Questions and Answers
What was the Gilded Age?
1870s - 1900s; time period looked good on the outside, despite the corrupt politics & growing gap between the rich & poor.
Who were the Captains of Industry?
Owners and managers of large industrial enterprises who wielded extraordinary political and economic power.
What does philanthropy mean?
Love of humanity, especially as shown in donations to charitable and socially useful causes.
What are Robber Barons?
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What is laissez-faire?
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What does Social Darwinism refer to?
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What is a monopoly?
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What are trusts?
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What is vertical integration?
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What is horizontal integration?
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Who was Andrew Carnegie?
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Who established the Standard Oil Company?
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Who was Cornelius Vanderbilt?
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Who was JP Morgan?
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Who is Jay Gould?
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Study Notes
Gilded Age
- Time period from the 1870s to 1900s characterized by apparent prosperity but underlying corruption and economic disparity.
Captains of Industry
- Powerful owners and managers of large industrial companies who significantly influenced politics and the economy.
Philanthropy
- Emphasizes a love for humanity, demonstrated through charitable donations and support for socially beneficial causes.
Robber Barons
- Industrialists who amassed wealth by exploiting workers through low wages, driving out competition with predatory pricing, and subsequently raising prices once they dominated the market.
Laissez-faire
- Economic policy that minimizes government interference in business operations, promoting free-market capitalism.
Social Darwinism
- Concept suggesting that in human political and economic battles, only the strongest and most capable will survive and thrive.
Monopoly
- A market condition where a single entity or group has complete control over a product or service, eliminating competition.
Trusts
- Corporations that collaborate to minimize competition and manipulate prices, often leading to monopoly conditions.
Vertical Integration
- A business strategy where a company expands its control over multiple stages of production, from raw materials to the final product.
Horizontal Integration
- A tactic where a company merges with or acquires competing firms to consolidate market share and eliminate competition.
Andrew Carnegie
- Industrialist and philanthropist, founder of a dominant steel company in 1892 and contributed 90% of his fortune to charitable endeavors.
John D. Rockefeller
- Founder of Standard Oil Company; notorious for creating one of the most significant and oppressive monopolies in history.
Cornelius Vanderbilt
- Wealthy financier who generated income from the railroad and shipping industries during the 19th century.
JP Morgan
- Influential banker in the 1800s known for using profits to acquire control of major corporations across various industries.
Jay Gould
- Considered one of the most unscrupulous Robber Barons, initially linked with Tammany Hall and Boss Tweed; notorious for his fraudulent practices, including a gold speculation that triggered the 1869 financial panic. By 1882, he controlled 15% of the national railroad tracks.
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Explore key terms related to the Gilded Age, including definitions of 'Captains of Industry' and 'Philanthropy'. These flashcards will help you understand the economic and political dynamics of the late 19th century. Perfect for students of American history!
