Industrial Revolution
Terms to know about the Industrial Revolution
Terms
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- Bessemer Process
- The process of refining steel
- Blue Collar and White Collar
- Blue Collar-Lower class, less paying jobs, Workers for Andrew Carnegie White Collar-Higher class, higher paying jobs, Andrew Carnegie
- Captains of Industry
- People who's personal fortune helps the country-Andrew Carnegie
- Robber Barons
- People who use questionable ways to gain wealth-Andrew Carnegie
- Charity v Philanthropy and justice
- Charity-Giving people what they need right now-soup kitchens Philanthropy-giving large sums of money to benefit the country-money to library Justice-making everyone equal by for instance raising minimum wage
- Connotation
- The idea that words have have additional meanings besides it's literal meaning-your stupid=bad connotation
- Economies of Scale
- Cost advantages to expanding your business-Andrew Carnegie, McDonalds buying Chipotle
- Exploitation
- Use persons in an unfair way-workers in Triangle factory
- Gospel of Wealth
- Term coined by Andrew Carnegie saying that rich should give to poor
- Great Wave of Immigration
- Time in American history where huge amounts of immigrants came to America
- Homestead Strike
- A strike within Andrew Carnegie's factory where workers wanted more money and better working conditions
- Horatio Alger
- A writer that wrote "rags to riches" stories. His most famous one was called Ragged Dick and it was about a man who worked his way up by being nice and working hard
- Horizontal integration
- When a company merges with another company that does like same thing like McDonald's merging with Chipotle. It benefits the companies because they get better deals on food items like lettuce
- Income mobility
- The moving of a person from one income level to another whether that be up or down. The graph about poor to rich helps in this understanding
- Inequality in income/wealth
- The way income is distributed in America. It is supposedly unfair.
- Industrial Revolution
- Era in American history where the change in all job industries drastically effected America.
- Monopoly
- When one company supplies all of one item
- Poverty
- the state of having little or no money and few or no material possessions-homeless
- Revolution
- a drastic and far-reaching change in ways of thinking and behaving-industrial revolution
- Scabs
- Workers come in when the origianl workers are on strike
- Scientific Management
- Way of managing companies that improves efficency
- Shareholders
- Person who owns a share in a company
- Social Darwinism
- When Darwin's theories of "Survival of the fittest" are applied to social situations like poverty
- Strike
- When workers stop working to protest lack of pay or poor working conditions
- Triangle Shirtwaist Fire
- When a fire started in a fire and killed 146 working immigrants
- Trust
- To rely on
- Unions
- Workers that have come together to achieve better working conditions
- Urbanization
- Growth of urban places because of global changes that are taking place
- Vertical integration
- When a company buys all the companies that are needed to produce that company's product-Andrew Carnegie
- Working poor
- People who are working, but their income is below the official poverty line