Apush Chapter 17- Set 2 Flashcards

Late 1800s. The separation of tasks in a larger manufacturing process. Limited workers' control over the conditions of their labor. Vital component of the industrial revolution in the 1800s and limited workers power since unskilled workers could be easily replaced.

The acquisition of a number of businesses selling a similar product to gain added strength in that market. Late 19th century Standard Oil Company purchased 40 oil refineries, giving it a monopoly. 

A system in which a single person or corporation controls all processes of a industry from start to finished product. Andrew Carnegie first used vertical integration in the 1870s controlling every aspect of steel production from the mining of iron ore to the manufacturing of the final product, thereby maximizing profits by eliminating the use of outside suppliers or services. 

Late 1800s. price manipulation by strategy stock brokers of the late 1800s. The term refers to selling more stock than they actually owned in order to lower prices, then buying it back. 

The Wealth of Nations 1776. Scottish philosopher, created the theory of capitalism and attacked mercantilism. Argued that invisible forces ruled the marketplace and the law of supply and demand determined price. He saw the desire for profit as a powerful tool driving the marketplace and maintained government should stay out of the economy. 

1859. Origin of Species. Theory of evolution. mutation and natural selection gave rise to new species. In the late 1800s applied to society 

A social application of Darwin's biological theory of evolution by natural selection. Encouraged the notion of human competition and opposed government intervention in natural human order. Justified inequality in the late nineteenth century.

1820- 1903. British writer who argued that social Darwinism, by eliminating the unfit and assuring he survival of the strongest and talented, benefited human society.

1832- 1899. Wrote popular novels depicting the rise of young men "from rags to riches.: The books were intended for young people and extolled the virtues of laissez faire capitalism. 

Gospel of Wealth. Late 1800s. Carnegie was a steel tycoon who became a famous philanthropist later in life. De advocated the Gospel of Wealth social theory that held the wealthy were merely trustees of their money and must use their efforts to benefit society. Carnegie endowed Carnegie Hall and libraries across America. Along with his business associate Henry Frick  he built a huge steel works corporation. In 1901 he sold his corporation to JP Morgan who merged the Carnegie corporation with other to create the United States Steel Corporation at that time the largest corporation in the world.