| A | B |
|---|
John D. Rockefeller,  | Oil monopolist; created the Standard Oil Trust |
Andrew Carnegie,  | Steel Monopolist; Philanthropist; Strong Believer in Social Darwinism |
| Social Darwinism | "Survival of the fittest" belief about human beings and economics |
| Laissez-Faire | Capitalism without controls; Government should stay out of the economy |
JP Morgan,  | Banker who bought US Steel and consolidated companies |
| Vertical Intergration | Consolidation of many parts of the supply chain into one company |
| Horizontal Integration | Consolidation of many competing companies into one company or trust |
| Trust | A combination of firms that is designed to reduce competition |
| Monopoly | A company that controls almost an entire industry |
| Corporation | A business that many people can invest in; it has limited liability for the owners (stockholders) |
| Sherman Antitrust Act | A law that allows the government to break up companies that becomes a monopoly |
| Competition | A situation in which businesses work against each other to attract customers; it should result in higher quality and lower prices for consumers |
| Philanthropy | Giving money to good causes |
Robber Barons,  | Name given to wealthy businessmen who used ruthless business tactics |
