Captains of Industry Flashcards

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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?

Industrialists or big business owners who gained huge profits by paying their employees extremely low wages and controlling the market. Signup and view all the answers

What is laissez-faire?

Policy allowing business to operate with little or no government interference. Signup and view all the answers

What does Social Darwinism refer to?

The belief that only the fittest survive in human political and economic struggle. Signup and view all the answers

What is a monopoly?

Complete control of a product or business by one person or group. Signup and view all the answers

What are trusts?

Firms or corporations that combine for the purpose of reducing competition and controlling prices. Signup and view all the answers

What is vertical integration?

The combining of companies that supply equipment and services needed for a particular industry. Signup and view all the answers

What is horizontal integration?

The combining of competing firms into one corporation. Signup and view all the answers

Who was Andrew Carnegie?

A Scottish-born American industrialist and philanthropist who founded a steel company in 1892 and gave 90% of his fortune to philanthropy causes. Signup and view all the answers

Who established the Standard Oil Company?

John D. Rockefeller. Signup and view all the answers

Who was Cornelius Vanderbilt?

United States financier who accumulated great wealth from railroad and shipping businesses. Signup and view all the answers

Who was JP Morgan?

The most powerful banker of the 1800s who used banking profits to gain control of major corporations. Signup and view all the answers

Who is Jay Gould?

Often regarded as the most unethical of the Robber Barons, involved in the gold speculation and controlling Western railroads. Signup and view all the answers

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.

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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Description

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!