Age of Industry review Flashcards
Gilded age
Another name for the insudtrail era in (late 1800- early 1900). The US experienced population growth, economic growth, political corruption, rich people were treated well. The term is about how it may look good at the surface but if you deep further there are problems.
corporation
A company thats sells stock or shares out into the public
capital
To invest money. Goods or money used to make other goods or money.
Monopoly
Control of a good or service. Own all the industry. No competition means higher prices
Laissez-Faire
Goverment dosenβt get involved with the buisness
Philanthropist
Some who donates money to the public for others benefit. Suc as money to build schools and libraries
John D. Rockefeller
A philanthropist who created a monoply in the oil industry
Andrew Carnegie
Philanthropist who dominated in the steel indrusty
Henry Ford
Use assembly lines to mass prodce. He made America better by producing a car even middle class Americans could afford
Assembly Line
Instituted by Henry Ford in his car factories. Created a more efficint and cheaper form of production. Worker stand on line and repeat the same task to form a product
JP Morgan
He dominated the financial world during the Gilded Age
Sweat shop
A factory where workers work for very low wages for long hours and uner poor condition. Usually immigrants, women and children work there
Traingle Shirtwaist Facroty Fire
A fire that occured in a NY Shirtwaist factory in 1911. This helped raise awareness regarding the unsafe conditions of workers.
labor Union
Workers organizing into groups to fight for better working conditions and protection. Groups of wokers who have the same job
Strike
A refusal to work organized by employees as a form of protest, typically in an attempt to gain something
Gospel of wealth
Wealthy Americans had a reponsibility to spend their money in order to benefit the greater good or the public.
mass production
Producing large quantities of goods by using machinery or assembly lines
Captain of Industry
business people who also gave back to communities through charity and giving thousands of dollars away to the poor
Robber Barons
Buisness men who took away from from the poor to build their own wealth.
Fair Labor Standards Act
During 1938 there was a law that creates the right to a minimum wage, and βtime-and-a-halfβ overtime pay when people work over forty hours a week. It also progibits employment of minors.
Capitalism/free enterprise system
Business are owned by private citizens, buisnes decide what to produce how to produce it and how to sell it. Businesses compete for consumers⦠opposite of a monopoly. Consumers have choice
Who sold their steel company to who
Andrew Carnegie sold his steel company to JP Morgan, who dominated the financial world during the gilded age.
