinism
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declares that wealth was a measure of ones inherent value and those who had it were the most "fit"
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Aided poverty
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Social darwinism didnt support:
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Prevented big companies from "bullying" smaller companies
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What did the sherman antitrust act do?
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Collective bargaining
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When groups of workers negotiate for wages or better working conditions
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Socialism
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Economic and political philosophy that favors public rather than private,control of property and income
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Uriah smith stephens and terence v powderly
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Who founded the knights of labor?
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Local skilled craftsmen
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What did the craft union consist of?
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The government aided the employers and unions became increasingly influenced by socialism
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What were the effects on the labor movement?
