The Age of Capital

Question 1

the current time and why

Answer 1

RR were first big corporation of america

bring us time zones

Question 2

Industrialism- the most important development in US history after reconstruction

Answer 2

once rec is over, industrialism is one of the most important things in history
will change the way everyone in america lives
the dark side of industrialism= pollution, children working on machines, no safety equipment

Question 3

American business before 1870

Answer 3

industry is small
agriculture
small business
specialties

Question 4

A case study- Andrew Carnegie

who when what sig

Answer 4

Wealth and it’s uses
Who? carnegie
when? 1907
what- use wealth for greater good- don’t leave it to your offspring but keep it in a trust
sig- specialties aren’t important, wealth in a few hands, gives hope to people who want to have all of the money

Question 5

andrew carnegie bio

Answer 5

took advantage of steel
born in scotland
father was a hand weaver
goes to work for RR 
manager in early 20s 
obsessed with efficiency 
understand how everything works
wants to be an entrepreneur
needs money
Tom, scott, charles slobb and henry frick lend him money

Question 6

carnegie- fortunate combination of developments

Answer 6

you need steel- invention of steel is a massive import
main metal before steel was iron- iron is soft
steel is hard, strong, and can take weight
makes the industrial revolution possible
benefit of resources and immigration
-supply cheap labor

Question 7

business and corporate organizational techniques created

Answer 7

moral issues- own everything so he can control everything
monopoly- control 100% of supply
secret agreement between steel manufacturers
carnegie would spread rumors about the low quality of steel

Question 8

industry friendly government

Answer 8

especially rep party
reps believe that slavery was immoral and economically inefficient
laws change in industry-friendly way
corporation was a person under the 14th amendment- people have rights , cannot be controlled or regulated, any money they give is an equivalent to free speech

Question 9

social darwinism

Answer 9

misguided application of “survival of the fittest” to economics
what social classes owe to each other
william sumner
1903
not a blue print for how people are supposed to treat each other
taken out of context
applying it to places where it doesn’t apply
should only be about the origin of species
survival of the fittest is true, therefore, we should expect human society to go by the same rules
evaluate the fitness of people by their wealth
poor people working in factories are not there because of circumstances, but because they earned it
carnegie was born poor so he supports it

Question 10

The gilded age

Answer 10

american’s ambivalence about “Robber Barons’
gilded is an insult
-sometimes made to look better than it is
americans don’t know how to feel about industrialism
unprecedented
what is the fate of democracy in a world that isn’t anything like the way it used to be
-charles dudley warner and mark twain coined phrase
-rapidly expanding middle class- enjoyed modest homes furnished with mass produced consumer goods
-women and men spent free time attending meetings and other events sponsored by organizations
-limited to whites
-upward mobility
-edward bellamy and looking backward- about someone with a mental problem and a hypnotist makes him better and wakes up after 20 years and is in industrial age
-threats to democracy, threats to free enterprise, threats to jobs

Question 11

Carnegie’s philanthropy- gospel of wealth

Answer 11

1889
sells company and gives away money
wealthy should give money to community
philanthropy- building institutions that would raise educational and cultural standards
gave money to libraries- gained money through knowledge and not their own efforts