Industrialization Immigration and Urban America (1865-1901)

Social

Laissez-Faire- Literally means "let do", a french phrase meaning "let people do as they chose."

Monopoly- Total control of a type of industry by one person or one company.

Trust- A combination or firms or corporations formed by a legal agreement, especially to reduce competition.

Economical

Entrepreneur- People who risk their capital in organizing and running a business to make a profit for themselves.

Vertical Integration- Also known as the steel industry. Owns all of the different businesses on which it depends for its operation so instead of paying its companies for coal, lime, and iron it saved companies money while enabling big companies to become even bigger.

Horizontal Integration- Combining many firms engaged in the same type of business into one large corporation. Took place

Political

Thomas Edison- Most famous inventor, created the phonograph in 1877, two years later he perfected the light bulb and electric generator. Also he invented the battery, dicaphone, and motion picture.

Alexander Graham Bell- A young Scottish-American inventor, he suggested the telephone, and organized AT&T

Edwin Drake- invented a drill that he used to drill the ground to get to oil and the price of oil was expensive. 

History is a history of progress, we have had great advances during this time period of the industrial revolution, Inventors have continued to work on various different inventions to help make life easier while increasing the productivity. While many more inventors came throughout this time, Captain of industry, Andrew Carnegie- owned over 25% of the nations steel and controlled resources, factories, and transporation. built empires out of smaller businesses and Corporations- is a organization owed by many people but, treated by law as though it were a single person, they helped the way of life for America. Although Captain of industry was nice, Robber Barons only thought of themselves when it came to money. They made workers work long hours for little pay, in very harsh environments. With new technology & new ways of living, more and more people came to the United States for new jobs and to start a new life for themselves. This is progress because many immigrants were making better lifestyle choices for themselves.