Second Industrial Revolution and Gilded Age (Captains of Industries + Robber Barons)

Question 1

Monopoly

Answer 1

complete control of the entire supply of goods or of a service

Question 2

Gilded Age

Answer 2

the period from 1870 and 1898 which was described by Mark Twain as glittering on the surface but corrupt underneath

Question 3

VI. The Oil Room

Answer 3

In 1859, Americans rushed to PA for the first oil strike, oil used to be made out of kerosene but it was damaging for the lungs and often caused fires

Question 4

VII. John D. Rockefeller
(Standard Oil Company of Ohio)

Answer 4

age 23, invested in his first oil refinery, consolidated other refineries, lowered prices to compete with other companies, created the Standard Oil Trust in 1882.

Question 5

Laissez-Faire

Answer 5

states that business & the economy would run best with no interference from the government (Adam Smith)

Question 6

Philanthropy

Answer 6

giving money and time to make life better for other people

Question 7

VIII. John Pierpont Morgan

Answer 7

Famous banker, bought Carnegie Steel in 1901, turned it into a $1 billion company, U.S. Steel, stabilized the American economy during several crises, and donated the largest medieval book collection in 1924

Question 8

IX. Philanthropy of Industrialists

Answer 8

Many industrialists donated most of their money to charities in fear of being called robber barons and believed that that people shouldn’t inherit money they didn’t earn

Question 9

Carnegie’s donations

Answer 9

built public libraries, money for education (about $350 million)

Question 10

Rockefeller’s donations

Answer 10

Civil rights, medical science and education (about $350 million)

Question 11

Gospel of Wealth

Answer 11

donate surplus wealth to charity

Question 12

Free Enterprise System

Answer 12

businesses are owned by private systems

Question 13

Sherman Antitrust Act

Answer 13

a law that made monopolies and trusts that restrained trades illegal

Question 14

X. The Antitrust Movement

Answer 14

Large corporations bought out smaller companies and were gaining political powers, to prevent this, the people wanted the government to control monopolies and trusts

Question 15

XI. Laws Against Monopolies

Answer 15

Congress approved the Sherman Antitrust Act in 1890, focusing on efficient and fair corporations. President Wilson signed the Clayton Antitrust Act in 1914, banning businesses that limited competition and unions