Industrial Revolution 2 – Flashcards
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Social Darwinism
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Derived from Darwin's theory of natural selection, the theory that the government should take little action to interfere with people's success.
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Oligopoly
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A market of structure of only a few large, profitable firms.
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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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Loose association of business that make the same product.
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Vertical consolidation
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Process of gaining control of the many different businesses that make up all of a product's development.
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Economies of scale
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Phenomenon that as production increases, the cost of each item often decreases.
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Horizontal consolidation
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The process of bringing together many firms in the same business to form one large company.
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Trust
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A group of separate companies that are placed under the control of a single managing board.
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Sherman Antitrust Act
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Law passes by congress in 1890 that outlawed any combination of companies that restrained interstate trade commerce.
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Andrew Carnegie
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He donated tons of money to various projects
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John D. Rockefeller
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Rich business man who got an interest in the oil company who got a lot of business because he sold his oil cheap.
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How did the theory of social Darwinism affect the government's relationship to big business.
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It affected the business because people who were not born into business could not become business men. This means that the big businesses would just get even bigger.
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Why did the Sherman Antitrust Act seek to stop big business from forming trusts?
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This kept two companies have an unfair advantage over other businesses to make the playing field even. This way no two or three companies could be way more successful than other companies.
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What was the Triangle Factory Fire? Explain its significance.
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it was a fire in a sweat ship. It was significant because it caused there to be new laws on safety for the workers. It also opened up how bad the conditions really were.
