big buisness

Question Answer
Capitalism economic system in which private business runs most industries, and competition determines how much goods cost and workers are paid.
Free Enterprise belief that the economy will prosper if business are left free from government regulation and allowed to compete in a free market.
Communism political theory that proposes that all people should collectively own property and the means of production and that individual ownership should not be allowed.
Social Darwinism theory adapted by philosopher Herbert Spencer from Charles Darwin's theory of evolution ; argued by society progresses through competition, with the fittest rising to proportions of wealth and power.
Corporation company that sells shares of ownership called stock to investors in order to raise money.
Trust arrangement grouping several companies under a single board of directors to eliminate competition and to regulate production.
Monopoly exclusive economic control of an industry
Vertical Integration ownership of business involved in each step of a manufacturing process.
Horizontal Integration ownership of several companies that make the same product
Cornelius Vanderbilt was a pioneer of the railroad industry
George Pullman he designed and manufactured railroad cars that made long-distance rail travel more comfortable.
Horatio Alger Jr. published a popular series of novels that reflected the increasing importance placed on individualism.
Andrew Carnegie urged them to invest in stocks as he had
John D. Rockefeller one founder of the standard oil company followed a course similar to Andrew Carnegie.