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American Industrial Revolution
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Eli Whitney
Created the Cotton Gin which produced clean cotton faster. -
Urbanization
The process by which cities grow or by which societies become more urban. -
Means Of Production
The raw materials and means of labour (tools, machines, etc) employed in the production process. -
Mass Production
manufacture of goods in large quantities by big machines which allows to make stuff much faster than before. -
Laissez Faire
A doctrine that opposed the government interference in economic affairs necessary for the peace and property rights of the people. -
Eugene VS Debs
American union leader, one of the founding members of the Industrial Workers of the World, and several times the candidate of the Socialist Party of America for President of the United States. -
Tenement
A run-down and often overcrowded apartment house, especially in a poor section of a large city. -
Labor Union
This was organization of wage earners or salary earned employees for mutal aid and protection for dealing with the trade union. -
Entrepreneur
a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. -
Monopoly
Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices -
American Federation of Labor
This is a federation of trade unions organization united with the Congress of Industrial Organizations. -
ICC- Interstate Commerce Commision
Is a board, consisting of seven members, that supervises and regulates all carriers, except airplanes, engaged in interstate commerce. -
Sherman Antitrust Act
Act of Congress prohibiting any contract, conspiracy, or combination of business interests in restraint of foreign or interstate trade. -
Bessemer Process
Producing steel which impurities are removed by forcing a blast of air through molten iron and was named after sir Henry Bessemer. -
Enterprise
a project undertaken or to be undertaken, especially one that is important or difficult or that requires boldness or energy or a company organized for commercial purposes; business firm. -
Traditional economy
economic system involving extensive subsistence agriculture or one that otherwise falls outside the definitions of market or planned economies.may be based on custom and tradition or command, with economic decisions based on the traditions of community, family, or religion. -
Andrew Carnegie
A man who came from the united states who was a industrialist and philanthropist who endowed education and public libraries and research trusts. -
Thomas Edison
United States inventor that invented the phonograph and incandescent electric light and the microphone and the Kinetoscope. -
John D. Rockefeller
He was a United States industrialist who made a fortune in the oil business and gave half of the money away. -
Mixed economy
an economy in which there are elements of both public and private enterprise. -
Command economy
a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned. -
Communism
a revolutionary socialist movement to create a classless, moneyless, and stateless social order structured upon common ownership of the means of production, as well as a social, political and economic ideology that aims at the establishment of this social order. -
Markey economy
an economy in which decisions regarding investment, production and distribution are based on supply and demand[1] and the prices of goods and services are determined in a free price system. -
Socialism
an economic system characterised by social ownership of the means of production and co-operative management of the economy,and a political philosophy advocating such a system. -
Knights of Labor
Was a secret working man organization to defend the interest of labor. -
Capital
The materials and money needed to stary a business up or this can not be done. -
Haymarket Square Riot
Is a bomb that was thrown at a squad of policemen attempting to break up a labor rally. The police responded with wild gunfire, killing several people in the crowd and injuring dozens more.
