Monopolies - When one company controls an entire industry., Vertical Integration - When a company owns the means of production for a certain good., Horizontal Integration - When one company merges or buys companies that make similar products., Laissez-faire - When the government stays out of the economy, Raw Materials - Coal, iron, word, and oil., Tariffs - Taxes on imported goods that were kept high to protect US businesses , Robber Barons - Industrialists who exploited workers, corrupted the government, and used ruthless business practices., Captains of Industry - Industrialists who helped make the US great through business, they used their smarts, worked hard, and gave back to society., Andrew Carnegie - An industrialists who made his fortune in steel. He used vertical integration to form a monopoly., John D. Rockefeller - An industrialist who made his fortune in oil. , J.P. Morgan - He made his money in banking and investment. He was considered the bank of the government., Social Darwinism - The belief that the rich had money because they inherited better genes than the poor., Philanthropy - The act of giving to charities or using your money to help society., Urban Problems - Tenements, slums, water and sewage, frequent fires and disease , Homestead Strike - Strike at a Carnegie's steel plant. Mercenaries called the Pinkertons were hired to put down the union. , Pullman Strike - Strike that affected the railroads. The rail lines were shutdown. The U.S. army was called in to stop the strike., Labor Unions - Organizations of workers who fight for better pay and shorter hours., Horatio Alger - Wrote novels about immigrants who became rich through "pluck and luck", Gospel of Wealth - the idea that rich people should donate money back to society,

Unit 2: The Gilded Age

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