Gilded Age- 5:3 and 5:4

Question 1

Gilded Age

Answer 1

Shows extremes of wealth and poverty during Inustrialzation (really rich and really poor)

Question 2

Laissez-faire

Answer 2

Lazy government! (they don’t get involved with the economy or the big businesses)… Big businesses love this idea because they can get away with anything!

Question 3

Free Market Economy/ Free- Enterprise System/ Capitalism

Answer 3

People make decisions about the economy through supply and demand

Question 4

Robber Baron

Answer 4

Big business leader who uses ruthless business tactics to make more money (hurts workers)

Question 5

Philanthropist (Gospel of Wealth Theory)

Answer 5

Once you are rich, you should give money back to the poor

Question 6

Social Darwinism

Answer 6

Survival of the Fittest idea that the rich used to justify their wealth

Question 7

Andrew Carnegie

Answer 7

Steel entrepreneur who used VERTICAL integration (buys out all levels of production) to create his monopoly, but who gave lots of money back to society (libraries, etc)

Question 8

John D. Rockefeller

Answer 8

Oil entrepreneur who used HORIZONTAL consolidation (buys out competition) to creat his standard oil monopoly, and who was considered to be a robber baron by many

Question 9

Henry Ford

Answer 9

Makes lots of cars using the assembly line

Question 10

Trusts/Pools/ Monopolies

Answer 10

Gigantic businesses that takeover the nation and destroy competition

Question 11

Sherman Antitrust Act

Answer 11

regulates big business by breaking up gigantic trusts in order to restore competition to society

Question 12

Political Machine

Answer 12

Corrupt group that runs a city unofficially, Tammany Hall= famous ex.

Question 13

Thomas Nast

Answer 13

Political cartoonist who brought about the downfall of Boss tweed (of Tammany Hall) with his political cartoons

Question 14

Horatio Alger

Answer 14

author of rags to riches novels

Question 15

Unions

Answer 15

groups of workers that organized to improve working conditions and used force at times to reach goals

Question 16

Haymarket Riot

Answer 16

Labor Dispute= Lots of violence; Governmentsupoorts big business

Question 17

Homestead Strike

Answer 17

Steel Strike at Carnegie’s plant=Lots of violence; Government supports big business, not the workers

Question 18

Great Railway Strike

Answer 18

RR Strike= Lots of violence, Government supports big business, not the workers

Question 19

Collective Bargaining

Answer 19

Union’s right to be recognized by their employer (not granted until Great Depression)

Question 20

Knights of Labor

Answer 20

Union led by Terence Powderly that allows skilled and unskilled workers

Question 21

AFL

Answer 21

(American Federation of Labor)- Union led by Samuel Gompers that allows skilled immigrants only, uses pure and simple unionism, and organizes workers into craft unions

Question 22

Pure and Simple Unionism

Answer 22

get the simple things first (shorter work days, wages, better working conditions, etc. )