| A | B |
|---|
| Corporation | allows a business to raise money by selling shares |
| Monopolies | when a business controls an entire industry |
| Cartels | loose alliance of businesses who set prices/maintain supply levels |
| Trusts | separate businesses that are controlled by one group |
| Standard Oil | monopoly of the late 1800s owned by Rockefeller |
| Henry Ford | entrepreneur in the auto industry, moving assembly line |
| Andrew Carnegie | controlled Carnegie Steel |
| Gospel of Wealth | idea that the wealthy should donate their money to charity |
| Robber Baron | term for ruthless businessmen |
| Captain of Industry | term for charitable businessmen |
| Laissez-faire | government is not involved in regulating business |
| Social Darwinism | strong businesses should survive and weak businesses should fail |
| Interstate Commerce Act | set up ICC to regulate railroad rates |
| Sherman Antitrust Act | banned monopolies |
| Horizontal Consolidation | used by Rockefeller, controlling all the same businesses in an industry |
| Vertical Consolidation | used by Carnegie, controlling all stages of production |
| John D. Rockefeller | built Standard Oil Trust |
| JP Morgan | investment banker of Gilded Age |
| Cornelius Vanderbilt | involved in shipping and railroad industry during Gilded Age |
| Munn v. Illinois | states can regulate private property in the public interest |
| Wabash, St. Louis, & Pacific Railway v. Illinois | only federal government can regulate interstate railroad rates |
| U.S. v. E.C. Knight Company | made many businesses exempt from Sheman Antitrust Act |
| Gilded Age | late 1800s, lots of wealth, but many problems in society |
