Flashcards: Mod 12.4

Front

Laissez-Faire policies

Back

A system in which business operates free from government regulation. Enables competition and promotes survival of the fittest.

Front

Industrialization

Back

The development of industries in a country or region on a wide scale.

Front

Monopolies – Trusts

Back

Large business entities that control a significant portion of a market, often eliminating competition.

Front

Labor unions

Back

Organizations formed by workers to protect their rights and interests.

Front

Collective bargaining

Back

Negotiation of wages and other conditions of employment by an organized body of employees.

Front

Strikes

Back

A refusal to work organized by a body of employees as a form of protest. Used by labor unions to push for better wages and working conditions.

Front

Aristocracy

Back

A class of persons holding exceptional rank and privileges, especially the hereditary nobility.

Front

Boycotts

Back

A withdrawal from commercial or social relations with a country, organization, or person as a punishment or protest.

Front

“Scab”

Back

A derogatory term for a worker who refuses to join a labor union or participate in a strike.

Front

Socialism

Back

A political and economic theory advocating for state or collective ownership and administration of the means of production and distribution of goods.

Note: It's like a lighter form of Communism.