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Glossary

Chapter 24: Industry Comes of Age, 1865-1900

Anarchist

political belief that all organized, coercive government is wrong in principle, and that society should be organized solely on the basis of free cooperation.

Cooperative

an organization for producing, marketing, or consuming goods in which the members share the benefits.

free enterprise

an economic system that permits unrestricted entrepreneurial business activity; capitalism.

Lockout

the refusal by an employer to allow employees to work unless they agree to his or terms.

Plutocracy

government by the wealthy.

Pool

in business, an agreement to divide a given market in order to avoid competition.

Rebate

a return of a portion of the amount paid for goods or services.

regulatory commission

in American government, any of the agencies established to control a special sphere of business or other activity; members are usually appointed by the president and confirmed by Congress.

Social Darwinism

philosophical argument, inspired by Charles Darwin's theory of evolution, that competition in a human society produced the "survival of the fittest" and therefore benefited society as a whole. Social Darwinism opposes efforts to regulate competitive practices.

Socialist

political belief in promoting social and economic equality through the ownership and control of the major means of production by the whole community rather than by individuals or corporations.

Syndicate

an association of financiers organized to carry out projects requiring very large amounts of capital.

Trust

a combination of corporations, usually in the same industry, in which stockholders trade their stock to a central board in exchange for trust certificates.

vertical integration

a single company's control of the activities in the process of creating a manufactured product--from raw materials to the selling of the final product.

yellow dog contract

a labor contract in which an employee must agree not to join a union as a condition of holding the job.


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