Industrial Growth Flashcards
Why did factory owners use child labor in the late 1800s and early 1900s?
It was cheaper.
What is a monopoly?
When a person or corporation controls all or nearly all of the businesses a particular industry.
After the Civil War what rapidly growing industry opened America to new settlement?
The railroad industry.
How did inventions made in the late 1800s help factories and businesses?
Less time, more money, new products, sped up communications, more efficiency.
The idea of Laissez-faire helped American industry to grow because the government:
Stayed out and made few rules to regulate business activities.
Andrew Carnegie, John D. Rockefeller, and J.P. Morgan were all?
Captains of industry or robber barons.
Industrialists of the Gilded age argued that monopolies were “beneficial to the country.” How did they justify the statement?
It made low production costs, low prices, higher wages, and a better quality of life.
The 1890 law that controlled the break up of monopolies was?
The Sherman Anti-trust act.
In the late 1800s labor unions were developed with demands for?
Higher wages, less hours, improvement in the work area, and no child labor.
Was the Sherman Anti-trust act powerful enough to break up monopolies?
No.
What were two negative effects on monopolies and trusts on the American economy and society?
They reduced competition which made prices go up, and they ruined businesses which put people out of work.
What were two positive effects of monopolies and trusts on the American economy and society?
They kept people at work which made more jobs, and it made better standards of life.
