Monopolies

Question 1

Social Darwinism

Answer 1

The application of Charles Darwin’s laws of evolution and natural selection among species to human society in which only the fittest survived in the marketplace.

Question 2

Herbert Spencer

Answer 2

English philosopher who was the first and most important proponent of social Darwinism

Question 3

Adam Smith

Answer 3

The “Father of Capitalism” a classical economists whose law of supply and demand coincided with social darwinism

Question 4

Gospel of Wealth

Answer 4

The idea that people of great wealth and power had a responsibility to advance social progress, developed by Carnegie

Question 5

Acres of Diamonds

Answer 5

a lecture by Conwell in which he claimed that every industrious individual had the ability to gain riches

Question 6

Horatio Alger

Answer 6

the most famous promotor of the success story whose writings made his name synonymous with the idea that anyone could advance with hard work

Question 7

Dynamic Sociology

Answer 7

the idea that civilization was not governed by natural selection but by human intelligence, advocated by Lester frank Ward

Question 8

Laissez-Faire

Answer 8

idea that the government should not be active in changing society but that natural selection should be allowed, generally supported by capitalists.

Question 9

Progress and PRoperty

Answer 9

Henry George’s nonfiction book in which he explained that as long as wealth increased and the contrast between wealth and want grew, there could be no real progress.

Question 10

Andre Carnegie

Answer 10

Scottish immigrant who opened his own steelworks in Pittsburg, soon dominated the industry

Question 11

JP Morgan

Answer 11

bought Carnegies steel business for 450 million and merged its interest with others to create US steel

Question 12

Consolidation

Answer 12

the unification of 2 or more corporations by dissolution of existing ones and a creation of a single corporation

Question 13

horizontal integration

Answer 13

the combining of a number of firms engaged in the same enterprise into a single corporation

Question 14

vertical integration

Answer 14

the taking over of all the different businesses of which a company relied for its primary function

Question 15

Rockefeller

Answer 15

owned standard oil, created through horizontal and vertical intergration leading symbol of monopolies

Question 16

Holding Company

Answer 16

a company created to buy and possess the shares of other companies

Question 17

Erie War

Answer 17

Vanderbilt battled Jay Gould and Jim Frisk for control of the erie railroad, both sides offered bribes to members of legislature

Question 18

Terence Piwderly

Answer 18

Leader of the knights of labor

Question 19

American Federation of Labor

Answer 19

Representatives of existing craft unions formed the federation of organized trade and labor unions of the
United States and Canada. Most important and enduring labor group in the country

Question 20

Samuel Gompers

Answer 20

Powerful leader of the AFL

Question 21

Haymarket Square

Answer 21

Where labor and racial leaders called a protest meeting against police

Question 22

Homestead Strike

Answer 22

A strike against the homestead steel works in Pennsylvania workers were angry because their wages were cut

Question 23

Pullman strike

Answer 23

wages were cut by 25% in the winter and people went on strike against Pullman and eventually shut railroads down

Question 24

Eugene Debs

Answer 24

Head of the American Railway Union and director of the pullman strike

Question 25

Peter Altegeid

Answer 25

Illinois governor who pardoned the bombers of Haymarket square

Question 26

“Looking Backward”

Answer 26

Utopian novel by Edward Bellamy that described the experiences of a young Bostonian who went to sleep in 1887 and woke up in 2000.

Question 27

Chinese Exclusion Act

Answer 27

barred all chinese citizenship and banned chinese immigration for 10 years

Question 28

Labor Contract Law

Answer 28

Permitted industrial employers to pay for the passage of workers in advance and deduct the amount later from their wages

Question 29

Child Labor Laws

Answer 29

Laws that set minimum age of working at 12 years and a max workday of 10 hours- laws were put into action because of the poor condition of child workers

Question 30

National Labor Union

Answer 30

Organization found by Sylvis that fought back against labor conditions

Question 31

Molly Maquires

Answer 31

militant labor organization in the coal region of Pennsylvania that sometimes used terrorist tactics

Question 32

Knights of Labor

Answer 32

first major effort to genuinely create a national labor organization in 1869 under Stehpens

Question 33

Spindeltop Oil Field

Answer 33

One of the greatest oil depositions in US, in Texas

Question 34

Patents

Answer 34

a government authority or license conferring a right or title for a set period

Question 35

Cyrus Field

Answer 35

created the Atlantic Telegraph Company that laid the cable across the atlantic

Question 36

Bessemer Process

Answer 36

a steel making process devised by Henry Bessemer that blew air through iron to pull out bad materials

Question 37

Standard Oil

Answer 37

Rockefeller’s oil producing, transporting, refining, and marketing company

Question 38

Taylorism

Answer 38

the principles or practice of scientific management of human labor

Question 39

Vanderbilt

Answer 39

american philanthropists who gained wealth from railroads

Question 40

Corporation

Answer 40

a company or group of people authorized to act as a single entity

Question 41

Stock

Answer 41

the capital raised by business or corporation through the issue and subscription of shares

Question 42

Limited Liability

Answer 42

A person’s financial liability is limited to the value of a person’s investment in a company or partnership

Question 43

Carnegie

Answer 43

industrialist who led the enormous expansion of the American steel industry