Industry, Immigration, and Urban Growth Flashcards
The industry with which Andrew Carnegie was associated.
Steel
The industry with which John D. Rockefeller was associated.
Oil
The industry with which J.P. Morgan was associated.
Banking
The industry with which Cornelius Vanderbilt was associated.
Railroads
What does “gilded” mean?
Covered in a thin layer of gold
What was the “Gilded Age?”
A seemingly prosperous time in U.S. history that wasn’t quite as great as it appeared. It lasted from approximately 1865-1898. It was characterized by industrial growth and extreme wealth for some, while others experienced poverty as a result of low wages despite long hours in harsh working conditions.
What government policies allowed industries to grow during the Gilded Age?
- A laissez faire approach
- Subsidies for railroads
- High tariffs on imports
Define laissez faire.
The government does not interfere with the free market..
Define subsidies.
Grants of land or money offered to railroads or other businesses to support a project that benefits the public
Define tariffs.
Taxes
What two sources of energy became key to industrial growth?
Oil and coal
When industrial leaders are referred to as “robber barons,” what does it mean?
An American capitalist who became wealthy through the exploitation of natural resources, governmental influence, and workers.
When industrial leaders are referred to as “captains of industry,” what does it mean?
Businessmen who are especially successful and powerful
What is a corporation?
A type of business or organization owned by many people but treated by law as though it were a person.
(It is a big business)
What is a trust?
A combination of firms or corporations formed by a legal agreement, especially to reduce competition.
(A combination of big businesses that are under the control of one group)
What is a monopoly?
A market where there is only one provider of a good or service.
(An overly powerful trust)
What were some of the positive aspects of big business?
- The “Captains of Industry” built up the American economy.
- Jobs were available in manufacturing.
- Cities grew and developed due to the amount of jobs available in industry.
- Business owners could grow wealthy from setting up corporations, trusts, monopolies.
What were some of the negative aspects of big business?
- Workers received low pay for long hours in poor conditions.
- Wealth was unevenly distributed among Americans. In other words, there was a large gap between the very poor and the very wealthy.
- Trusts sometimes became overly powerful monopolies that took advantage of workers and consumers.
Define sweatshop.
A shop or factory where workers work long hours at low wages under unhealthy conditions.