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An act passed by congress after increased public concern which outlawed trusts, monopolies and other forms of business which restricted trade. The federal government was hesitant to enforce of act and usually ended up favoring big business.

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The idea that the business that are run well and by the most capable people will be more likely to succeed and prosper, therefore the government should leave businesses to fail or prosper on their own.

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Translates to "allow to do" and within the context of the age of innovation meant that the government did not do a lot to regulate businesses and allowed them to do as they wished.

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The process of taking control over the various control of the production and distribution of a product

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The process of joining together as many firms as possible within the same industry increase control over the industry

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A new process used to make steel patented by Henry Bessemer, which was much more efficient and cost-effective.