indistrialization

Question 1

railroads did what for america

Answer 1

improved the economy
railroad companies created time zones
allowed people to ship goods

Question 2

robber barons

Answer 2

wealthy and powerful 19th century american businessmen

-industrialists whose business practices were ruthless and unethical

Question 3

captains of industry

Answer 3

a business leader whose means of amassing a personal fortune contributed positively to the country in some ways

Question 4

who were the robber barons

Answer 4

carnegie
vanderbilt
carnegie

Question 5

vertical integration

Answer 5

someone controls the process from start to finish
the firms buys up all aspects of production process from raw material to distribution

example netflix makes their OWN tv shows

make their own components of process

Question 6

horizontal integration

Answer 6

big firms buy up small firms

buying related whole businesses
buying direct competitors

eliminates competition

Question 7

unsung heroes of industrialization

Answer 7

workers

Question 8

laissez faire

Answer 8

hands off capitalism

they let the companies do what they wanted to do

government assumed the companies would self regulate

Question 9

social darwinism

Answer 9

natural selection enabled best suited people to survive

that’s is why rich were rich and poor were poor

an excuse for monopolists or robber barons ruthless behavior

good business prosper sick businesses fail

difference between robber baron and captain of industry

Question 10

carnegie

Answer 10

steel

Question 11

j.p. morgan

Answer 11

banking

evnatually bought carnegie steel and turned it to US steel

bailed us gov out of economic depression

Question 12

rockefeller

Answer 12

oil industry

standard oil controls 90%

used vanderbilt for railroads - transportation

Question 13

what are trusts

Answer 13

competing companies put control of their business under a single group of trustees

Question 14

monopoly

Answer 14

complete control over their industry production, wage, and prices

Question 15

sherman antitrust act

and it’s problems

Answer 15

made it ilegal to form a trust
forbids restricting of trade and competition
problem: lacked specific terms of what monopoly is and government is still laissez faire

Question 16

what is industrialization

Answer 16

the shift from doing things by hand in small batches to mass production using machinery

Question 17

how do factories change work life

Answer 17

more work done in factories than at home
women able to leave homes and get jobs -kids were independent
work goes from skilled to unskilled labor(due to machines)

Question 18

the gilded age

Answer 18

shiny and nice in outside but has problems in there inside

a demonstration of our society and government due to monopolies, laissez faire and social darwinism

Question 19

vanderbilt

Answer 19

dominated railroad industry particularly in the north

Question 20

panic of 1893

Answer 20

over speculation
too many people gambling on making more money

les to economic depression

Question 21

labor unions created to

Answer 21

protect workers
negotiate wages
negotiate work hours
improve work conditions
sometimes had strikes but tried to avoid them

on strike unions would pay workers and give them resources like food

Question 22

IWW industrial workers of the world

Answer 22

most radical union- open to ANY industrial worker

Question 23

collective bargaining

Answer 23

as a group you have a more powerful voice
what we did in class
negotiations between labor and management tow in higher wages

Question 24

samuel gompers

Answer 24

founder of american federation of labor

worked collaboratively w management so less strikes

Question 25

morganization

Answer 25

buying and restructure businesses to make them profitable