122A: Further economic growth Flashcards
In 1860 what was USA?
A second-rate industrial power
In 1890 what had USA become?
The leader in industry, over Germany, Britain and France
What did American economy become dominated by?
Few individuals and corporations
Who controlled the new industrialised America rather than politicians?
Big businessmen
Why were Captains of Industry so powerful?
They were not regulated by Government and did what they could to make as much money as possible
What nickname was given to businessmen because of their unscrupulous practices?
Robber Barons
From what government attitude did the ‘robber barons’ benefit?
Laissez-faire
Who were the most famous railroad tycoons?
Cornelius Vanderbilt and his son William
What was Cornelius the richest man of by his death?
America
What was William the richest man of by his death?
The world
Who was the most famous steel tycoon?
Andrew Carnegie
Who did Carnegie sell his empire to and for how much?
J.P Morgan for $480 million
Who was the most famous oil tycoon?
John D. Rockefeller
What company did Rockefeller set up?
The Standard Oil Company
By the 1880s how much of American oil production did Rockefeller control?
85%
