An American oil industry business magnate who founded the Standard Oil Company.
Using borrowed capital to increase the potential return of an investment.
The practice of selling a product at a very low price with the intent of driving competitors out of the market.
A corporate structure where a group of trustees manages the combined stock of multiple companies, allowing for centralized control. The Standard Oil Trust was a famous example.
The exclusive control of the supply or trade in a commodity or service.
Laws designed to protect consumers from predatory business practices and ensure fair competition.
A powerful American businessman who built a massive fortune in the railroad and shipping industries.
The process of accumulating capital from various sources (like selling stocks and bonds) to fund investments.
Debt instruments issued by corporations or governments to raise capital.
Grants of public land given to private companies, particularly railroads, by the government to encourage development.
The use of borrowed money to finance investments, which amplifies both potential gains and potential losses.
Investing in assets with high risk in the hope of a high reward, often based on market fluctuations rather than fundamental value.
A sudden, widespread fear that causes investors to sell off their assets and depositors to withdraw their money from banks, often leading to a systemic collapse. The Panic of 1873 is a key example.
The two competing monetary systems at the heart of the debate. The gold standard links a currency's value to a fixed amount of gold. Bimetallism links it to both gold and silver.
The derogatory nickname for the Coinage Act of 1873, which ended the minting of silver coins and moved the U.S. onto a de facto gold standard.
Deflation is a decrease in the general price level of goods and services, which hurts debtors. Inflation is an increase, which helps debtors.
The famous 1896 speech by William Jennings Bryan that passionately advocated for a return to bimetallism.
A political movement that champions the common person against the perceived interests of the elite.
The total amount of money in circulation. The populists wanted to increase it by adding silver to the system.
A dominant American banker and financier who played a leading role in industrial consolidation and the development of investment banking. In the absence of a central bank, personally organized a bailout of the financial system during the Panic of 1907.
A specific division of banking that advises companies and governments on large, complex financial transactions, such as raising capital or merging with other companies.
The process of accumulating capital from various sources (like investors) to fund large-scale economic ventures.
The process by which an investment bank raises capital for a client by selling their securities (stocks or bonds) to investors. The bank often guarantees the sale by buying the securities itself first.
The consolidation of companies or assets through financial transactions.
The most critical function of a central bank during a financial panic: providing emergency liquidity to solvent but cash-strapped financial institutions to prevent a systemic collapse.
An international monetary system in the late 19th and early 20th centuries where the value of a country's currency was legally tied to a fixed amount of gold.
A system where the value of different currencies are fixed in relation to each other. Under the gold standard, this was achieved by tying each currency to gold.
The difference between the amount of money coming into a country and the amount going out. Under the gold standard, these imbalances were settled by the physical shipment of gold.
A modern policy where a country fixes its exchange rate to that of another country or to a basket of currencies.
A national bank that manages a country's currency and finances and acts as the "bank for banks." The Panic of 1907 proved the need for one in the U.S.
The central banking system of the United States, the creation of which was the direct result of the lessons learned from the Panic of 1907.
The process of accumulating capital from various sources to fund investments and economic growth.
Debt instruments issued by corporations or governments to raise capital.
The use of profits and borrowed funds by a company to acquire and upgrade physical assets, driving further growth.
The three core components of modern investment.
A place where stocks (shares of ownership in public companies) are bought and sold.
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