The Growth of Industry Vocabulary List

Industry Definition: The production and sale of commercial goods. Commercial goods were made in factories. Example of Industry in a sentence. During the second half of the nineteenth century, American industry grew rapidly.

Patent Definition: A government grant that allows only the inventor to make, use, and sell an invention for a certain time. Example of patent in a sentence: Thomas Edison received over 1,000 patents from the U.S. government.

The Bessemer Process Definition: A cheap and easy way to transform iron into steel. Example of the Bessemer process in a sentence. The Bessemer process allowed American industrialists to build tall buildings, bridges, and railroad tracks out of steel.

Pollution Definition: Damage to the land, air, and water from harmful materials. Example of pollution in a sentence. Although the industrial age produced many great advancements for America, it also resulted in a large amount of pollution in the country.

Capitalism Definition: An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. Example of capitalism in a sentence. Capitalism allows individuals to own their businesses, homes, and possessions.

Laissez-Faire Capitalism Definition: Capitalism without government oversight. Also known as “free-market” capitalism. Example of Laissez-Faire capitalism in a sentence. An economy based upon Laissez-Faire capitalism does not allow government regulation of industry.

Social Darwinism Definition: “Survival of the fittest” The belief that the “fittest” individuals and economic institutions will survive in an unregulated economy. Example of Social Darwinism in a sentence. During the second half of the nineteenth century, many American industrialists justified their success by Social Darwinism.

Robber Baron Definition: A person who used their wealth to bribe politicians and business owners. Robber barons used corrupt business practices to advance their businesses. Robber barons paid their workers poorly, suppressed labor unions, and provided poor working conditions for their employees.

Captain of Industry Definition A person who helped make the United States a prosperous nation, while creating a higher standard of living and employing the nation’s workers. Captains of industry were also philanthropists, they used their wealth to help the public by building public institutions and funding charities.

Philanthropist Definition: A person who seeks to promote the welfare of others, by the donation of their wealth to good causes and public works. Example of philanthropist in a sentence. Andrew Carnegie was a philanthropist, he used his wealth to build libraries and universities.

Corporation Definition: A large company formed by a group of investors. Example of corporation in a sentence. Apple is a very successful corporation in the modern era.

Monopoly Definition: A company that has complete control of an industry. Monopolies buy out their competitors so they do not have any competition in the market. Example of monopoly in a sentence. During the late nineteenth century, many industrialists formed monopolies to gain complete control of a market.

Trust Definition: When one company controls all aspects of its industry. For example, the Standard Oil Company controlled all of the oil refineries, the railroad companies that transported oil, the timber companies that made oil barrels, the ships that transported oil, the stores that sold oil refined products.

Munn v. Illinois Definition: Background: Munn, the owner of a Grain elevator company refused to comply with a state warehouse Act. Munn believed his 14 th Amendment right to property was violated by state legislation laws. A Supreme Court decision that stated any business that serves the public interest was subject to state control. A state government had the power to tell regulate a private company and intervene if their business practices were unfair.

The Interstate Commerce Act (1887) The Interstate Commerce Act: Railroad companies had to set fair prices that were equal for big businesses and small businesses. Railroad corporations had to make their rates public. Competitive business practices were declared illegal. The Interstate Commerce Commission (ICC) was created to supervise the actions of railroad companies to make sure they conducted fair business practices.

The Sherman Antitrust Act Definition: Declared that trusts and monopolies were illegal. A person who had formed a trust or monopoly could be fined and imprisoned for doing so. Small businesses and individuals affected by trusts and monopolies could sue in federal court for damages.

Company Town Definition: A community set up and run by a company for its workers. Example of company town in a sentence. During the industrial era, companies created company towns and forced their workers to live in them so they would have greater control over their workforce.

Labor Union Definition: An organized group of workers, often in a trade or profession, formed to protect and further their rights and interests. Example of labor union in a sentence. During the late nineteenth century, workers formed labor unions to fight for better wages and working conditions.

Strike Definition: To refuse to work until certain demands, such as higher wages or better working conditions, are met. Example of strike in a sentence. The most effective weapon during the industrial era was the strike. During a strike, workers refused to work, and companies lost money.

Collective Bargaining Definition: When union representatives negotiate with business owners for better working conditions. Example of collective bargaining in a sentence. A union always wants to have collective bargaining rights, these rights allow them to negotiate with business owners to gain better rights.

Inflation Definition: An decrease in the value of money; an increase in the price of commercial goods and services. Example of inflation in a sentence. During a period of inflation, the value of the dollar decreases.

Deflation Definition: An increase in the value of money; A decrease in the price of commercial goods and services. Example of deflation in a sentence. During a period of deflation, the value of the dollar increases.

The Grange Definition: An organization formed by farmers in The Grange was a social, economic, and political organization created to help farmers living on the Great Plains. Example of The Grange in a sentence. The Grange fought for fair transportation rates from railroad companies.

The Alliance Movement Definition: An Alliance Movement was a farmers organization created in different parts of the country to fight for farmers’ rights. The Alliance movement was not a national organization. Different alliances were created to represent certain regions of the nation. Alliances  Wanted to create cooperation amongst farmers.  Created co-ops to sell farming supplies to farmers at fair rates.  Acted as a political and social organization, wanted to gain political rights for farmers in America.

The Populist Party Definition: A political party created in 1892 to represent farmers and factory workers in America. The party wanted to protect its members from the abuses of big business and unfair government practices. The Populists wanted fairer wages, better working conditions, and greater political representation in the nation.

Initiative Definition: The citizens of a state can introduce a bill before a state legislature.

Referendum Definition: The people can vote on state law. They have the power to change it or get rid of it.

The Gold Standard Definition: A system in which the value of the currency was fixed to the value of gold. During the late nineteenth century the Populist Party wanted the American currency to be fixed to the value of gold and silver, a system of bimetallism, to increase inflation and help American farmers.

Bimetallism Definition: A system allowing the unrestricted currency of two metals as legal tender at a fixed ratio to each other. Example of bimetallism in a sentence. During the late nineteenth century, the Populist Party wanted the American economy to adopt a system of bimetallism (gold and silver).

Reformer Definition: A person who works for a cause that improves the way something is done in a society. Example of reformer in a sentence. During the late nineteenth century, reformers wanted to end child labor.