Industrial Age Vocab

Capitalism: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. Corporation: businesses formed by investors whose purchase of stocks in the company provide the capital ($) for the company’s operation and growth Laissez-faire: “allow to do” French term that refers to an economy in which government does not make rules for business; “hands off” .

Melting Pot: A mixture of people from different cultures and races who blend together by abandoning their native languages and cultures Protective Tariff: a tax on imported goods that is intended to protect a nation’s businesses from foreign competition Patent: A gov’t issued document that protects an investor’s exclusive right to profit from his/her invention for a set period of time

Monopoly: Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices Philanthropy: An active effort to improve society through donations of wealth Social Darwinism: An economic and social philosophy holding that a system of unrestricted competition will ensure the survival of the fittest Gospel of Wealth: Andrew Carnegie’s idea (book) that wealthy people should use some of their wealth to improve society

Nativism: Favoring the interests of native-born people over foreign-born people (prejudice against newcomers) Socialism: An economic system by which the means of production and distribution of goods are owned, managed, or controlled by the gov’t