History Test study guide (standard 3) Flashcards
What effect did the Railroad have on the United States?
The railroad helped drive settlement in the western regions, stimulate economic development, and open up mining markets
What was the purpose of the protective tariff policy of the late 1800s and restrictions on union organizing?
To protect American industries from foreign competition. Restrictions on union organizing help industrial growth because businesses can expand considering they aren’t fighting with their workers
Explain what laissez-faire economic is.
Prices/wages are determined by the marketplace (government hands off)
What was a major impact of laissez-faire economics?
It allowed businesses to do what they wanted with little government interference. This led to the development of monopolies.
What industry did Rockeffer run?
Standard Oil
What industry did Carnegie run?
Steel
What type of monopoly did Rockeffer have and explain it.
Utilized the horizontal system, system of consolidating many firms in the same business
What type of monopoly did Carnegie have and explain it.
Utilized the vertical system, system of consolidating many firms in all steps of a product’s manufacture
What is a philanthropist?
A person who seeks to promote the welfare of others, especially by the generous donation of money to good causes
How could a business tycoon earn himself the nickname “Robber Baron”?
If their business practices were considered unethical and if they created a monopoly
What is Social Darwinism?
The belief that certain nations and races were superior to others and therefore destined to rule (survival of the fittest)
What did the Triangle shirtwaist factory fire show about factory owners?
Factory owners cared more about profits than safe working conditions
What was the primary reason labor unions formed?
To help laborers with work-related difficulties such as low pay, unsafe or unsanitary working conditions, long hours, and other situations
What were the workers demanding?
Better wages, reasonable hours (eight hour workday), and safer working conditions
Was there division among the workers?
Yes, workers were divided based on skill, race, gender, foreign vs not foreign, etc