The Rise Businesses The Rise Buisnesses

Question Answer
Capitalism a private economic system
Free Enterprise Most business leaders believed that the economy would prosper if businesses were left free from government regulation and allowed to complete in free market.
Communism a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Social Darwinism argued that society progressed through natural competition.
Corporation A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter.
Trust The agreement where several companies make decisions together.
Monopoly Private ownership
Vertical Integration the combination in one company of two or more stages of production normally operated by separate companies.
Horizontal Integration When several companies make the same product
Cornelius Vanderbilt was an American business magnate and philanthropist who built his wealth in railroads and shipping.
George Pullman was an American engineer and industrialist. He designed and manufactured the Pullman sleeping car and founded a company town, Pullman, for the workers who manufactured it.
Horatio Alger Jr. was a prolific 19th-century American writer, best known for his many young adult novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security
Andrew Carnegie was a Scottish-American industrialist, business magnate, and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and is often identified as one of the richest people ever.
John D. Rockefeller was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history.