PRESENTATION OUTLINE
Age of Innovation and Industry
Key Terms
Bessemer Process
First inexpensive industrial process for the mass production of steel from molten pig iron before the development of the open hearth furnace.
first inexpensive industrial process for the mass production of steel from molten pig iron before the development of the open hearth furnace.
Horizontal Integration
The merger of companies at the same stage of production in the same or different industries.
Vertical Integration
Strategy where a company owns or controls its suppliers, distributors, or retail locations to control its value or supply chain.
Laissez-faire
Economic system in which transactions between private parties are free from any form of government intervention.
Laissez-faire
Economic system in which transactions between private parties are free from any form of government intervention.
Social Darwinism
Any of various theories of society in the 1870s, claiming to apply biological concepts of natural selection and survival of the fittest to sociology and politics.
Sherman Antitrust Act
United States antitrust law that regulates competition among enterprises, which was passed by Congress.
