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Bessemer Process
• The Bessemer process was the first inexpensive industrial process to convert iron into steel
Free Enterprise
• An economic system in which private business operates in competition largely free of state control.
Corporation
• a business owned by investors (legally a person).
• Protects owners with limited liability.
Stock
• the capital raised by a business or corporation through the issue and subscription of shares.
Dividend
• a sum of money paid regularly by a company to its shareholders out of its profits.
Merger
• combining several companies into one large corporation; used by JP Morgan and the banking industry
Horizontal Integration
• The purchase of competing companies in the same industry
Consolidation
• When companies combine. Larger companies buy out smaller companies or force them out of business.
Pool
• Several companies divide up business in an area. They then fix their prices at a high level.
Vertical Integration
• Acquiring control of all steps required to change raw materials into finished products
Trust
• A group of corporations run by a single board of directors.
Monopoly
• Control of all or nearly all business in an industry
Is Home Depot monopoly?
Rebates
• Big railroad companies secretly offered rebates –discounts- to their biggest customers. The practice forced many companies out of business.
Industrialists and Their Corporations
• J.D. Rockefeller
• Henry Ford
• Andrew Carnegie
• J.P. Morgan
• Standard Oil
• Ford Motor Company
• Carnegie Steel
• U.S. Steel