Gilded Age Flashcards
Robber Barons
wealthy industrialists who practiced exploitation and did anything to be rich
Cornelius Vanderbilt
robber baron of the railroad
John D. Rockefeller
wealthiest man in history, robber baron of oil
Andrew Carnegie
robber baron of steel
JP Morgan
robber baron of banking and electricity
Laissez Faire
French term to prevent the government from interfering with economic affairs
Monopoly
when one business dominates an industry and destroys competition
Trust
a mechanism by which one company grants control over its operations, through ownership of its stock, to another company
when one company owns a multitude of other smaller ones
Sherman Anti-Trust Act
A federal law that committed the American govt. to opposing monopolies. It prohibited contracts, combinations, and conspiracies in restraint of trade (outlawed trust and monopolies)
Horatio Alger
New England ex-pastor who began his literary career in 1866, wrote 100 books of fiction where virtue and honest and industry were rewarded with success, wealth, and honor.
Social Darwinism
survival of the fittest
Granges
farmer’s union
Populist Party
party of farmers and laborers that wanted direct election of senators
Interstate Commerce Commission
govt. agency that established to regulate the railroad
Public Utility
a privately owned business that’s govt. regulated