U.S. History Vocabulary.
Chapter 3 & 5.
American Industrial Revolution:
The Industrial Revolution took place over more than a century, as production of goods moved from home businesses, where products were generally crafted by hand, to machine-aided production in factories.
Belief in laissez-faire was a popular view during the 19th century; its proponents cited the assumption in classical economics of a natural economic order as support for their faith in unregulated individual activity.
Robber Baron was a term applied to a businessman in the 19th century who engaged in unethical and monopolistic practices, wielded widespread political influence, and amassed enormous wealth.
Occurs when a business expands its control over other business that are part of its overall manufacturing process. For example, an oil refining business would be vertically integrated if it owned or controlled pipeline companies, railroads, barrel manufacturers, etc.
Occurs when a business expands its control over other similar or closely related businesses. For example, an oil refining business would be horizontally integrated if it owned or controlled other oil refineries.
Usually urban areas, within which culturally distinct minority communities maintain ways of life largely separate from those of the generally larger communities that surround them.
Is the political position of preserving status for certain established inhabitants of a nation as compared to claims of newcomers or immigrants.
Economically, social Darwinists argue that the strong should see their wealth and power increase while the weak should see their wealth and power decrease.