Economies Of Scale, Economy Of Scale

The gains in production output or the savings of cost achieved with the increased efficiency of large scale production processes.

Gilded Age

From the title of Mark Twain and Charles Dudley Warner's 1873 novel, the "Gilded Age" became a term popularly associated with the second half of the 19th century, a period from the end of the Civil War to the turn of the 20th century marked by political corruption and materialism. Behind the fabulous new wealth of the era, there was a decadent and thoroughly corrupt core.

Taylorism

The eponym given to the system of scientific management pioneered by Frederick W. Taylor in the American steel industry of the late nineteenth and early twentieth centuries. Taylorism emphasizes the standardization and streamlining of production processes such that they require little training and a minimum of time and motion-functioning, in other words, like a well-engineered machine.